CITN PortHarcourt

The Port Harcourt & District Society of the Chartered Institute of Taxation of Nigeria; the Apex Regulatory body of Tax Practice in Nigeria

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[CITN PortHarcourt @CitnPHDistrict]

10 days to go!
The Port Harcourt District Conference and Tax week!

Register online to attend physically or virtually
https://t.co/KCy1lMoc4e

[Proshare @proshare]

Banks Recapitalization Watch for the Week Ended October 2, 2025

The bank recapitalisation exercise continues to gather momentum following last week’s MPC meeting, where the @cenbank Governor confirmed that 14 banks have fully met the new capital requirements. Investors are now closely monitoring the approval status of banks that have recapitalised and/or are in the process of meeting and going beyond the share capital specified by the CBN. While several Tier-2 lenders explore merger options and fresh Tier-1 injections to address capital shortfalls ahead of the March 31, 2026, deadline, the resolution approach by the CBN for banks under its control adds a fillip to the tale.

At its Court-Ordered General Meeting held on September 26, 2025, @UnityBankPlc shareholders approved a merger with @ProvidusBank. Under the Scheme, Unity Bank shareholders will receive either N3.18 per share or 18 fully paid ordinary shares of Providus Bank (N0.50 each) for every 17 Unity Bank shares held. The resolutions passed at the meeting align with the natural intent, and barring any new developments, this merger is expected to conclude in December 2025. Several actions were taken to ensure the merger's success, and some of them set a precedent-setting template that we will continue to monitor.

In a similar event, @UNIONBANK_NG announced the successful completion of its merger with Titan Trust Bank Limited, having secured final approval from the CBN. The details of this merger have not been made public, despite market analysts poring over the legacy conundrum of the merger resolutions.

There is market ‘talk’ around possible merger combinations arising from these resolutions, and our EMIU team continues to work the circuit for credible indicators and traction. These permutations are to be expected at a time like this, and information and not wild rumours must guide responses by investors, even as the CBN continues its arduous task of resolving the capital situation for the following banks:

Union Bank Limited,
Polaris Bank Limited, and
Keystone Bank Limited (@keystonebankng)

Be that as it may, we expect that ongoing discussions and consultations will become clearer as the CBN takes steps to reconfigure the banking landscape to meet the needs of the economy, and in so doing, help entities resolve corporate visions, cultures, and technologies that match their requirements.
FirstHoldco (@FirstBankngr) is finalising plans for its additional capital raise and a private placement sale of  the off-market transaction involving 10.46bn shares sold in July 2025.

Sterling Financial Holdings Company successfully concluded its public offer of 12.58 billion ordinary shares, priced at 50 kobo each, raising a total of N88.07bn as of September 30, 2025. Proceeds from the offer are expected to bolster the capital adequacy of @Sterling_Bankng, provide capital for SterlingFi Wealth Management, and fund the Group’s broader strategic expansion plans.

@UBAGroup has successfully concluded its Rights Issue of 3,156,869,665 ordinary shares of 50 kobo each at N50.00 per share. The offer, which was based on one new ordinary share for every 13 ordinary shares held as of Wednesday, July 16, 2025, closed on Friday, September 19, 2025. The exercise is expected to raise about N157.84bn in additional capital, subject to approval by the @SECNigeria and the Central Bank of Nigeria (CBN). Once completed, the Rights Issue will strengthen UBA’s capital position ahead of the CBN’s recapitalisation deadline.

@wemabank has completed a N50bn private placement, representing the final tranche of its N200bn capital-raising programme under the CBN’s ongoing recapitalisation exercise. The bank noted that it is now awaiting approvals from the relevant regulatory authorities, after which details will be formally communicated to the market.

@MyFCMB announced plans to raise equity capital through an Offer for Subscription (IPO), following shareholder approval at its Extraordinary General Meeting (EGM) on 19 December 2024. The move aligns with the CBN’s recapitalisation timeline for banks to strengthen their capital bases. According to @FitchRatings, most Nigerian banks are expected to exit longstanding forbearance by the end of 2025, a shift that could result in some large Stage 2 loans being reclassified as impaired. @JaizBankNG announced plans to increase its capital to N150bn, confirming its compliance with the CBN’s recapitalisation directive.

@TheAnalystNG have noted that investors buying into bank stocks should consider the size of the fresh equity raised. Proshare’s Economic and Market Intelligence Unit (EMIU) expects earnings per share (EPS) of several banks to fall by the end of December 2025. It is also likely that price-to-earnings (P/E) ratios may rise significantly as EPS declines.

This could lead to higher price-to-earnings (P/E) ratios for each financial lender, resulting in portfolio advisers and investors rebalancing their investment portfolios based on future estimated P/Es rather than 12-month trailing ratios. The average P/E ratio for Nigerian banks as of October 2, 2025, is 2.6 times, which is higher than the industry’s three-year average of 2.2 times. The earnings for financial lenders in the banking sector have grown 66% per year over the last three years, as Gross earnings (GE) have risen by 56%

read more>> https://t.co/fBtnzRnMtX

[Fiscal Reforms Nigeria @fiscalreformsng]

𝐓𝐡𝐞 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐀𝐜𝐭𝐬 𝐚𝐧𝐝 𝐓𝐚𝐱 𝐈𝐃 – 𝐖𝐡𝐚𝐭 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰

The Nigeria Tax Administration Act (NTAA) mandates the use of Tax Identification Numbers (Tax ID) for certain transactions. Understandably, many Nigerians have questions about what this means for banking, businesses, and everyday life.

This FAQ provides answers, clarifies misconceptions, and highlights the safeguards in place to protect citizens while ensuring a fairer, more transparent tax system.

𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐭𝐥𝐲 𝐀𝐬𝐤𝐞𝐝 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬

𝑸1. 𝑰𝒔 𝒊𝒕 𝒕𝒓𝒖𝒆 𝒕𝒉𝒂𝒕 𝒆𝒗𝒆𝒓𝒚𝒐𝒏𝒆 𝒎𝒖𝒔𝒕 𝒐𝒃𝒕𝒂𝒊𝒏 𝒂 𝑻𝒂𝒙 𝑰𝑫 𝒃𝒆𝒇𝒐𝒓𝒆 𝒐𝒑𝒆𝒏𝒊𝒏𝒈 𝒐𝒓 𝒄𝒐𝒏𝒕𝒊𝒏𝒖𝒊𝒏𝒈 𝒕𝒐 𝒐𝒑𝒆𝒓𝒂𝒕𝒆 𝒂 𝒃𝒂𝒏𝒌 𝒂𝒄𝒄𝒐𝒖𝒏𝒕?

A1. Yes, but with some clarifications. Section 4 of the NTAA requires all taxable persons to register with the tax authority and obtain a Tax ID. A “taxable person” is someone who carries on trade, business, or other economic activity to earn income. Banks and other financial institutions are required to request a Tax ID from taxable persons. Individuals who do not earn income and are not taxable persons are not required to obtain a Tax ID.

𝑸2. 𝑰𝒔 𝒕𝒉𝒊𝒔 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕 𝒏𝒆𝒘?

A2. No. This is not a new policy. It has been in place since the Finance Act, 2019, which amended section 49 of the Personal Income Tax Act. Since January 2020, individuals opening a business account have been required to provide a Tax Identification Number (TIN). The NTAA only strengthens and harmonises this requirement.

Read the FAQ for more...

#TaxReformsLaws #NigeriaTaxReform #TaxIDExplained
#FinancialInclusionNG #NigerianEconomy
#TaxEducationForAll

[Fiscal Reforms Nigeria @fiscalreformsng]

An interactive session with Journalists, Influencers, and Public Analysts on the New Tax Laws.
#TaxReformsLaws #TaxReform #FiscalPolicy #NewTaxLaw #NigeriaEconomy #PublicEngagement #InclusiveGrowth #TaxForDevelopment #BuildingANewNigeria

[CITN PortHarcourt @CitnPHDistrict]

The CITN Port Harcourt & District hosts the 2025 District Conference & Tax Week October 14&15, with the All Rivers State Tertiary Institutions Tax Quiz holding Tuesday September 30th as an opener. Rep your school/Alma Mata. @citntax @OTundeBello @IQstephen #TaxReforms #September

[Fiscal Reforms Nigeria @fiscalreformsng]

The full report can be accessed here.
https://t.co/gsuC3XzsFp

[Fiscal Reforms Nigeria @fiscalreformsng]

The House of Representatives of the National Assembly has passed the tax reform bills following the presentation by its Finance Committee after the recent public hearing to obtain submissions from stakeholders.

[CITN PortHarcourt @CitnPHDistrict]

Our visit to the @PHCCIMA for partnership, collaboration, shared values, integrated training and development programes, informed & responsible tax paying corporate Rivers and sensitization of the public on tax and tax matters.

[CITN @citntax]

On Friday, March 7, 2025, the 16th President of CITN, Mr Samuel AGBELUYI, mni, FCTI and delegates paid a courtesy call on the Executive Governor of Plateau State, His Excellency, Barr. Caleb Mutfwang, the hosting governor of the 182nd Council Meeting holding at Jos, Plateau State

[CITN @citntax]

📢 Did you know?

The Tax Administration Bill, 2024 now makes tax registration a crucial requirement for taxable persons, government entities, and non-residents earning income in Nigeria. Ensure compliance by obtaining your Taxpayer Identification Number (TIN) today!

[CITN PortHarcourt @CitnPHDistrict]

Are you a member of the CITN ?
Here is an exciting news! 🕺🏽💃🏽 The CITN Port Harcourt Mandatory Professional Training Program (MPTP) is happening on July 18, 2024! 🌟
Members, mark your calendars!
#CITN #TaxTraining #10DaysToGo"

Click to Register 👇🏽👇🏽
https://t.co/d8XuxBeaKz

[CITN PortHarcourt @CitnPHDistrict]

@citntax invites licensed practitioners to a mandatory virtual workshop which aims to bridge the knowledge gaps in the understanding & implementation of the Automatic Exchange of Information (AEOI) among stakeholders. Click https://t.co/XKxaL5j4DB

[Nigeria Revenue Service (NRS) @NigeriaRevenue]

📣 We are hosting a Tweet Chat to be anchored by Mr. @Omojuwa

Tweet at us using @FIRSNigeria, 🙋🏿‍♂️Send in your questions and queries using the hashtag: #FIRSTweetChat

🗓️ Save the date: Tuesday, 2nd July, 2024

⌛️: 3p.m

['Tunde Bello @OTundeBello]

Power bills.
Fuel price.
Food stuff prices.
Educational fees.
Rent rate.
Transport fares.
Security.
Data & Internet.
Health & medical insurance.
Taxes.

I hope you are fine.

All will be well mates!

#FixSelfFirst

[CITN PortHarcourt @CitnPHDistrict]

On behalf of the Chairman, Executive and the entire members of the Port Harcourt & District Society, we wish the President and chairman in council of our great Institute @citntax Mr. Samuel Agbeluyi, mni, FCTI a warm and beautiful 60th birthday celebration.
Happy 60th birthday!

[CITN @citntax]

📍COUNT DOWN TO CITN ANNUAL DINNER/FELLOWSHIP CONFERMENT CEREMONY

#taxation #citntax #citn #dinnerandawards