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Nigerian govt issues guidelines on taxation of cryptocurrency, virtual assets, imposes penalties
The Nigeria Revenue Service (NRS) has issued new guidelines on the taxation of virtual assets, providing a framework for the handling of cryptocurrencies and other digital asset transactions in the country.
In a statement on Monday, the tax authority said the guidelines are targeted at taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other participants in the virtual asset ecosystem.
The introduction of the virtual assets guidelines came after President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to harmonise digital asset regulation and curb financial fraud on 17 July.
According to NRS, the guidelines establish a clear administrative framework for the taxation of virtual assets in Nigeria.
The agency said the document outlines tax obligations applicable to virtual asset transactions, including registration, reporting and record-keeping requirements, valuation principles, and the tax treatment of digital asset transactions.
It noted that the provisions are in line with the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
NRS said the issuance of the guidelines forms part of its efforts to provide greater clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
According to the agency, the framework is designed to promote voluntary tax compliance, improve transparency, and support the development of a fair and efficient tax system for digital asset transactions.
The tax authority urged all affected taxpayers and stakeholders to study the guidelines and ensure full compliance with their tax obligations.
Penalties
Under the guidelines, VASPs and P2P marketplace operators that fail to meet their obligations face an administrative penalty of N10 million for the first month of default and N1 million for each subsequent month until compliance is achieved.
The obligations include deducting taxes from taxable transactions, collecting stamp duties where applicable, accounting for value-added tax (VAT), remitting taxes to the NRS within stipulated timelines, filing statutory returns, and maintaining proper books and records.
The guidelines also prescribe other sanctions, including N100,000 for failure to file returns or for filing incomplete returns in the first month of default, N50,000 for each subsequent month, and a penalty equal to 40 per cent of tax not deducted at source.
According to the guidelines, failure to register attracts N50,000 in the first month and N25,000 for each subsequent month, while failure to keep books and records attracts a N50,000 penalty for a company and N10,000 for an individual.
Also, failure to attend to demands, requests or notices attracts N100,000 for the first day and N10,000 for each subsequent day of default, while failure to disclose facts in a dutiable instrument attracts a N100,000 administrative penalty, a fine of N50,000 upon conviction, imprisonment for a term not exceeding three years, or both a fine and imprisonment.
The tax regulator also said that failure to notify a change of address attracts N100,000 for the first month and N50,000 for each subsequent month of default.
It added that failure to remit tax deducted at source attracts a penalty of 10 per cent per annum, plus interest calculated at the CBN’s Monetary Policy Rate (MPR), in addition to the amount deducted but not remitted, while a false or fictitious VAT refund claim attracts a penalty of 100 per cent of the amount claimed, plus interest calculated at the CBN’s Monetary Policy Rate.
According to the NRS, non-payment of tax for naira transactions attracts a penalty of 10 per cent of the amount due, plus interest, while non-payment of tax for foreign currency transactions attracts a penalty of 10 per cent of the amount due, plus secured overnight financing rate (SOFR) and the applicable spread.
“The penalties set out in this paragraph apply to the defaults relating to compliance with these guidelines and are without prejudice to the application of any other penalty, interest or offence prescribed under the NTAA or any other applicable law,” the guidelines stated.
The NRS also classified virtual assets into three broad categories, each with different tax treatments. These include cryptocurrencies and exchange tokens; fiat-referenced stablecoins; and virtual assets representing financial or investment rights, such as profit-sharing or revenue-sharing tokens.
Special crypto rules
For stablecoins, the NRS said gains will be determined based on the underlying fiat currency, while no withholding tax will apply at the point of disposal.
Cross-border transactions involving the conversion of naira into virtual assets for international settlements will not be treated as taxable disposals. However, any subsequent disposal of those assets will attract the applicable taxes.
The agency further clarified that virtual assets received as salaries, wages or professional fees will be valued at their fair market value on the date of receipt and taxed under the relevant provisions of the Nigeria Tax Act.
