Connect with us

News

Stamp duty dispute: Court orders CBN to pay firm N579.1b in damages

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

A Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay a firm – Kasmal International Services – N579,130,698,440 for assisting the Nigerian Postal Service (NIPOST) to collect stamp duty between January 1, 2015 and January 31, 2020.

The court also ordered the CBN to pay the N579 billion judgment sum along with 10 percent interest per annum.

Justice Inyang Ekwo handed down the judgement on Friday in a suit marked: FHC/ABJ/CS/335/2024 filed by Kasmal, with the CBN and the Attorney General of the Federation (AGF) and Minister of Justice as defendants.

Justice Ekwo faulted the defendants’ contention that NIPOST lacked the statutory power to collect stamp duties and that the agreement it (NIPOST) reached with the plaintiff was illegal.

Advertisement

The judge declared that a previous judgment on stamp duty given in favour of the plaintiff still subsisted as it is yet to be contradicted by any higher court.

Justice Ekwo faulted the argument by the CBN and the AGF that the reliefs sought by the plaintiff could not be granted because all revenues accruing to the federation, including the stamp duties, are remitted into the Federation Account, which could only be distributed among the tiers of government as provided in the Constitution.

The judge noted that the CBN had earlier paid Kasmal N10.3 billion, representing 15 percent of the remitted stamp duty paid by all Deposit Money Banks (DMBs) between January 1, 2015, and January 31, 2020, from the CBN NIPOST Stamp Duty Collection Account No. 3000047517.

He said: “I find, at the end, that the CBN and the AGF have not effectively controverted the case of the plaintiff. The plaintiff, having made a credible case, ought to succeed on the merit, and I so hold.

Advertisement

“It is my opinion that this case is predicated on the fact that the first and second defendants have had transactions with the plaintiff before by paying the plaintiff the sum of N10.3billion, being 15 percent of remitted stamp duty.”

The plaintiff, represented by Dr. Alex Izinyon (SAN), had claimed that NIPOST appointed it to represent it (NIPOST) in the collection of N50 on all receipts given by any bank or financial institution in acknowledgement of services rendered concerning electronic transfers and teller deposits of N1,000 and above, in compliance with the Stamp Duties Act and the Nigeria Financial Regulations 2009.

He added that the terms of the agreement between NIPOST and the plaintiff included the remuneration of N7.50 from every N50 deduction.

Kasmal prayed the court for an order directing the 1st and 2nd Defendants to pay the plaintiff the sum of N579,130,698,440 or any other sum as may be adjudged by this Court upon the production of the records relating to the collection of stamp duty between January 1, 2015, and January 31, 2020, representing 15% of all accrued deposits paid into or which ought to have been paid into the CBN NIPOST Stamp Duty Collection Account No. 3000047517 by all Deposit Money Banks (DMBs).

Advertisement

“An order directing the 1st (CBN) and 2nd Defendants to pay the plaintiff an interest payment of 10% per annum on the sum of N579,130,698,440 or any other sum as may be adjudged by this Court upon the production of the records relating to the collection of stamp duty between January 1, 2015, and January 31, 2020, representing 15% of all accrued deposits paid into or which ought to have been paid into the CBN NIPOST Stamp Duty Collection Account No. 3000047517 by all Deposit Money Banks (DMBs).”

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Senator Ikpea Thumbs Down Reintegration of Repentant Boko Haram Members

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Chairman of the Senate Committee on Drugs and Narcotics, and the senator representing Edo Central, Senator Joseph Ikpea, has thumbed down the rehabilitation and reintegration of repentant Boko Haram members into society, insisting that individuals involved in terrorism should face the full weight of the law rather than be returned to civilian life.

Speaking with journalists after the inaugural meeting of the Senate Committee on Drugs and Narcotics at the National Assembly on Wednesday, Ikpea described the policy of reintegrating former insurgents as “unreasonable,” arguing that it undermines the sacrifices of security personnel and victims of terrorism.

According to him, insurgents responsible for the killing of innocent Nigerians and members of the armed forces should not be rehabilitated or reintegrated into society.

“I don’t understand the rationale behind reintegrating Boko Haram members into society. Our gallant soldiers have lost their lives protecting the country from these terrorists. If someone has committed acts of terrorism and is apprehended, such a person should face the consequences of the law,” he said.

