Corporate

Nigeria Sets January 2026 Deadline: No Bank Account Without Tax ID.

Beginning January 1, 2026, Nigerians and non-residents who are classified as taxable persons will be unable to open or operate bank accounts without a Tax Identification Number (Tax ID). The requirement also applies to other financial services, including insurance, pension, investment and stock brokerage accounts.

The rule is backed by the Nigeria Tax Administration Act (NTAA), 2025, which directs banks and financial institutions to verify and request Tax IDs from customers who earn taxable income.

Who Must Comply

Taxable persons include individuals or entities engaged in business, trade or income-generating activities. Non-residents who supply goods or services in Nigeria or earn income from Nigerian sources must also register and obtain a Tax ID. Corporate bodies, NGOs and other registered organizations will link their Tax IDs to their Corporate Affairs Commission (CAC) registration.

Ordinary Nigerians without taxable income are exempt. The government clarified that the measure is not intended to block everyday citizens from opening basic bank accounts but to enforce compliance among those legally obligated to pay tax.

What Changes for Customers

Individuals with taxable income will need to provide a Tax ID to open or continue using bank accounts. For many, the National Identification Number (NIN) may serve as their Tax ID, while companies may use their CAC RC number. Existing Tax IDs remain valid.

Challenges Ahead

Experts warn that awareness campaigns will be essential so people understand whether they are affected. The process of obtaining a Tax ID must also be efficient and accessible to avoid excluding people. Banks will need to upgrade their systems to verify IDs smoothly, while the government must ensure data security and privacy.

The January 2026 deadline signals Nigeria’s push to strengthen tax compliance and expand its revenue base. For taxable individuals and businesses, the message is clear: without a Tax ID, access to banking and other financial services will not be possible.