Nigerian Banks To Apply 10% Withholding Tax On Foreign Currency Deposit Interest From January 2026

Starting January 1, 2026, Nigerian banks will begin applying a 10 percent withholding tax on interest earned from foreign currency deposits. Access Bank informed its customers on Wednesday via email, explaining that the change takes effect at the start of the new year and aligns with the Nigeria Tax Act, 2025. The bank also highlighted adjustments to the Electronic Money Transfer Levy: “Previously charged to the recipient on transfers of N10,000 or more, this charge will now be deducted from the sender’s account.” “Interest earned on foreign currency deposits will now attract a 10% withholding tax,” the bank added, assuring that all collected taxes will be properly remitted to the Federal Government. This move follows directives from the Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service, which in October instructed banks to deduct withholding tax on interest from all short-term investment securities, including payments to non-corporate entities, at the point of payment. President Bola Tinubu confirmed on December 30 that the tax reforms will take effect as scheduled, describing them as a once-in-a-generation opportunity to build a fair and robust fiscal system without raising the overall tax burden.

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Breaking: Anthony Joshua Discharged From Hospital

Former two-time World Boxing Champion, Anthony Joshua has been discharged from the hospital on Wednesday after suffering a fatal accident that two of his friend on Monday. The Ogun State Goverlnment confirmed this devdelop in a statement on social media on Wednesday, The statement reads; “We once again commiserate with the families of the two young men, Lateef Ayodele and Gami Cina, who tragically lost their lives in the unfortunate road accident involving Anthony Joshua on Monday, 29 December 2025. Our hearts are with their families and loved ones at this moment of deep pain. We pray that Almighty God grants the repose of their souls and gives those they left behind the strength to bear this irreparable loss.   “Earlier today in Lagos, Anthony Joshua, accompanied by his mother, visited the funeral home to pay their final respects as arrangements were being concluded for the repatriation of his departed friends. This solemn moment underscores the depth of grief surrounding this tragic incident. “We confirm that Anthony Joshua was discharged from the hospital late this evening, having been certified clinically fit to continue his recovery from home. “We deeply appreciate the overwhelming concern, prayers, and expressions of love shown by members of the public since this incident occurred. We also acknowledge and thank our brother, Babajide Sanwo-Olu, Governor of Lagos State, for the cooperation and support extended throughout this difficult period. “We are especially grateful to Asiwaju Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, for his fatherly support and personal concern from the onset of this incident. “Finally, we commend the doctors and medical personnel of Lagoon Hospital Ikoyi for their professionalism, dedication, and quality of care in attending to Anthony Joshua and others who sustained injuries. Their service reflects the very best of our medical community.”

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Anthony Joshua: Truck Driver On The Run After Fatal Crash

The truck driver at the centre of the crash that almost killed Anthony Joshua has reportedly gone on the run. Nigerian police confirmed they want to speak to the man, in his 30s, in relation to Monday’s collision which killed two of the champion boxer’s friends. The authorities also confirmed the truck had been parked illegally on the hard shoulder of the dangerous highway north of Lagos. It comes as the local driver of the SUV carrying Joshua may still face prosecution for reckless driving. Joshua’s close friends Sina Ghami and Latif Ayodele, both 36, lost their lives in the crash. The Lexus SUV Joshua was in collided head on with the parked truck, which is understood to be used to transport soya beans. “He was parked on the side of the highway which is illegal, he had not broken down and he was not with the vehicle when the accident happened,” a Nigerian officer told the Daily Mail. Just hours before the crash, Joshua and Ayodele both posted footage on their Instagram accounts of them playing table tennis. Ayodele, also known as Latz, was a personal trainer of Joshua, while Ghami acted as strength and conditioning coach for the 36-year-old. Joshua’s spokesperson released a statement on behalf of the boxing icon. It read: “It is with the deepest and most profound sadness that we confirm, following a road traffic accident in Lagos, Nigeria, earlier today, the death of Sina Ghami and Kevin ‘Lateef’ Ayodele. “Both were close friends and integral members of Anthony’s team. We respectfully ask that space and privacy be given to the families at this time while they process this truly shocking and devastating news.