Advertisement

The senator maintained that Boko Haram and other terrorist groups remain enemies of every Nigerian, irrespective of religion or ethnicity, noting that they target Christians, Muslims, civilians and security personnel alike.

Ikpea also alleged that some recent kidnapping incidents across the country could have political undertones, suggesting that certain actors may be exploiting insecurity to undermine the government ahead of future elections.

On the issue of drug control, the committee chairman disclosed that the Senate Committee on Drugs and Narcotics would review the proposed bill seeking to impose the death penalty for drug-related offences after a thorough examination of the legislation.

He explained that he was not a member of the Senate when the bill was previously debated and therefore could not comment on its current status.

Advertisement

“I have no idea about that bill because I was not a senator when it came up on the floor. My committee will look at it and advise accordingly. For now, I cannot say much about it,” he said.

Ikpea noted that the committee’s inaugural meeting was convened to outline its legislative agenda and oversight responsibilities.

He said one of its immediate priorities would be strengthening oversight of the National Drug Law Enforcement Agency (NDLEA) and inspecting rehabilitation centres across the country to ensure they comply with approved operational standards.

“We are planning to visit rehabilitation centres to ensure they meet the required standards. You cannot just establish a rehabilitation centre without complying with the necessary regulations. We want to ensure they are operating properly and delivering quality services,” he said.

Advertisement

Speaking on the proposed death penalty for drug traffickers, the senator declined to take a firm position, saying punishment for offences should be proportionate to the crimes committed and that the final decision rests with the National Assembly and the Federal Government.

“Every offence should attract punishment commensurate with its severity. Different countries have different laws on drug trafficking. Whatever the Senate and the Federal Government eventually decide will be respected,” he stated.

Ikpea further raised concern over the growing prevalence of drug abuse among Nigerian youths, warning that the trend poses a serious threat to the nation’s future.

Citing estimates that about 14 million Nigerians are affected by drug abuse, he advocated the introduction of drug education into school curricula from the primary level to discourage substance abuse from an early age.

Advertisement

“The youth are the leaders of tomorrow. If we fail to educate them on the dangers of drug abuse, the nation’s future will be in jeopardy. We are looking at introducing drug education into school curricula so children understand the consequences from an early age,” he said.

Continue Reading

News

UK Backs National Assembly Security Dialogue as Push for State Policing Gathers Momentum

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

UK Backs National Assembly Security Dialogue as Push for State Policing Gathers Momentum

By Gloria Ikibah

The UK Government-funded Strengthening Peace and Resilience in Nigeria (SPRiNG) Programme has thrown its weight behind the National Assembly Security Roundtable, describing the initiative as a timely platform to advance security sector reforms, strengthen institutional accountability and accelerate discussions on state policing.

In a statement issued ahead of the roundtable, scheduled for Wednesday as part of the National Assembly Open Week 2026, it said that the engagement will bring together Nigeria’s top security chiefs, lawmakers and governors to review the country’s security challenges and identify the legislative and budgetary measures needed to improve the nation’s security architecture.

Advertisement

The meeting, to be held at the Conference Hall of the National Assembly Library Trust Fund, is expected to examine the support required by security agencies while also advancing constitutional reforms relating to state policing.

Among those expected at the event are the National Security Adviser, Chief of Defence Staff, Inspector-General of Police,  Ministers of Defence, Interior and Police Affairs, as well as the governors of Kaduna, Katsina, Plateau and Benue — the four focal states of the SPRiNG Programme — alongside their counterparts from Kwara, Zamfara, Niger and Borno states.

Speaking on the significance of the dialogue, the Head of Development Cooperation at the British High Commission in Abuja, Cynthia Rowe, said lasting security can only be achieved through strong and accountable institutions.

She said: “Sustainable security requires strong, accountable institutions that are responsive to the needs of the people. The UK Government remains committed to supporting Nigeria’s legislative frameworks to ensure that security interventions are transparent, well-resourced, and firmly rooted in respect for human rights. This roundtable is a commendable step towards codifying reforms that will protect vulnerable communities and foster long-term stability.”

