This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs and financial institutions. A new edition drops every Monday. It is no longer news that Nigeria wants to collect tax on crypto proceeds. TechCabal has now learned exactly how it will work. If you spend $2,000 (₦2.93 million) on bitcoin in a year and sell it for $4,000 (₦5.86 million), your gain of $2,000 (₦2.93 million) will be subject to personal income tax. The first ₦800,000 ($545.82) of that profit will be tax-free, and the rest (₦2.13 million/$1,454.18) taxed at 15%, bringing your total payable tax to ₦319,704 ($218.13). "However, if you buy bitcoin at $2,000 (₦2.93 million) and sell iwt for $1,500 (₦2.19 million), you would have made a loss of $500, and under the new tax laws, you will owe nothing. Crypto profits are now subject to personal income tax." “The new law that will take effect in January 2026 will tax you if you make gains ...
The Federal High Court in Abuja has once again denied bail to detained alleged terrorist negotiator Tukur Mohammed Mamu, citing sufficient diligence by prosecutors and ongoing national security concerns. Delivering the ruling on Wednesday, October 22, Justice Mohammed Umar dismissed Mamu’s renewed bail application but directed the Department of State Services (DSS) to ensure that he receives proper medical care at a health facility of his choice. The judge acknowledged Mamu’s health complaints but ruled that his condition did not justify release from custody, emphasizing that the DSS must take him “to an appropriate health facility where he would be adequately attended to.” Justice Umar further noted that bail is typically granted when the prosecution fails to demonstrate diligence, but in this case, the Federal Government’s legal team has been “meticulous and consistent” in handling the proceedings. “One of the conditions for granting bail is where the prose...