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Anthony Joshua’s Driver Discharged, May Face Prosecution After Fatal Lagos-Ibadan Crash

The driver of the vehicle carrying former world heavyweight boxing champion Anthony Joshua during the fatal Lagos-Ibadan Expressway crash has been discharged from Duchess International Hospital and may face prosecution for reckless driving. According to the Nigeria Police Force, the driver has given a statement to security agencies following the incident. The truck involved in the crash is currently being held at the Federal Road Safety Corps (FRSC) office at the Sagamu interchange. “Anthony Joshua’s driver has been discharged from the hospital, and he is currently giving his statement,” confirmed CSP Benjamin Hundeyin, spokesperson for the Nigeria Police Force. An FRSC official added that the driver of the stationary truck involved in the crash fled the scene immediately after the accident and was later declared wanted. Investigations by the Ogun State Traffic Compliance and Enforcement Agency (TRACE) indicate that the crash resulted from excessive speed and a burst tyre on the passenger side of the SUV Joshua was travelling in. TRACE spokesperson Babatunde Akinbiyi said, “From the preliminary investigation, there was overspeeding on the SUV. During that, the front tyre on the passenger side burst, causing the driver to lose control and crash into the stationary truck.” Joshua, 36, was treated at Duchess International Hospital and is reportedly in stable condition. Tragically, two members of his team, Sina Ghami and Latif Ayodele, died at the scene. Matchroom Boxing confirmed the deaths, stating, “With profound sadness, it has been confirmed that two close friends and team members, Sina Ghami and Latif Ayodele, have tragically passed away.” Eddie Hearn, chairman of Matchroom Boxing, also mourned the losses, saying, “With the heaviest of hearts. Two great men. Rest in eternal peace Sina and Latz. My thoughts and deepest prayers are with everyone.” Joshua’s family expressed distress over the delay in being informed about the accident. Speaking at the family’s Sagamu residence, Joshua’s uncle, Adedamola Joshua, said the news came as a “rude shock,” adding that the incident was entirely unexpected during the festive season when the boxer usually visits home.

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Bauchi Governor Bala Mohammed Accuses Federal Government Of Using EFCC To Target Him Over APC Refusal

Bauchi State Governor Bala Mohammed has accused the Federal Government of using the Economic and Financial Crimes Commission (EFCC) to target him and members of his cabinet because he refused to join the ruling All Progressives Congress (APC). The governor made the allegation on Wednesday in Bauchi while signing the 2026 appropriation bill into law, following an ambassadorial award for safety from the Institute of Safety Professionals in Nigeria. He revealed that one of his commissioners is currently being held by the EFCC. “As a governor and leader of the opposition, my commissioner has been detained and will not be released. Even with constitutional immunity, my name was mentioned in a court motion in Nigeria—me, Bala Mohammed,” he said. Mohammed claimed that the APC-led federal government is using institutions like the EFCC and the courts to harass Nigerians who are not aligned with the ruling party. He insisted that no amount of pressure would force him to join the APC. The statement comes after the EFCC arraigned Bauchi State Commissioner for Finance, Yakubu Adamu, over alleged N5.79 billion money laundering. Adamu is accused of conspiring with two others, who remain at large, to launder N4.65 billion between June and December 2023. The governor expressed frustration that despite his immunity, his name was included in the EFCC motion against his commissioner. “I woke up to a notification accusing me of terrorism. I don’t need to respond publicly, but politics has clearly taken a troubling turn in Nigeria,” he said. As chairman of the Peoples Democratic Party (PDP) Governors’ Forum, Mohammed warned that he would no longer remain silent if the federal government continues what he described as persecution. “If they don’t stop, we are going to declare war. I won’t allow anyone to criminalise me because I’m not in their party, and I refuse to join the APC,” he stated. He also criticised the federal government for failing to deliver projects in Bauchi, pointing out that despite controlling the bulk of national resources, it has not provided a single kilometre of road or water infrastructure in the state. Mohammed further condemned the planned implementation of new tax laws without addressing alleged discrepancies in the gazetted copy.

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Six Dead, Four Rescued After Lagos Boat Capsizes On Igbologun Water Channel

