Dear reader, welcome to the new year. Thank you for your support, interest and encouragement in 2025. We will serve you sincerely in 2026 and bring innovation moving forward.
1. Benin Palace denies Oba's involvement in brutal attack on film producer
The Benin Traditional Council (BTC) has officially distanced the Oba of Benin, Ewuare II over his violent public attack on Nollywood filmmaker and academic Pedro Obaseki. The denial comes amid widespread outrage after the circulation of a video showing the brutal attack.
Attack: a detailed description
On the morning of 28 December 2025, Pedro Obaseki was abducted by armed men from a football pitch in Benin City. In an interview with African Independent Television (AIT), he described being beaten, stripped naked, and paraded through public streets.
• Motivation cited by the attackers: The attackers claimed to be acting on behalf of the Benin Traditional Council and the Oba and alleged that Obaseki had shown disrespect for the monarchy.
• Alleged catalyst: The incident reportedly stemmed from remarks made by Obaseki at a London event in honor of his cousin, former Governor Godwin Obaseki, where he omitted the traditional praise for the Oba – an omission seen as a serious slight.
•Palace Agnipariksha: Obaseki was forced to kneel and crawl on the palace grounds before being presented before the chiefs. He later commented that the chiefs' conduct indicated that they had not authorized the attack.
Official Palace response: A firm denial
Responding to the public outcry, the BTC issued a formal statement on December 31, signed by Secretary Frank Irabor.
• It categorically denied that the Oba had authorized or approved the attack.
• The council described violence as “not in keeping with the character of our revered king” and emphasized the Oba’s role as a “peace-loving father to all.”
• The statement cautioned youth about caution and advised social media users to verify information before sharing it.
Legal dispute and police reaction on target
There has been strong criticism in legal circles after the attack. Following the palace incident, Obaseki was taken to a police station, where he was questioned over his response.
• The victim was taken into custody: Obaseki was captured by the police, while his alleged attackers were not.
, So-called “Palace Clearance” requirement: His lawyer says the Edo State Police Commissioner has linked Obaseki's release to obtaining “clearance from the palace” – a concept that has no basis in Nigerian law.
, Call for fair investigation: Due to alleged compromised local proceedings, lawyers have called on the Inspector General of Police to take over the case to ensure a fair investigation.
Human rights lawyer Frank Titi described the attack as a “national disgrace” and a violation of the rule of law, and said that no tradition justifies such violence under Nigeria's legal framework.
Background: History of political cleavages
Analysts link the incident to a long-running political feud between the Benin Palace and the Obaseki family.
• During the administration of former Governor Godwin Obaseki, tensions arose over issues such as the repatriation of looted Benin bronzes and control of traditional youth groups.
• This history provides context as to why the attackers labeled Pedro Obaseki and his cousin as “Oghionoba” (enemies of the Oba).
2. Nigeria presses ahead with controversial tax reforms
Nigeria's sweeping new tax regime comes into full force today, January 2, 2026, amid ongoing public debate and protests. Despite widespread criticism, the federal government, supported by President Bola Tinubu's New Year message on “the courage to reform”, remains committed to implementation.
Public discussion, especially on social media and messaging platforms like WhatsApp and TikTok, is full of advice – some promoting tax-avoidance methods. A standard tip suggests staying below the N10,000 limit and splitting point-of-sale (POS) transfers to avoid so-called double debits.
Clarifying the new tax laws: key questions answered
VFD Microfinance provides clarity on the concerns of the general public:
Q1: When will the new laws come into effect?
Answer: The Joint Board of Revenue Act and the Nigeria Revenue Service Act came into force on 26 June 2025. The main Nigeria Tax Acts (NTA) and Nigeria Tax Administration Act (NTAA) will come into force from 1 January 2026.
Q2: Are bank deposits/transfers automatically taxed?
Answer: No, deposits or transfers are not automatically taxed. However, if the income is classified as income for small businesses/companies and exceeds the exemption limit, they may be reviewed. It is advisable to maintain clear transaction records.
Q3: Will the tax authorities monitor my bank account?
