New Tax Law in Nigeria: Companies Face ₦5 Million Penalty for Contracts Awarded to Unregistered Persons LAGOS, NIGERIA – In a significant move to enhance tax compliance and streamline fiscal administration, Nigeria’s newly enacted tax regime introduces stringent penalties for non-compliance. Effective from January 2026, companies and government agencies that award contracts to unregistered taxable persons could face an administrative penalty of ₦5 million. This provision, outlined in Section 100(1) of the Nigeria Tax Administration Act 2025, aims to enforce mandatory tax registration and promote transparency across business transactions. The reform is part of a broader package of four key…
Author: FinTech Today
New Year: Expectations Mixed as Nigeria Prepares for Sweeping Tax Reforms As Nigeria enters the New Year, public expectations are mixed over the imminent rollout of one of the most comprehensive tax reform efforts in decades. Set to begin on January 1, 2026, the federal government’s sweeping changes to the nation’s tax system have sparked both optimism and concern across various sectors of society. What the Reforms Involve The overhaul stems from four key pieces of legislation passed in June 2025 and later officially gazetted. These laws — the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue…
Nigeria’s Allegedly ‘Forged’ Tax Laws, Growing Uncertainty – and What Comes Next for Tech Workers By FintechTodayNews Nigeria’s technology workforce is facing a growing wave of uncertainty as controversial tax policies – labelled by some critics as “forged” or hastily implemented – stir confusion across the tech community. From software developers and digital creators to startups and foreign investors, professionals are asking: What’s coming next? In this article, we break down the tax controversy, its impact on tech workers, and the possible trajectory for Nigeria’s innovation economy. What Are the Allegations About Nigeria’s Tax Laws? Recent reports and industry commentary…
The Anti-Herd: 12 Deals That Defied Africa’s Tech Funding Playbook in 2025 In a year defined by record funding flows into familiar categories like fintech and e-commerce, a handful of contrarian deals in 2025 upended conventional wisdom about where venture capital should flow in Africa. These “anti-herd” investments backed sectors and geographies often overlooked by mainstream investors — from semiconductors and biotech to EdTech and aggrotech — showing that capital isn’t always predictable, even in a bullish year for the continent’s startup ecosystem. Across Africa in 2025, most venture capital concentrated on established plays such as payments infrastructure, digital banks,…
Africa’s Most Notable Tech Deal Collapses in 2025 In a surprising twist for the continent’s technology ecosystem, one of Africa’s most high-profile tech deals of 2025 failed to materialize, underscoring ongoing challenges even amid record fundraising and growing investor interest. Sources within the African tech community confirm that despite a surge in M&A activity this year, several headline deals never crossed the finish line with one particularly notable acquisition falling apart entirely. A Promising Year For Deals — and Disappointments 2025 marked a milestone for African startup investment, with total fundraising rising to around $3 billion as venture deals and…
Tax Laws: Lawmakers Could Halt January 2026 Rollout Over Alleged Alteration — Oyedele Nigeria’s planned January 1, 2026 implementation of major tax reform laws could be delayed or even halted as lawmakers investigate claims that the versions signed into law were altered after passage by the National Assembly, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. Oyedele made the revelation during an interview on Channels Television’s Morning Brief, where he responded to allegations that parts of the tax laws available in the official gazetted copies differ from what was debated and approved by the…
FIRS Announces: Your NIN is Now Automatically Your Tax ID in Nigeria from 2026 In a major update to Nigeria’s tax system, the Federal Inland Revenue Service (FIRS) has clarified that the National Identification Number (NIN) will automatically serve as the Tax Identification Number (Tax ID or TIN) for all individual Nigerians starting from January 2026. This change aims to streamline tax administration and eliminate the need for separate registrations. The announcement, made via a public awareness campaign on December 23, 2025, addresses growing concerns about new tax laws requiring a Tax ID for transactions like bank account operations. According…