On 7 April 2026, the Central Bank of Nigeria (CBN) announced the coming into effect of new rules on the Bank Verification Number (BVN) system from 1^st May 2026. The new rules have been implemented to fight against fraud, enhance identity management and secure Nigeria’s growing digital banking space, resulting in new methods for account holders to manage and access information linked to their BVN.

The new policy came in the wake of numerous security concerns surrounding SIM swap fraud, identity theft and access to financial accounts without authorisation. With over 68.59 million users enrolled in the BVN system in 2026, the system plays a pivotal role in the security of the Nigerian financial sector.

Some key stipulations of the new BVN Rules include:

• Government revenues and entitlements paid under the BVN must conform to new identification standards effective 1^st May 2026.
• There will only be one device for each account holder per mobile banking application. Any account logged in on a new device will automatically be logged out from a previous device, thus limiting account access.
• Users will have to go through extra verification to be logged into accounts on new devices after changing devices.
• Any new devices being registered must pass through some waiting period before they can transact more than #20,000 in the first 24 hours of activation. This helps limit the amount lost in case of device compromise.
• Financial institutions will have to create and maintain a temporary BVN watch list of transactions they consider to be dubious or have flagged, such that an account will remain on the watch list for no longer than 24 hours and will be contacted for verification before an account is possibly locked.
• Eligibility for BVN enrolment is now only 18 years and older. This means that minors can no longer own their own BVNs independently; they must now operate on regulated banking products or under guardian-managed accounts when managing their children’s finances.

The limitation placed on updating the phone number tied to one’s BVN now can only be done once in a person’s lifetime; this move is in direct opposition to SIM-swap fraud where fraudulent parties seize control of one’s mobile number and subsequently his or her bank account. Account holders have now been informed that they must link their BVN to a trustworthy phone number of a long-term nature, such as the one already attached to his/her NIN.

In 2026, foreign investment into Nigeria through a wholly foreign-owned subsidiary, a joint venture with a Nigerian partner, or an equity investment into an existing Nigerian business is going to be more complex to structure and comply with. Updated regulatory frameworks for foreign business presence in Nigeria are now in place, and some international investors and their Nigerian partners may be operating on assumptions from last year that are not compliant. This regulatory update identifies five compliance areas that need to be addressed by 2026.

1. NIPC Registration

For companies with foreign investments, registration with the Nigerian Investment Promotion Commission (NIPC) is required before starting business in Nigeria. Failure to register is a criminal offence under the Nigerian Investment Promotion Commission Act.

For foreign-owned companies the minimum share capital thresholds are being revised in 2026. For a company with foreign participation, the minimum share capital is N100,000,000.00. This means that the share capital is not due to be paid up on incorporation – the company does not have to put the full amount in any account on that day. But all shares must be issued and allocated at the time of incorporation. For certain industries including financial services, oil and gas and defence-related companies the minimum capital thresholds are higher under sector-specific regulations. For companies registered before the threshold changes but whose paid-up share capital is now below the current minimum, advice must be sought on whether a capital increase is needed and how to go about it.

2. The Pioneer Status Incentive (PSI)

The Pioneer Status Incentive (PSI)scheme of the Nigerian Investment Promotion Commission has been discontinued. NIPC said it is no longer accepting PSI applications after November 10, 2025. So now they are in the Economic Development Tax Incentive Scheme – EDTI – which launched on January 1, 2026.

3. Compliance with the Companies and Allied Matters Act

Compliant with the Companies and Allied Matters Act, companies with foreign participation are liable for the same annual compliance obligations under the Companies and Allied Matters Act 2020 as Nigerian-owned companies, but in practice, foreign investors delegate these obligations without due process, and the compliance gap is most obvious at the worst time.

These are the three CAMA compliance areas where foreign-invested companies are most frequently in arrears: Annual returns must be filed within 42 days of the Annual General Meeting (which is itself required within six months of the financial year end). A company can be struck off the register for failure to file annual returns repeatedly.

All material decisions must be recorded in the Beneficial Ownership Register, which must include foreign investors who hold shares through intermediary holding companies, and Board resolutions must be in accordance with the company’s articles of association.

On 13 February 2026, the Nigerian President signed the Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026 (“Executive Order No. 9 of 2026”), aimed at preventing revenue losses and unconstitutional deductions to ensure more funds are available for the federal, state, and local governments.

The Executive Order restores the constitutional revenue entitlements that were altered by the enactment of the Petroleum Industry Act (PIA), 2021.

On 3 February 2026, the Nigeria Revenue Service (NRS) issued an official notice clarifying the implementation and effective dates of the newly enacted tax laws, following public questions and debate regarding how and when the reforms would take effect.

The notice provided guidance on the practical application of the 2025 Tax Reform Laws and reaffirmed the statutory commencement dates. For businesses and individuals, the clarification effectively signals the conclusion of the transition phase and it confirms that full compliance under the new tax regime is now expected.

The Central Bank of Nigeria (CBN) has released its inaugural fintech assessment report, detailing the strategic trajectory of the nation’s digital financial ecosystem. The data highlights a significant expansion in transaction infrastructure, with the Nigeria Inter-Bank Settlement System (NIBSS) processing approximately 11 billion transactions in 2024. This figure represents a 100% increase in volume compared to 2022, cementing Nigeria’s position as a global leader in real-time payments.

The Nigerian tax landscape has expanded to include stricter enforcement on offshore disposals of Nigerian assets.

Environmental sustainability has increasingly become a pivotal influence on intellectual property (IP) policy across the globe. This shift is largely driven by initiatives like the WIPO GREEN platform, which facilitates connections between providers of green technologies and those seeking sustainable solutions. In Nigeria, this global movement has been embodied through the IP for Green Innovation Program.