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EU Partners FIRS to Deepen CSOs Tax Knowledge, Compliance
Determined to ensure accountability and transparency as part of its good governance drive in Nigeria, the European Union has engaged with the Federal Inland Revenue Service to deepen the knowledge of Civil Society Organisations on tax responsibilities and compliance.
The project captured under the European Union’s “Agents For Citizen-Driven Transformation,” ACT, provides a veritable platform for CSOs operating in the country to engage the FIRS on the tax regulations that govern their operations and how to ensure seamless compliance in line with approved guidelines.
The Federal Inland Revenue Service, FIRS, has clarified that civil society organisations, CSOs, including non-governmental organisations and cooperative societies have responsibilities under the tax laws to fulfill their tax obligations irrespective of the nature of their operations.
FIRS and the Joint Tax Board, JTB, in a webinar jointly organised by the FIRS and the European Union-funded, British Council-managed Agents for Citizen Driven Transformation, EU-ACT, programme emphasised that CSOs have the responsibility to file tax returns and statement of affairs; adding that the tax authorities would demand payment of taxes from CSOs only when the CSOs were engaged in businesses and make profits from the business ventures.
Executive chairman of FIRS, Muhammad Nami, represented by the coordinating director, compliance support group of FIRS, Dick Irri, in declaring the webinar open, said that FIRS would continue to partner with stakeholders in its drive to educate taxpayers on their responsibilities.
Director of the tax policy and advisory department of FIRS, Temitayo Orebajo, in his presentation on tax obligation of CSOs refuted claims by some individuals that CSOs have no tax obligation.
“There is a penalty for CSOs for not filing and there is a penalty for late filing. Whether you (CSOs) have something to do or not, you have the responsibility to file.
“After one year you are registered, in order not to run foul of the law, you need to go and file at least your statement of affairs. It may be just one page document”, he said.
Orebajo said that CSOs include organisations, institutions and companies engaged in ecclesiastical, charitable, benevolent, literary, scientific, social, cultural, sporting or educational activities of a public character, adding: “all CSOs are expected to register for tax purpose and obtain Taxpayer Identification Number, TIN.
“The following documents are required for tax registration: A copy of the registration certificate issued by the Corporate Affairs Commission, CAC, or any other instrument of registration; Certified True Copy, CTC, of memorandum and articles of association, constitution or rules and regulations governing the CSO; list and profiles of the Trustees/Board members nominated and other relevant documents.”
Deputy director of tax policy and advisory department, Olatunji Olabode, said that CSOs should file returns and pay taxes (where applicable) at MTOs closest to them or use the TaxPro Max Solution.
He added that with the introduction of TaxPro Max solution, CSOs can file returns and pay taxes from the comfort of their homes and offices.
Corroborating in his presentation, Orebajo noted: “NGOs are required to register for tax at designated FIRS Medium Tax Offices (MTOs) in their respective geopolitical zones. For Lagos: MTO Lagos Island; For North-Central: FCT MTO Abuja; for North-East and North-West: MTO Kano; South-East: MTO Enugu; for South-South: MTO Port Harcourt and for South-West: MTO Ibadan.”
“Section 55(1) of CITA mandates every company in Nigeria including CSOs to file annual tax returns. A tax return comprises: an audited account, tax and capital allowances computations and a true and correct statement in writing containing the amounts of its surplus from each and every source computed; a completed self-assessment form; particulars as may be required in the form with respect to profits, allowances, reliefs, deductions required; a declaration to be signed by a trustee, director, secretary or any authorised person of the organisation that the information contained in the return is true and correct; the period for filing returns shall be as stipulated in the relevant tax laws”, he said.
A representative of the JTB and its Head, Legal, Nneka Esomeju added that CSOs who are registered as individuals or Business Names or any other law at sub-national level should also comply fulfil their tax obligations under the Personal Income Tax Act and relevant with the State Board of Internal Revenue.
“If any CSO is not registered or overseen by the FIRS, they should register and file their returns and pay taxes (where applicable) to the State Board of Internal Revenue.
Not being registered with FIRS or CAC does not mean that you are exempted from taxes. She also clarified that any individual who earns income beyond the threshold of the minimum wage should pay taxes irrespective of the status of the individual.
Arewa Voice gathered that the programme also gave an opportunity for the CSOs to engage the Nigerian tax agency on parts of tax laws that concern them and how they could comply effectively and seamlessly.
The European Union Agents for Citizen-Driven Transformation (EU-ACT) Programme works with civil society organisations, CSOs, to enable them to be credible and effective drivers of change for sustainable development in Nigeria.
Its work focuses on strengthening the system of CSOs, networks and coalitions to improve their internal, external, and programmatic capabilities.
EU-ACT works with CSOs in 10 states selected across the six geo-political zones in the country: Adamawa, Borno, Edo, Enugu, the federal capital territory (FCT), Kano, Lagos, Plateau, Rivers and Sokoto.
The Programme also focuses on providing a platform for multi-stakeholder dialogue for an improved, effective, and inclusive regulatory environment for the operation of CSOs in Nigeria.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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