Similarly, tokens received from staking, mining, decentralised finance (DeFi) rewards and liquidity incentives will constitute taxable income on the date they are received, with the recognised value becoming the acquisition cost for future disposals.
READ ALSO: Tax ombud, experts seek fairer, transparent tax system to boost compliance
For non-fungible tokens, the NRS said income earned by creators from the sale of NFTs will be treated as business income, while gains realised by investors disposing of NFTs held as investments will be taxed in accordance with the virtual asset guidelines.
The NRS said the new framework is intended to provide certainty for taxpayers while improving compliance and ensuring that Nigeria’s rapidly growing virtual asset ecosystem is brought within the country’s tax net.
The guidelines represent the latest effort by NRS to strengthen tax administration and expand revenue collection following the implementation of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
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The Federal Government of Nigeria commissioned a three-megawatt hybrid mini-grid project and a Renewable Energy Workshop and Training Centre at Yakubu Gowon University (formerly University of Abuja) on Wednesday.
The project was commissioned under Phase 2 of the Energising Education Programme (EEP), which encompasses seven universities and two teaching hospitals, including institutions in Maiduguri and Calabar. The initiative is currently in the implementation stage of Phase 3.
The Yakubu Gowon University installation features a 3.3 MWp solar array with 3MW of AC output capacity and 2 MWh of battery storage to support critical loads after solar hours. It also includes a dedicated grid connection to serve non-critical demand outside daylight periods.
Speaking at the commissioning ceremony, the Minister of Power, Joseph Tegbe, praised the Rural Electrification Agency (REA) Board, led by Ayodele Fayose, and its management, headed by Abba Abubakar Aliyu, for their leadership in driving sustained investments to improve Nigerians’ lives.
The minister commended the project, noting that it will benefit 58,726 students and that its 388 streetlights will enhance campus illumination and security.
He further observed that electrifying the university will strengthen research, reduce reliance on diesel generators, and ease pressure on institutional budgets.
“This connection between infrastructure and human capability is central to President Bola Ahmed Tinubu’s Renewed Hope Agenda. Under his leadership, investment in electricity is being directed towards services and productive activities that improve people’s lives.”
“This sustained investment is a testament to this administration’s constancy of purpose. Continuing a national programme through successive phases, bringing projects to completion, and preparing the next phase reflects the discipline that development requires. For the young people who depend on these institutions, that continuity matters. It means that the commitment to their future remains active beyond any single project or ceremony,” he said.
Addressing the sustainability of the facility, the Minister urged students to take ownership of the infrastructure and report any acts of vandalism.
He also disclosed that the government is establishing a national call centre to receive and resolve electricity complaints nationwide.
“The promise of this investment now places a responsibility on all of us to preserve it. I expect the student community to support our ongoing efforts to stem the tide of vandalism. I therefore charge all of you to report any such act whenever you see it, not just on this solar system, but on other power assets such as transformers and transmission towers.”
“My office is working on a call centre where electricity complaints across the country can be lodged and resolved. This initiative will provide sustainable job opportunities for our youth nationwide. In addition, we plan to provide a dedicated channel where vandalism of critical assets can be reported for immediate action and remediation. We are also working through a joint team of the Nigeria Police Force, the Nigeria Security and Civil Defence Corps, and the EFCC to curb the vandalism of electricity assets across the country,” the Minister added.
In his remarks, the Managing Director of the REA, Abba Aliyu, stated that the true value of the EEP lies not merely in megawatts but in functional laboratories, reduced budgetary pressure, and safer learning environments.
He charged the University governing council to ensure the project remains productive and beneficial to the University community long after the commissioning.
“Over the years, the EEP has taught us that when you build, you have to think about what happens five years from now and whether the investment will continue to create value into the future.”
