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Proposed Bill Mandates TIN for Access to Financial Services in Nigeria

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A new bill has been introduced in Nigeria that will require individuals involved in banking, insurance, stock-broking, and other financial services to provide a Tax Identification Number (TIN) before opening or operating accounts.

The bill, dated October 4, 2024, aims to enhance tax compliance and increase revenue collection across federal, state, and local governments.

The legislation also mandates non-residents earning income from Nigeria to register for a TIN, while those with passive investment income must provide details to tax authorities.

Penalties for non-compliance include fines of ₦50,000 for the first month and ₦25,000 for each subsequent month.


 

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The Police Service Commision Approves The Promotion Of 8,053 Officers

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The Police Service Commission approves the promotion of 8053 police officers in the Nigeria Police Force. On Monday 11 commissioners were promoted to Assistant Inspectors General while 16 Deputy Commissioners were moved to Commissioners.

Promotion also happened among the Assistant commissioners, Chief Superintendents, Deputy Superintended and so on.

Additional promotions included Aminu Mohammed Abdulkadir, Mohammed Yusuf Adamu of Base 3 SPU, and Isa Ibrahim Umuoru from Border Patrol. Officers such as Omoarebun Iluobe, CSO to the Delta State Governor, and Shaaba Gboyako Adamu, CSO to the Imo State Governor, were also promoted.


 

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Andrew and Tristan Tate Lose Over £2 Million in Seized Funds Amid Tax Evasion Allegations

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Westminster Magistrates Court has ruled against Andrew Tate and his brother Tristan, leading to the seizure of over £2 million from their accounts due to unpaid taxes linked to their online businesses.

The funds, held in seven frozen bank accounts, were traced to the Tates and a woman identified as J. Authorities allege the brothers funneled substantial sums, including cryptocurrency, through accounts in J’s name, despite her lack of involvement in their ventures.

Chief Magistrate Paul Goldspring described the scheme as a “straightforward cheat of the revenue,” uncovering years of alleged tax evasion and money laundering. Devon and Cornwall Police revealed the brothers accrued millions between 2014 and 2022 without paying taxes or VAT.

Andrew Tate, however, criticized the ruling, claiming it is part of a “coordinated attack” to silence dissent. “This is not justice; it’s theft disguised as legal action,” Tate said in a statement.

The brothers are also facing separate criminal charges in Romania, including allegations of human trafficking and rape, and are set to be extradited to the UK.

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Akpabio Defends Tinubu’s Tax Reforms, Urges Critics to Engage Thoughtfully

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Senate President Godswill Akpabio has defended President Bola Tinubu’s tax reforms, calling on critics to engage with the initiatives more thoughtfully.

Speaking during Tinubu’s presentation of the 2025 budget, Akpabio praised the four tax reform bills as a monumental step toward revitalizing Nigeria’s economy.

He described the reforms as the first comprehensive tax overhaul since independence, aimed at boosting revenue, supporting small businesses, and fostering sustainable development.

Akpabio criticized detractors for dismissing the reforms without understanding their potential impact and urged all Nigerians to embrace this transformative opportunity.


 

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