Nigerian banks face a complex range of responsibilities, including regulatory compliance and fiscal transparency.

The finance law grants the competent tax authority (RTA) the authority to gather the necessary financial information from individuals and businesses, thus ensuring that all income is reported and taxed accurately. Indeed, first, this requirement to provide additional information complements the taxpayer's mandatory annual requirement to file tax returns as prescribed by the RTA. The Finance Law (FA) 2019FA 2021 established the obligation for banks to obtain a tax identification number (NIF) from new customers when opening an account. Also, bank officials are required to compile and submit detailed statements including the names and addresses of new account holders.

Individual customer returns are sent to the tax authorities in the respective states, while corporate client data is filed with the Federal Inland Revenue Service (FIRS). This procedural integration ensures that tax obligations are integrated from the start of a banking relationship, improving compliance and oversight