The Federal Competition and Consumer Protection Commission has commended the Central Bank of Nigeria’s proposed directive, which mandates banks to refund customers for failed Automated Teller Machine transactions within 48 hours.

In a statement on Monday signed by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a timely and long-awaited intervention that aligns with ongoing efforts to protect consumers in the financial services sector.

The draft guideline, released last week, follows the FCCPC’s Consumer Complaints Data Report published in September 2025, which revealed that the banking and fintech industries accounted for the largest volume of consumer complaints nationwide.

The statement read, “The Federal Competition and Consumer Protection Commission welcomes the Central Bank of Nigeria’s draft guidelines requiring all banks to refund customers for failed Automated Teller Machine transactions within 48 hours. Punch/DL

The Federal Government has moved to calm public anxiety over reports that every Nigerian must obtain a Tax Identification Number (Tax ID) before opening or maintaining a bank account.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, clarified that the new policy applies only to taxable persons and businesses — not to ordinary citizens without taxable income.

In a statement posted on his official X handle, Oyedele said the recently enacted Nigeria Tax Administration Act (NTAA) simply consolidates existing provisions and does not impose fresh obligations on low-income Nigerians.

“Banks and financial institutions are required to request a Tax ID from taxable persons. However, individuals who do not earn income and are not taxable are not required to obtain one,” he stated.

The NTAA builds on the Finance Act of 2019, which first introduced the requirement for businesses to present a Tax Identification Number (TIN) when opening accounts. According to Oyedele, the NTAA now replaces multiple identifiers with a single, harmonised Tax ID to reduce duplication and loopholes.

He explained that individuals’ National Identification Number (NIN) and companies’ Corporate Affairs Commission (CAC) registration numbers will automatically serve as their Tax IDs.

Existing TINs remain valid, while new applicants can obtain theirs online or at tax offices free of charge.

“The Tax ID is not a physical card but a unique number linked to your identity. Nigerians should avoid touts or unofficial agents claiming to issue Tax ID cards,” he cautioned.

The law also covers non-resident companies doing business in Nigeria, as well as government-owned enterprises and agencies. Nigerians in the diaspora may also obtain a Tax ID using their NIN for banking or investment purposes.

From January 1, 2026, taxable persons who fail to register may find themselves unable to operate bank accounts, insurance policies, pension accounts, or investment portfolios. Penalties will also apply under the NTAA for non-compliance.

Oyedele emphasised that the reform aims to simplify identification, reduce tax evasion, and make the system fairer.

“For most ordinary Nigerians, there is no extra burden because their NIN or CAC number will serve as their Tax ID.

The goal is to ensure that those who earn taxable income contribute their fair share while low-income citizens remain protected,” he said.

The Presidential Fiscal Policy and Tax Reforms Committee advised citizens to rely strictly on official government channels for updates on the new tax laws to avoid misinformation and exploitation.

The Federal Government hopes the new system will improve compliance and transparency, while protecting citizens outside the tax net from unnecessary bureaucracy.

The Central Bank of Nigeria (CBN) has unveiled a dedicated Compliance Department to enhance oversight of non-prudential risks across the nation’s financial system.

This new unit underscores the apex bank’s commitment to reinforcing regulatory frameworks in response to evolving threats and compliance challenges.

In a circular issued to regulated financial institutions on Thursday, the CBN disclosed that the department was set up in the first quarter of 2025 and became fully operational in the second quarter.

The initiative forms part of wider structural reforms aimed at improving regulatory efficiency, clarifying institutional responsibilities, and ensuring targeted supervision of emerging and non-traditional risks.

Nigeria’s financial sector has, in recent years, come under mounting pressure from international regulatory standards, technological vulnerabilities, and the increasing sophistication of financial crimes.

Non-prudential risks such as money laundering, cyberattacks, market misconduct, and weak corporate governance continue to pose serious threats to financial stability and investor confidence.

“This structural reform is part of the Bank’s broader effort to consolidate regulatory effectiveness within existing supervisory frameworks, define institutional roles more clearly, and maintain focused oversight of non-prudential and emerging risks,” the CBN said.

According to the bank, the Compliance Department has assumed responsibilities in four critical areas:

Financial crime supervision, including anti-money laundering, counter-terrorism financing, counter-proliferation financing, and sanctions compliance.

Market conduct supervision, covering disclosure practices, complaints management, and advertising standards.

Enterprise security supervision, addressing cybersecurity, data protection, and third-party risk management.

Then corporate governance and ESG oversight, focusing on board effectiveness with environmental, social, and governance compliance.

The regulator further advised that all regulatory reports, correspondence, and related inquiries on these matters should be directed to the Director of the Compliance Department through established communication channels. Institutions will also receive detailed guidance on designated points of contact and submission procedures.

The CBN reaffirmed its commitment to working closely with financial institutions to ensure a seamless transition and uphold the highest standards of regulatory compliance