In a bold call to strengthen tax enforcement, Justice Hakeem Oshodi of the Lagos State High Court has urged the full activation and use of designated revenue courts to prosecute tax-related offences in the state. Speaking at the recently held Revenue Recovery Summit organized by the Lagos State Ministry of Justice, Oshodi expressed concern over the underutilization of these courts. “I […]

In a significant step toward enhancing financial transparency and increasing tax compliance, the Federal Inland Revenue Service (FIRS) has introduced a new regulation requiring banks to report monthly transactions exceeding ₦5 million for individuals and ₦10 million for corporate accounts. What the New Law Means Effective immediately, all Nigerian banks are mandated to submit monthly