E-Financial
FG Halts Tax Guidelines Amid Uncertainty Over Final Laws – Oyedele
Federal Government has suspended the issuance of implementation guidelines for the new tax laws due to lingering doubts about their final version, Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, disclosed on Wednesday.
Speaking in Lagos after delivering a keynote address on the 2026 Economic Outlook, organised by the Institute of Chartered Accountants of Nigeria (ICAN) under the theme ‘ICAN@60: Accountability as the Bedrock for National Development,’ Oyedele said he directed the Nigeria Revenue Service (NRS) and Joint Revenue Board (JRB) to hold off on guidelines.
He explained that his team purchased a printed copy from the government printer to verify authenticity, only to learn the National Assembly had seized all copies pending completion of its review. “The Acts Authentication Act says whatever the government printer publishes is the evidence of the law. But lawmakers said it’s not what they passed,” Oyedele stated.
Efforts by Nigeria CommunicationsWeek to reach Senate spokesman, Senator Yemi Adaramodu (APC, Ekiti South), and House of Representatives spokesman, Akin Rotimi, yielded no response, as calls went unanswered and messages unread.
Oyedele acknowledged legislative review as standard but stressed the access restriction reintroduces uncertainty. He instructed his staff to persistently follow up in person at the printer.
Oyedele dismissed allegations of significant alterations to the gazetted versions of the National Revenue Service (Establishment) Act, Joint Revenue Board of Nigeria (Establishment) Act, Nigeria Tax Administration Act, and Nigeria Tax Act, which took effect January 1.
He insisted minor discrepancies do not impact key elements like tax rates, burdens, or filing deadlines. In December, Rep. Abdussamad Dasuki (PDP, Sokoto) raised a privilege matter at the House plenary, highlighting differences between passed versions and gazetted copies after comparing them with Votes and Proceedings.
The House formed a seven-man probe committee, which reported by December 25. On January 3, the National Assembly released Certified True Copies (CTCs) affirming the original passed texts and rejecting the controversial gazettes.
Oyedele decried opposition to reforms, including paid protests and misinformation. “We’ve seen people paid N30 million to protest; the deal broke during sharing, and some spoke to media,” he revealed.
He cited a November 2025 incident where fake news triggered panic sales, wiping N4.6 trillion off the stock market despite exemptions for turnover up to N150 million annually. “That fake news led to real losses, even for pensioners via PFAs,” he warned.
Linking to the event theme, Oyedele called accountability the bridge from reforms to results, urging trust-building, knowledge-seeking, and execution focus.
Panelists advocated coordinated efforts. LCCI Director-General Dr. Chinyere Almona called for inter-agency engagement, technology, and centralised monitoring to resolve policy conflicts.
MAN Director-General Segun Ajayi-Kadir sought inclusive growth without hurting competitiveness, noting manufacturing’s sub-10% GDP share, sector challenges, and N2 trillion in unsold inventory.
Session chair Mohammed Hayatudeen described 2026 as a pivotal year post-2023/2024 turbulence, with stabilised inflation, exchange rates, and reserves, but persistent high poverty. He questioned if tax policy ambition matches administrative capacity.
ICAN President Mallam Haruna Nma Yahaya welcomed guests, emphasising accountability for economic stability amid fragile recovery. He highlighted 2025 gains: GDP growth over 4% in Q2, inflation easing to mid-14s, forex reserves at multi-year highs, trade surpluses, and PMI at 57.6.
Yet, he cautioned fragility without discipline. “Accountability is an economic imperative,” Yahaya said, citing global evidence on strong institutions, and urged practical solutions for governance.
Renaissance Capital Africa (Rencap) has named Zenith Bank Plc its top conviction pick among Nigerian banks, ahead of GTCO and AccessCorp, in a fresh research report highlighting the lender’s robust balance sheet and dividend potential despite sector headwinds.
Zenith Bank
The comprehensive review of the Nigerian banking industry notes that Zenith’s current market valuation lags its improving fundamentals, even as the NGX Banking Index posts strong gains recently.
Rencap upgraded Zenith from HOLD to BUY, lifting its target price by 96 per cent based on a lower risk-free rate from falling government bond yields, refined beta estimates, and expectations of cleaner assets post-forybearance resolutions.
Balance Sheet Strength Drives Outlook
Analysts project challenges to earnings growth from anticipated Central Bank of Nigeria (CBN) rate cuts but foresee higher dividend payouts from resolved forbearance and single obligor loan (SOL) exposures alongside rising cash profits.
“Although we expect banks to face challenges in growing earnings… the balance sheet clean-up… will support higher dividend payouts relative to prior years,” the report states, ranking Zenith first, followed by GTCO and AccessCorp.
Key positives include loan write-offs that bolstered asset quality, enabling sustainable growth amid financial system reforms.
Dividend Recovery in Focus
Sector profitability from 2023-2024 was inflated by unrealised foreign exchange gains, which regulations barred from cash dividends, capping payouts despite headline profits.
Zenith historically led payout ratios in 2021-2022 via strong cash generation and capital discipline; Rencap expects a rebound as pressures ease, attracting income-focused investors.
Tier-1 Leadership Reinforced
Zenith Bank recently topped Nigeria’s tier-1 capital rankings for the 16th straight year, per The Banker magazine (Financial Times), affirming its resilience and positioning for long-term value creation.
