Nigeria

Nigerian Financial Institutions submit reports for CRS via the FIRS/AEOI-CBCR Portal


FATCA reports, where required, are filed directly to the IRS via the International Data Exchange Service (IDES)


Reporting deadline

CRS - 31 May following the reporting year

FATCA - 31 March following the reporting year

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FIRS/AEOI-CBCR Portal

Financial Institutions in Nigeria submit reports for CRS via the FIRS/AEOI-CBCR Portal. Users must first Enrol for CRS with the portal and register details of Reporting Entities for which they are submitting.


FATCA

Because there is no Intergovernmental agreement (IGA) between the US and Nigeria, where Financial Institutions in Nigeria have FATCA reportable accounts, reports are required to be submitted directly to IRS via the International Data Exchange Service (IDES). Financial Institutions are required to enroll with IDES before submitting. There are also specific requirements to encrypt the XML file before uploading to IDES. See IDES user guide for more information.


We provide a free tool for signing and encrypting the XML file ready for submission. This is included within the zip folder when you download the AEOI Hub reporting template.


Nil returns

Nil returns are not required to be submitted where the Financial Institution has no reportable accounts.


CRS

Financial Institutions submit CRS reportable information via the FIRS/AEOI-CBCR Portal, either by uploading an XML file prepared using the standard CRS_OECD version 2.0 schema or by manual entry of account details on the portal. A separate report is required for each reportable jurisdiction for which the FI has reportable accounts.

Relevant AEOI Regulations and Guidelines can be downloaded from the AEOI section of the FIRS website. The FIRS website also includes a page of useful Questions and Answers and links to relevant AEOI Presentations and Speeches.


Nil returns

In accordance with the Income Tax (Common Reporting Standard) Regulations 2019, Financial Institutions are required to submit a nil return where there are no reportable accounts.


CRS reportable jurisdictions

A list of Nigeria intended exchange partners is available to download from the AEOI Regulations and Guidelines page (published August 2020)