Business
FIRS says TIN not needed to operate bank accounts
The TIN is a 13-digit identifier uniquely capturing details of taxable persons and entities. It encodes information such as issuance year, registry source (NIN for individuals, RC for companies), state of registration, and a cryptographic security fragment.
The Federal Inland Revenue Service FIRS) has clarified that Nigerians are not required to obtain a separate Tax Identification Number (TIN) before operating or opening bank accounts.
The TIN is a 13-digit identifier uniquely capturing details of taxable persons and entities. It encodes information such as issuance year, registry source (NIN for individuals, RC for companies), state of registration, and a cryptographic security fragment.
In a statement posted on her official X handle, the Technical Assistant on Broadcast Media to the FIRS Chairman, Aderonke Atoyebi, said that the clarification becomes necessary as a result of widespread reports suggesting that, from January 2026, citizens would need to present a TIN to access banking services—a claim that sparked public concern over the possibility of new bureaucratic hurdles.
She said that the reports were misleading and that the TIN framework has been designed to integrate with existing national registries such as the National Identification Number (NIN) and Corporate Affairs Commission (CAC) records.
“In recent debates about Nigeria’s tax reforms, a widespread misconception has taken root: that citizens without a TIN cannot own or operate a bank account.
The reality is that Nigeria’s tax system has evolved to integrate seamlessly with existing national registries, ensuring that every eligible individual or entity is automatically identifiable for tax purposes,” she wrote.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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