ALLEGED N8.7B FRAUD: MALAMI’S BANKERS FILED SUSPICIOUS REPORTS ON HIS TRANSACTIONS-WITNESS. (PHOTO). #PRESS RELEASE.

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Alleged N8.7b Fraud: Malami’s Bankers Filed Suspicious Reports on his Transactions-Witness The Fourth Prosecution Witness, PW4, in the trial of the former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday, May 13, 2026, told Justice Joyce Abdulmalik of the Federal High Court, Maitama, Abuja, that Zenith Bank Plc, where the former AGF had account, filed Suspicious Transaction Report, STR, in respect of his transactions. The Economic and Financial Crimes Commission, EFCC, is prosecuting Malami alongside his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami, on amended 16-count charge, bordering on conspiracy, procuring, disguising, concealing and laundering proceeds of unlawful activities to the tune of N8,713,923,759.49 (Eight Billion, Seven Hundred and Thirteen Million, Nine Hundred and Twenty-Three Thousand, Seven Hundred and Fifty-Nine Naira, Forty-Nine Kobo), contrary to the provisions of the Money Laundering (Prevention and Pro...
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NEW TAX REFORM LAWS TO TAKE EFFECT JANUARY 1, 2026, SAYS REVENUE SERVICE CHAIRMAN. (PHOTO).

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 New Tax Reform Laws to Take Effect January 1, 2026, Says Revenue Service Chairman


Zacch Adedeji, Executive Chairman of the National Revenue Service (formerly Federal Inland Revenue Service), announced that the newly signed tax reform bills will come into effect on January 1, 2026. The six-month delay is intended to allow for planning, public education, and alignment with the fiscal calendar.


Speaking to State House Correspondents on Thursday, Adedeji emphasized the need for adequate preparation, stating, “Based on global best practices, such significant changes require time for stakeholders, operators, and regulators to adapt their systems.” He expressed gratitude to the National Assembly and the President for setting the effective date, adding, “By the special grace of Almighty God, the reforms will take effect on January 1, 2026.”


Adedeji underscored the importance of launching the reforms at the start of a new calendar year, noting, “This kind of change is best implemented from the beginning of the year, not mid-year, to ensure smooth application of the law.”

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