At least six passengers have died and four others were rescued following a boat accident along the Nigerdock axis of the Igbologun Water Channel in Lagos. The Lagos State Waterways Authority (LASWA) and the National Inland Waterways Authority (NIWA) confirmed the incident in a joint statement on Wednesday, signed by Wuraola Alake of LASWA and Omowunmi Yussuff of NIWA. The accident, involving a savvy marine passenger boat, occurred on Tuesday around 8:35 p.m. while the vessel was traveling from Ilashe Beach House. Upon receiving a distress alert, LASWA and NIWA immediately deployed search and rescue teams, working alongside the Marine Police and other first responders. Four passengers were rescued and taken to a nearby hospital for treatment, while six others were found dead at the scene. Rescue operations are ongoing to account for all passengers. Preliminary investigations indicate that the boat may have collided with a submerged object, though authorities said a full investigation is underway to determine the exact cause. “LASWA and NIWA wish to assure the public that a thorough investigation will be conducted, and further updates will be provided as more information becomes available. Our deepest condolences go to the families and loved ones of the victims,” the statement read. Authorities also reminded the public to follow all safety regulations, including proper navigation practices, compliance with night travel rules, and reliance on verified information from official sources. Earlier in December, LASWA and NIWA launched a festive-season safety campaign to protect travellers during high-traffic periods. The initiative highlights the use of life jackets, maintaining passenger manifests, avoiding night trips, conducting vessel checks before departure, and intensified patrols and surveillance to deter unsafe practices across Lagos’ waterways.

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Suspected Boko Haram Operative Confesses He Was Paid ₦100,000 For Maiduguri Mosque Bombing

Ibrahim Mohammed, a suspected Boko Haram operative arrested over the deadly mosque bombing in Maiduguri, Borno State, has claimed he was paid about ₦100,000 to carry out the attack. The bombing occurred on Christmas Eve at a mosque in Gamboru Market, where a suicide bomber detonated an improvised explosive device (IED), killing five people and injuring 32 others. Mohammed, one of two suspects arrested by army troops in connection with the incident, said he carried out the operation on the instructions of his commanders, identified as Adamu and Abubakar. According to counterinsurgency platform Zagazola Makama, he revealed that the attack was coordinated by Boko Haram leaders operating between Adamawa State and the Mandara Mountains. “We came after Zuhur and Asr prayers when the mosque was empty. We entered pretending to pray. My colleague was digging to plant the IED in the middle of the mosque while I was digging by the side,” he said. After the explosion, Mohammed said he returned to the scene pretending to be a first responder and assisted in evacuating victims. “When I returned to the mosque, they were evacuating dead bodies. I helped them convey the corpses and injured people in emergency vehicles,” he said. The suspect disclosed that he later moved to Yobe State for additional assignments, including reconnaissance on military positions and hunters’ groups. He said he was paid between ₦70,000 and ₦100,000 for each mission. “After the mission, I proceeded to Yobe for another assignment, to carry out recce on military positions and hunters’ groups for possible attacks on new recruits,” he said. “I was paid money ranging from ₦70,000 to ₦100,000 per mission.” Mohammed also claimed he was part of a wider terror network responsible for multiple attacks across the North-East, linked to factions of Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (JAS), Ansaru, and Jama’at Nusrat al-Islam wal-Muslimin (JNIM). He was arrested on Monday in Damaturu by local hunters working with Operation Hadin Kai during a raid on a suspected hideout. Security sources said his presence among a group of Almajiri pupils raised suspicion, leading to his arrest and interrogation. The suspect further disclosed that there were plans to attack the new Izala Mosque near Tashan Joni, but the operation was abandoned due to heightened security in the area.

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NANS Plans Nationwide Protest On January 14 Over New Tax Laws

The National Association of Nigerian Students (NANS) has announced plans for a nationwide protest on January 14, 2026, over the introduction of new tax laws. In a statement on Wednesday, NANS President Comrade Olushola Oladoja said the reforms could worsen economic challenges for students and millions of Nigerians. He criticised the Federal Government’s approach, accusing advisers to President Bola Ahmed Tinubu of giving misguided counsel that could create unnecessary tension nationwide. Oladoja also took aim at the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, for inadequate stakeholder engagement and consultation before the rollout of the tax policy. He warned that poor planning and weak implementation could undermine progress in other sectors of the economy. “The decision to commence implementation of the Tax Reform Law from January 1, 2026, sets a dangerous precedent for a government that claims commitment to democratic values and participatory governance,” he said, noting that the National Assembly had reportedly raised concerns about discrepancies in the gazetted law. He added that civil society organisations, youth groups, and student bodies had called for a suspension of the policy to allow for greater transparency and public sensitisation. As part of the protest, NANS declared January 14 a National Day of Action, directing chapters, state councils, and zonal coordinators to organise peaceful demonstrations nationwide, including marches to the Presidential Villa in Abuja. “There can be no government without the governed. While power may reside in offices, the power of the people will always be greater,” Oladoja said.

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