Economy
Taxpayers Get April 12 Deadline to Obtain TIN for Financial Transactions
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) has set a mandatory deadline of April 12, 2020 for all taxpayers and companies to register and obtain the Tax Identification Number (TIN) and display it on all documents supporting business transactions.
A public notice by the Chairman of the service, Mr Mohamed Nami, stated that every company or business shall provide their TIN to relevant financial services provider not later than the set date. It was explained that this will allow them update their existing records for accounts opened before the coming into effect of the Finance Act 2019.
It also directed that banks and other financial institutions are required to request for TIN as a precondition for opening new accounts for companies and any other business.
It further explained that Section 3 of the Finance Act, 2019, substituted the provision of Section 10 of the Companies Income Tax Act (CITA) which explains that – “every company shall have a Tax Identification Number (TIN) which shall be displayed by the company on all business transactions with other companies and individuals and on every document, statement, returns, audited accounts and correspondence with revenue authorities, including the Federal Inland Revenue Service, ministries and all government agencies.”
The notice also read, “Every person engaged in banking and other financial services in Nigeria shall require all companies to provide their TIN as precondition for opening an account or in case of an account already opened within three months of the passage of this act, the bank requires such TIN to be provided by all companies as precondition for continued operation of their bank accounts.”
FIRS further explained that payment of taxes are to be made on or before the due date of filing in one lump sum or by installment. This according to the service, is line with the amendments to Section 77 of the Companies Income Tax Act, (CITA) by Section 18 of the Finance Act.
The service further noted that it would grant approval to any taxpayer that wishes to pay in installments prior to the due date of filing and final installment must be paid on or before the due date of filing.
FIRS added that any tax due and unpaid by the due date of filing shall attract interest and penalties as contained in the existing tax laws.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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