Economy
Lagos Announces New Tax Law Empowers State To Seize Funds From Bank Accounts, Friends, Family
Lagos Announces New Tax Law Empowers State To Seize Funds From Bank Accounts, Friends, Family
Lagos announces new tax law empowers state to seize funds from bank accounts, friends, family. According to the service, the law permits direct recovery where a taxpayer fails to remit an established tax liability when due.
The Lagos State Internal Revenue Service (LIRS) has disclosed that the new tax law empowers state revenue agencies to recover unpaid taxes by seizing funds from the bank accounts of employers, friends, business partners, tenants, and other third parties connected to a tax defaulter.
LIRS informed Lagos residents and business owners that the Nigeria Tax Administration Act, 2025 authorises the service to deduct outstanding taxes from rent payments, as well as from accounts belonging to business partners, family members and friends who hold money on behalf of a defaulting taxpayer.
According to the service, the law permits direct recovery where a taxpayer fails to remit an established tax liability when due, expanding enforcement beyond the defaulter’s personal accounts to include those of individuals or entities financially linked to them.
LIRS explained that under Section 60 of the NTAA 2025, the state may issue substitution notices to banks, employers, tenants and any person holding or owing money to a tax defaulter, directing them to remit such funds to the service in settlement of the debt.
“Where a taxpayer fails, neglects or refuses to settle any established outstanding tax liability when due, LIRS may exercise its power under Section 60 to direct any of the following persons to pay the amount owed by the taxpayer: banks and other financial institutions, employers, tenants, debtors, or customers of the taxpayer, agents, business partners, and any person holding money on behalf of the taxpayer and any person owing money to the taxpayer, whether presently due or accruing,” LIRS wrote in a statement.

New Tax Law Empowers State
In such cases, LIRS said it would issue a substitution notice to the defaulter’s bank or to those of third parties holding funds on the taxpayer’s behalf.
Financial institutions are mandated by law to notify LIRS of the account balance of the defaulter and those of their friends and family and remit the outstanding taxes “without delay.”
A receipt confirming payment of outstanding taxes is then sent to the LIRS e-Tax platform:www.stax.lirs.net.
The service warned that under the newly implemented law, failure to comply with a substitution directive constitutes an offence, noting that friends, business associates and other third parties connected to tax defaulters may bear financial responsibility where they are found to be holding funds belonging to the taxpayer.
The NTAA 2025, since its January 1 implementation, has generated rancour among lawmakers who accused President Bola Tinubu’s administration of making unapproved alterations in the gazetted versions.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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