Advertisement

According to the statement, the roundtable’s agenda aligns closely with the SPRiNG Programme’s security sector reform objectives, with discussions expected to focus on banditry, kidnapping, farmer-herder conflicts, inter-agency collaboration, technology-driven security operations and modern approaches to community engagement.

The Team Leader of the SPRiNG Programme, Ukoha Ukiwo, said experience from the programme’s work across participating states had shown that peacebuilding efforts require solid legal backing to succeed.

“Our work across our state compacts has continually highlighted that operational peacebuilding must be backed by robust legal frameworks. The focus of this roundtable on state policing, security funding, and accountability is incredibly timely. By bridging the gap between grassroots realities and legislative action, we can ensure that informal and formal security architectures work cohesively to build formidable resilience in communities across Nigeria”, he said.

The meeting is expected to produce a comprehensive communiqué outlining priority security reforms, including recommendations on the implementation of state policing and other public safety initiatives.

Advertisement

It added that the SPRiNG Programme would continue to support engagements with relevant stakeholders to ensure that resolutions reached at the dialogue are translated into concrete policy actions.

Continue Reading

News

Political Party Pulls Out Of 2027 Presidential Race, Gives Reasons

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The All Progressives Grand Alliance (APGA) has has given reasons why it failed not to upload the name of a presidential candidate to the Independent National Electoral Commission’s (INEC) nomination portal for the 2027 general election followed its endorsement of President Bola Tinubu for a second term.

The party said the absence of a presidential candidate on the portal was not the result of an administrative failure or inability to meet INEC’s requirements, but a deliberate political decision taken by its National Executive Committee.

APGA’s National Publicity Secretary, Mazi Ejimofor Opara, disclosed this while speaking with Vanguard amid growing public interest over the party’s position ahead of the 2027 election.

According to him, the party’s NEC reached the decision after extensive consultations and resolved to support Tinubu’s re-election bid, which it described as being in the national interest.

Advertisement

“We have not uploaded a presidential candidate because the National Executive Committee of the party has already taken a decision to support President Bola Tinubu’s re-election in 2027,” Opara said.

The publicity secretary, however, clarified that APGA remained fully involved in the electoral process and had successfully submitted the names of all its candidates for the National Assembly and state Houses of Assembly elections.

“However, I can confirm that APGA has successfully uploaded all its candidates for the National Assembly and State Houses of Assembly elections to the INEC portal,” he added.

Opara said all the required documentation for APGA candidates seeking seats in the Senate, House of Representatives and state legislatures had been submitted within the period stipulated by the electoral commission.

Advertisement

He stressed that the party’s alliance with the ruling All Progressives Congress at the presidential level should not be interpreted as a withdrawal from the 2027 general election.

According to him, APGA intends to contest legislative elections across the country and strengthen its representation at both the federal and state levels.

Opara maintained that the absence of an APGA presidential candidate from INEC’s nomination portal should not be misconstrued as a failure by the party to fulfil electoral obligations.

He explained that it was a calculated political decision arising from the party’s earlier endorsement of the President.

Advertisement

The spokesman said APGA believed that supporting Tinubu’s second-term ambition at the presidential level would not affect its identity or its determination to expand its influence in the National Assembly and state Houses of Assembly.

He added that the party remained committed to deepening Nigeria’s democracy by presenting candidates capable of providing quality representation.

Opara said APGA’s immediate political focus was to win more legislative seats and build a stronger presence in the Senate, House of Representatives and state assemblies.

He noted that legislative representation remained critical to advancing the party’s programmes, protecting the interests of its supporters and contributing meaningfully to national development.

Advertisement

The party, he said, would continue to mobilise Nigerians around its candidates and promote its political agenda despite its decision not to contest the presidential election.

The APGA spokesman urged members and supporters of the party to remain united and intensify mobilisation for its legislative candidates ahead of the elections.

He also called on them to support President Tinubu’s re-election bid in line with the decision of the party’s National Executive Committee.

The clarification followed questions over why APGA had no presidential candidate listed on INEC’s nomination portal despite submitting candidates for other elective positions.

Advertisement

Opara insisted that the omission was intentional and reflected the party’s adopted strategy for the 2027 elections rather than any problem with the nomination process.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News