CBN
- Access Bank Plc
- Fidelity Bank Plc
- First Bank of Nigeria Ltd
- Guaranty Trust Bank (GTBank)
- United Bank for Africa (UBA)
- Zenith Bank Plc
- FCMB (First City Monument Bank) – currently pushing to raise additional capital to secure its international licence.
- Wema Bank
- Standard Chartered Bank (Nigeria)
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
The Securities and Exchange Commission (SEC) has revised the minimum capital applicable to all categories of regulated capital market entities after 10 years.
The minimum capital review, according to the SEC, is informed by the need to strengthen market resilience, enhance investor protection, align capital adequacy with the evolving risk profile of market activities, and ensure that regulated entities possess sufficient financial capacity to discharge their obligations in a sustainable manner.
“The revised Minimum Capital framework seeks to: enhance the financial soundness and operational resilience of market operators; align capital requirements with the scope, complexity, and risk exposure of regulated activities; promote market stability and systemic risk mitigation; and support innovation and orderly development of new market segments, including digital assets and commodities markets,” SEC said in a January 16 circular to market operators.
The SEC circular was sent to all entities regulated by the Commission, including but not limited to core and non-core capital market operators; market infrastructure institutions; capital market consultants; financial technology (FinTech) operators; Virtual Asset Service Providers (VASPs); and Commodity market intermediaries.
All affected entities are required to comply with the revised Minimum Capital Requirements on or before June 30, 2027, the circular said.
“Entities that fail to meet the prescribed requirements within the stipulated timeline shall be subject to appropriate regulatory sanctions, including suspension or withdrawal of registration, as may be determined by the Commission,” SEC said.
Tier-1 Portfolio Managers (Full Scope) involved in the management of Collective Investment Schemes (CIS) and Alternative Investment Funds (Private Equity, Venture Capital, Infrastructure Funds etc) above N20 billion Net Asset Value (NAV), or discretionary and Non-Discretionary Private Portfolio Management Services above N20 billion Assets under Management (AuM), or exposure to foreign instruments up to 40 percent of the NAV are now required to have a minimum capital of N5 billion as against N150 million.
“Any Fund and Portfolio Manager with NAV/AuM of more than N100billion should have a minimum of 10 percent of the NAV/AuM as capital,” SEC added.
For the Tier-2 fund/portfolio managers (Limited Scope) who are in the business of management of Collective Investment Schemes with limited pooled fund creation of not more than 10 times the required capital (N20 billion) on Net Asset Value (NAV), or discretionary and non-discretionary private portfolio management services of not more than N20 billion, or those exposure to foreign instruments of not more than 20 percent of the NAV, now require N2 billion as minimum capital as against low of N150 million.
Likewise, broker-dealers whose services include: client execution, proprietary trading, margin/securities lending and advisory services no longer require N300 million minimum capital to operate but N2 billion.
The SEC said the minimum capital review from 2015 low is in line with its mandate under the Investments and Securities Act 2025 to regulate and develop the Nigerian capital market.
Also, Tier 1 issuing houses who do non-interest finance services, advisory & arrangement services but no underwriting now require N2 billion as against N200 million; while Tier 2 –issuing houses with underwriting and offers a ‘one-stop-shop’ for issuers, provides underwriting services, and renders advisory and product development services require N7 billion minimum capital for this business as against N200 million.
Also, the minimum capital requirement for brokers (client execution only) has been jacked up from N200 million to N600 million, while that of dealers (proprietary trading only) has been moved from N100 million to N1 billion.
Broker-Dealers’ (client execution, proprietary trading, margin/securities lending and advisory services) has been raised from N300 million to N2 billion, while Sub-Brokers’ (Digital) from N10million to N100million; Sub-Broker (Corporate) has been increased from N10million to N50 million. Also, sub-brokers’ (Individual) now need N10 million minimum capital for the business as against N2 million while inter-dealer brokers require N2 billion as against N50 million.
Zenith Bank Top Nigerian Bank Pick Ahead of GTCO, AccessCorp
Here Are Nigerian Banks That Have Secured Their Licences
ICPC Charges Ozekhome with Forgery, Corruption Over London Property
MTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD
SEC Hikes Minimum Capital Requirements for Market Operators After a Decade
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
FIRS Declares NIN, CAC Numbers as Tax IDs from 2026
US Begins Partial Visa Ban on Nigerians January 1
Galaxy Backbone Tops FG’s Website Performance Ranking
E-Financial2 days agoSEC Hikes Minimum Capital Requirements for Market Operators After a Decade
Telecom2 days agoVodacom Crowned Africa’s Top Employer 3rd Year Running on Innovation, Ethical AI
Telecom2 days agoStudy Shows Blocks in Telegram are Pushing the Underground Out
News2 days agoNigeria Off EU High-Risk Money Laundering List in Major Financial Win
News2 days agoNGX Unveils Net-Zero Plan for Greener Capital Market
Telecom2 days agoGalaxy Backbone Marks Two Decades of Powering Nigeria’s Digital Evolution
Telecom2 days agoGalaxy Backbone Marks 20 Years, Tops FG Website Scorecard
Telecom4 minutes agoMTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD