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FG Orders Banks to Deduct Stamp Duty Charges from Savings and Current Accounts

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In a bid to boost revenue and enhance fiscal performance, the Nigerian government has directed commercial banks to deduct a 0.375% stamp duty charge on mortgage-backed loans and bonds.

This move marks an expansion of the scope of stamp duty charges, which now includes foreign transactions, loans, and regular bank transfers.

According to reports, Access Bank and other commercial banks have notified their customers of the new directive, which was issued by the Federal Inland Revenue Service (FIRS). The banks have assured customers that the new charges will not affect previously approved loans, which will continue to be repaid in full according to the agreed terms and conditions.

This development comes after the government directed banks to deduct stamp duty on foreign transactions between January 2021 and December 2023 by January 31, 2024. Prior to this directive, electronic money transfer levies were only charged on accounts receiving electronic deposits of N10,000 and above or its equivalent.

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In a related development, Nigerian banks have begun implementing the Central Bank of Nigeria’s (CBN) revised guidelines on international money transfer operations. The CBN has instructed banks to pay dollars and other foreign currency payouts from abroad in naira, in a bid to boost forex supply and curb black market trading. The exchange rate for the naira payment will be at the prevailing rate in the Nigerian Foreign Exchange Market.

This move is seen as a significant step towards enhancing fiscal performance and boosting revenue in Nigeria. However, it remains to be seen how customers will react to the new charges, and how this will impact the banking sector as a whole.”

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NUJ Hails Oyekunle’s ECOWAS Court Victory, Says It Is a Win for Journalism, Press Freedom

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The Nigeria Union of Journalists (NUJ) has described the victory of Jide Oyekunle, a journalist with Independent Newspaper, at the ECOWAS Community Court of Justice as a major victory for journalism and press freedom in Nigeria.

The union, in its reaction to the judgment awarding N10 million in damages against the Nigerian government over the violation of Oyekunle’s rights, said the ruling represents an important step towards protecting journalists and defending media freedom.

The NUJ in a statement signed by the National Secretary, Achike Chude on Wednesday commended the efforts of Avocats Sans Frontières France (ASF France) for providing legal support and standing with the journalist throughout the legal process.

It said the judgment serves as a reminder of the need for the protection of journalists who perform their constitutional duty of informing the public, adding that attacks and harassment against media practitioners must not go unchecked.

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The union urged the Nigerian government to comply with the ECOWAS Court judgment by paying the N10 million damages awarded to Oyekunle without delay.

According to the NUJ, prompt compliance with the ruling would demonstrate respect for the rule of law and reinforce Nigeria’s commitment to upholding human rights and press freedom.

The union further called for stronger measures to guarantee the safety and independence of journalists across the country.

Signed 

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Comrade Achike Chude 
National Secretary

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DAY 13 of Projects Commissioning in the FCT

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President Tinubu Will Commission Roads 01 and 02 Linking Mabushi Bus Terminal and Ahmadu Bello Way Today

#FCTRenewedHope
#FCTProjectsCommissioning

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BEWARE: FG warns 26 States of flood, places, Bayelsa, Delta, Lagos, Adamawa, Benue, others as critical risk areas

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The Federal Government has alerted residents of 26 states and the Federal Capital Territory (FCT) to the possibility of flooding between June 22 and July 5, 2026, following forecasts of heavy rainfall in different parts of the country.

The warning was issued by the Federal Ministry of Environment through the National Flood Early Warning Centre under its Erosion, Flood and Coastal Zone Management Department.

The ministry said several communities across the country have been identified as areas that could face serious flood threats during the period.

According to the forecast released on June 22, heavy rainfall is expected in many locations, raising concerns about possible flooding in vulnerable communities.

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States placed under the critical-risk category include Abia, Adamawa, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Imo, Kogi, Kwara, Lagos, Niger, Ogun, Ondo, Osun, Oyo and Rivers.

In Abia State, the affected communities include Aba, Arochukwu and Umuahia. In Adamawa, the ministry listed Jimeta and Numan, while Eket, Oron and Uyo were named in Akwa Ibom. In Anambra, Onitsha Inland Town and Awka Urban Drainage Corridors were identified as vulnerable locations.

Bayelsa communities such as Yenagoa, Brass and Nembe Town were also listed among areas that could be affected by flooding.

Other locations mentioned include Makurdi, Gboko and Katsina-Ala in Benue State; Calabar Metropolis and Creek Town in Cross River State; Asaba, Warri and Sapele in Delta State; and Abakaliki, Afikpo and Onueke in Ebonyi State.

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The ministry also identified Benin City Urban Core and Auchi in Edo State, Ado-Ekiti and Ikere-Ekiti in Ekiti State, as well as Enugu, Nsukka and Oji River Town in Enugu State.

In Imo State, Owerri, Orlu and Okigwe were listed, while Lokoja and Ajaokuta were named in Kogi State. Communities such as Ilorin, Jebba and Pategi in Kwara State were also included in the warning.

Several parts of Lagos State were equally listed among the areas at risk.

These include Agege, Alimosho, Apapa, Badagry, Ikeja, Ikorodu, Lagos Island, Lekki and Surulere.

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In Niger State, Bida, Minna, Mokwa, Suleja and Kontagora were identified, while Abeokuta, Ota and Sagamu were listed in Ogun State.

The flood alert further covered Akure, Owo and Okitipupa in Ondo State; Oshogbo, Ile-Ife and Ilesa in Osun State; Ibadan, Ogbomoso and Oyo in Oyo State; as well as Port Harcourt Urban Core, Bonny, Ahoada and Omoku in Rivers State.

Apart from the states under the critical-risk category, the ministry also placed parts of Adamawa, the FCT, Kebbi, Kogi, Nasarawa, Plateau and Taraba states under a high-risk category.

Communities listed in this group include Yola North, Yola South, Mubi and Gurin in Adamawa State; Abuja Municipal, Gwagwalada, Kubwa, Nyanya and Wuse in the FCT; Birnin Kebbi and Argungu in Kebbi State; Bako in Kogi State; and Keffi, Lafia, Karu and Toto in Nasarawa State.

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The warning also covered Jos and Jos North in Plateau State, as well as Jalingo, Wukari, Takum, Serti and Karim Lamido in Taraba State.

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