Author: Opalim Lifted

Nigerian banks will start deducting a 10 percent withholding tax on interest earned from foreign currency deposits from January 1, 2026. Access Bank, in an email to customers on Wednesday, outlined changes that will apply to banking transactions from the effective date. The financial institution said the deduction aligns with the Nigeria Tax Act, 2025. “Electronic Money Transfer Levy (N50): Previously charged to the Recipient on transfers of N10,000 or more, this charge will now be deducted from the Sender’s account,” the email reads. “Withholding Tax on Foreign Currency Deposits Interest: Interest earned on FCY deposits will now attract a…

Mali and Burkina Faso have announced reciprocal travel restrictions on United States nationals. The announcement comes after US President Donald Trump imposed a permanent visa ban on nationals of both countries. In separate statements issued on Tuesday, the two West African countries said the move was in line with the principle of reciprocity, after the US expanded its travel restrictions to include Mali and Burkina Faso. Mali’s ministry of foreign affairs and international cooperation expressed regret that the decision was taken without prior consultation. The ministry noted that the security justification cited by US “contradicts the real developments on the…

The Pacific island nation of Kiribati has become the first place on Earth to welcome 2026, closing the door on a turbulent year marked by global conflicts, political shocks and the rapid rise of artificial intelligence. Christmas Island – officially known as Kiritimati – sits in the world’s most forward time zone, 14 hours ahead of UTC. That means when residents there stepped into Thursday and the new year, it was still Tuesday in American Samoa. Home to more than 7,000 people, Kiritimati was once among the last places to see the new year. That changed in 1994 when Kiribati…

Nigeria has achieved a historic milestone as the Federal Civil Service officially becomes fully paperless, completing a nationwide digital transformation across all ministries and extra-ministerial departments. Announcing the breakthrough in Abuja, the Head of the Civil Service of the Federation (HCSF), Mrs Didi Esther Walson-Jack, described it as a decisive break from the country’s decades-long paper-based bureaucracy. “As of December 30, 2025, every federal ministry and extra-ministerial department now operates digitally,” she said. “This marks a bold shift towards a modern, accountable, and technology-driven public service.” The reform, according to Walson-Jack, strengthens transparency, accountability, and service delivery while aligning Nigeria’s…

Banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act. The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above. In an email sent to customers on Tuesday, United Bank for Africa (UBA) said the N50 electronic money transfer levy (EMTL) on transfers will now be referred to as stamp…

The Commissioner of Police, Nasarawa State Command, CP Shetima Jauro Mohammed, has placed a total ban on the burning of used tyres during crossover night activities marking the New Year celebrations across the state. The Commissioner has consequently directed all Area Commanders and Divisional Police Officers (DPOs) to ensure strict enforcement of the ban and to arrest and prosecute anyone found engaging in the prohibited act. The ban has become imperative to protect critical government and private infrastructure from damage and defacement, prevent environmental pollution, and ensure the free flow of traffic and public safety during the festivities. CP Shetima…

The Ondo command of the south-west security network, also known as Amotekun, says it has arrested 39 suspected terrorists who allegedly fled Sokoto and relocated to forest reserves in the state. Adetunji Adeleye, the commander of Amotekun in Ondo, spoke on Tuesday while parading 61 suspects in Akure, the state capital. The arrests came in the wake of the United States–backed military strikes against ISIS terrorists in Sokoto state. Last week, US President Donald Trump announced “powerful and deadly” strikes against the terrorists in the north-west region. Adeleye said the 39 suspects were arrested around the Elegbeka axis of Ose…

The Economic and Financial Crimes Commission (EFCC) has arraigned Yakubu Adamu, Bauchi state commissioner for finance, over alleged N5.79 billion money laundering. Adamu, a former branch manager of Polaris Bank in Bauchi, was brought before Emeka Nwite, presiding judge of the federal high court in Maitama, Abuja, on Tuesday. He was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022. At the commencement of proceedings, Samuel Chime, prosecution counsel, told the court that the matter was for arraignment and…

President Bola Tinubu says implementation of the tax reform laws will commence as scheduled on January 1, 2026. In a statement on Tuesday, Tinubu said the reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation, and they are not designed to raise taxes. “The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” he said. “These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country. “The tax laws are…

A federal high court in Abuja has ruled that LGs can access funds directly from the Universal Basic Education Commission (UBEC) without the interference of the state universal basic education boards (SUBEB). Delivering judgement on October 13, Emeka Nwite, the presiding judge, ruled that sections 11(2) and (3) of the UBE Act, 2004, are inconsistent with the 1999 Constitution and therefore “null, void and of no effect”. The suit marked FHC/ABJ/CS/1536/2020 was filed by one Sesugh Akume against UBEC and the attorney-general of the federation (AGF). In his ruling, the judge declared that “the local government system is the third…