“The Renewable Asset Management Company (RAMCO) is our solution. We must now become rigorous about asking how we protect and preserve the value of what we have built. RAMCO addresses this sustainability challenge. It recognises that building and managing infrastructure are two distinct responsibilities, and that modern renewable energy is decentralised. The Federal Government has created a platform to manage, monitor, maintain and optimise assets over time. RAMCO cannot survive alone; it requires the support of all stakeholders in shared stewardship. The ultimate value of this project will depend not only on what we have installed, but on how well it is sustained,” the REA MD said.
Mr Aliyu added that beyond the mini-grid, the agency established a Renewable Energy Workshop and Training Centre (WTC) to build local technical capacity.
READ ALSO: UPDATED: Tinubu renames University of Abuja after Yakubu Gowon
He encouraged the university to turn the facility into a research hub for distributed energy resources, challenging the institution to pioneer new academic courses, drive technological innovation, and push the technical boundaries of the installation.
He also revealed that the EEP has so far delivered over 100MW of power across 22 federal institutions and university teaching hospitals, while thanking the Minister for his continuous support in ensuring energy investments deliver tangible benefits to Nigerians.
Also speaking, the Vice-Chancellor of Yakubu Gowon University, Akinwunmi Fawehinmi, emphasised that the institution cannot effectively teach, conduct research, or provide a conducive learning environment without reliable electricity.
He praised the Federal Government for its coordinated intervention, stating that the project directly addresses the university’s energy needs, and pledged that the management will ensure the facility is fully utilised and meticulously maintained.
Commending the REA leadership, the Chairman of the Senate Committee on Power, Enyinnaya Abaribe, hailed Abba Aliyu for the project, noting that it is critical to improving the quality of education nationwide.
He also applauded the establishment of RAMCO, stating that sustainability is key to ensuring that projects continue to benefit Nigerians long after commissioning.
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Dangote Petroleum Refinery has opened its initial public offer to investors. Here are the key details.
1. The company is seeking about ₦2.15 trillion
The offer comprises 4.1 billion ordinary shares priced at ₦525 each. If fully subscribed, it will raise approximately ₦2.15 trillion.
2. The offer runs for one month
The IPO opened on September 14, 2026, and is scheduled to close on October 13, 2026.
3. Investors can start with ₦5,250
The minimum subscription is 10 shares. At ₦525 per share, eligible investors can participate with ₦5,250.
4. The IPO will broaden ownership of the refinery
Aliko Dangote described the transaction as an “IPO for the people.” Its low entry point is intended to give Nigerians across different income and professional groups an opportunity to own shares in the business.
5. The transaction could reshape Nigeria’s capital market
FCMB Group Chief Executive Ladi Balogun said the offer could strengthen the Nigerian Exchange and support its ambition to become Africa’s largest and most relevant capital market.
The transaction may also encourage other large African companies to raise capital and list their shares in Nigeria.
6. FCMB Group is participating in the transaction through three operating companies:
FCMB Capital Markets is a joint issuing house. CSL Stockbrokers is the stockbroker to the issue. First City Monument Bank is a receiving bank and distribution agent.
7. Qualified Investors and High Net Worth Individuals purchasing 50,000 shares and more, with a working stockbroking account should fill out the investor subscription form and credit their account of choice, sending both to FCMB Capital Markets at the following email address: [email protected]
8. Interested Retail investors with an FCMB bank account can subscribe to the DPRP IPO by following these steps: Log in to the FCMB Mobile App or visit website
Follow the prompts to the Dangote IPO subscription portal.
READ ALSO: Bamboo, Cowrywise down due to Dangote Refinery IPO subscription traffic
Select if you have a CSCS/CHN number.
If yes, fill in the number and follow the instructions.
If not, follow the prompts to open a trading account with CSL Stockbrokers, after which a code will be generated for you.
Ensure your FCMB bank account is sufficiently funded to cover your subscription and authorize the direct debit.
Investors without an FCMB bank account who want to participate in the DPRP IPO can visit the CSL portal to open a stockbroking account. Instructions for opening a bank account are available online.
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