Answer: Banks/financial institutions have to submit returns to the authorities for individuals with monthly transactions above Rs 25 million and businesses with turnover above Rs 100 million. [Sec. 29, NTAA]This does not mean automatic deduction from accounts,
Q4: Can the tax authority debit my account without any notice?
not answer. The law gives power of subrogation for tax recovery only if the taxpayer fails to pay after multiple demand notices. [Sec. 60, NTAA],
Q5: Will my bank account be closed on January 1, 2026 without Tax ID?
Answer: No, accounts are not required to be closed as per law. Mandates that financial service providers ensure that taxable persons provide tax ID [Sec. 8, NTAA]The Tax ID portal is now linked to the National Identification Number (NIN) for easy access,
Practical guidance: the important role of payment statement
Taxes primarily target taxable income – money received for goods or services. An accurate payment statement is important to avoid misclassification and potential overpayment during tax filing.
Legally acceptable statement examples:
1. Family Support: “Gifts/Family Support”
2. Repayment of Loan: “Refund/Reimbursement”
3. Transfer of Personal Funds: “Personal Transfer/Savings”
4. Receive a loan: “Received a loan”
5. Business Investment: “Capital Contribution”
6. POS Transaction: “POS Transaction”
7. Commercial sales: For example, “paid for two cartons of Wu Indomei”
final note: As the saying goes, ignorance of the law is no excuse. It is important to be proactive and accurate with financial documentation, as it can be difficult to recover taxes incorrectly withheld. Stakeholders are advised to remain informed and alert.
3. New York's new era, with its first Muslim, first South Asian and first African-born mayor.
Zoharan Kwame Mamdani was sworn in as the 112th Mayor of New York City on January 1, 2026, marking a historic new era as he is the city's first Muslim, first South Asian, and first African-born mayor. At 34, he is also the youngest mayor in more than a century.
Mamdani was initially born and raised in Uganda. His parents are Indian.
Mamdani is a member of the Democratic Party and the Democratic Socialists of America. He will preside over the city known as the bastion of capitalism.
Before now, Mamdani was the New York State Assemblyman for Queens (2021-2025).
He brought color and drama to both his inauguration and the campaign that brought him to office. He was sworn in privately at the historic Old City Hall subway station after midnight on January 1, 2026. This was followed by a public ceremony, officiated by Senator Bernie Sanders.
Making history as the first Muslim to lead the largest city in the United States, Mamdani took the oath by placing his hand on the Quran, a report said.
“This is truly the honor and privilege of a lifetime,” Mamdani said in a brief speech.
The private ceremony, hosted by New York Attorney General Letitia James at the architecturally stunning old City Hall station – one of the city's original subway stops known for its arched ceiling – marked the official change of power.
In his inaugural remarks, Mamdani announced Mike Flynn as his new Department of Transportation Commissioner, highlighting the site as “a testament to the importance of public transportation to the vitality, health and heritage of our city.”
Main campaign promises and policy agenda
Mamdani campaigned on a platform focused on affordability and economic rights, proposing significant changes funded by tax increases on corporations and high earners. His main promises include:
• Accommodation. Place a rent freeze on all rent-stabilized units (affecting ~1 million households).
Triple the production of permanently affordable, rent-stabilized homes.
• Transit and city services. Make all city buses fare free. Create a network of city-owned grocery stores to sell food at wholesale prices.
• Public safety. Create a new Department of Community Safety to take a public health approach to violence prevention.
• Financing the agenda. -Raise the top corporate tax rate from 7.25% to 11.5%.
– Increase personal income taxes on households making more than $1 million annually.
Major challenges ahead
Major obstacles to overcome in turning these ambitious promises into reality include:
• State and federal barriers: Many proposals (such as significant tax changes) require approval from the state government in Albany.
Despite a surprisingly cordial meeting after the election, they will also have to manage the relationship with the Republican federal government and President Trump.
ruling a complex city: He leads a workforce of over 300,000 and must manage daily city operations while pursuing his agenda. He has shown practical early steps, such as asking the current NYPD Commissioner, Jessica Tisch, to remain in her role.
