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Financial institutions to charge N50 stamp duty on transfers above N10k from January 1
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Financial institutions will start charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act.
This was revealed in notices sent by Nigerian banks to their customers ahead of the policy’s implementation.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of ₦50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of ₦10,000 and above.
In an email sent to customers on Tuesday, the United Bank for Africa (UBA) said the ₦50 EMTL on transfers will now be referred to as stamp duty across all financial institutions.
Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email reads. Salary payments and Intra-bank self-transfers are exempt from stamp duty. “The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.”
A similar notice was also sent by Access Bank to customers.
Banks clarified that this charge is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.
The notice also stated that transfers below ₦10,000 are exempt from the stamp duty.
In addition, salary payments and intra-bank transfers—transactions between accounts within the same bank—will not attract the ₦50 charge.
This replaces the previous percentage-based charges, which often created uncertainty around the total cost of documentation.
Banks say the adjustment is aimed at simplifying compliance and making stamp duty charges easier for individuals and businesses to understand upfront.
Before the new policy, electronic transfers of ₦10,000 and above attracted a ₦50 EMTL, but the charge was typically deducted from the receiver’s account.
President Bola Tinubu on Sunday insisted that the implementation of the new tax laws will commence on January 1 as planned, despite criticisms from opposition and pressure groups.
In a statement, Tinubu said the tax laws are not designed to raise taxes, but rather to support a structural reset, drive harmonisation, and protect dignity while strengthening the social contract.
The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” the president said on Tuesday.
“These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country.”
He called for support from all Nigerians as the tax laws would take effect in a few days.
News
Fake Agency: Reps Trace 58 Bank Accounts, 12 Entities to Adeyemi Over Alleged PFIPC
By Gloria Ikibah
The House of Representatives Adhoc Committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has traced about 58 bank accounts to Prince Adeniyi Adeyemi, with preliminary findings indicating that more than 30 of the accounts were operated in the names of about nine agencies, companies, foundations and related entities.
The committee also identified more than 12 organisations and entities allegedly linked, directly or indirectly, to Adeyemi, raising questions about a possible network of organisations operating under governmental, international, investment, educational, charitable, foundation and United Nations-related identities.
Chairman of the committee, Rep. Yusuf Gagdi, disclosed the findings on Wednesday in Abuja while presenting the panel’s preliminary report on the need to protect the integrity of the Federal Budget process.
The investigation is also examining the circumstances surrounding the inclusion of the purported PFIPC in the Federal Budget Framework.
Gagdi said information obtained from financial and investigative institutions indicated that Adeyemi’s Bank Verification Number (BVN) and other identifying details were connected to a substantial network of personal, corporate, organisational and foundation accounts.
The names linked to the records, according to the committee, include the Confederation of United Nations Youths, FCT Investment Promotion Agency and Public-Private Partnership, FCT Investment Promotion Council and Public-Private Partnership, Foreign Investment Promotion Agency, United Nations Youth Global Agency, United Nations Youth Global Foundation, World United Nations Youth Global Foundation, World Entrepreneurship University Limited, World Enterprise University Limited, FCT Investment Promotion Act, FCT Promotion Agency and Olubadan of Ibadan Foundation.
Gagdi said some of the entities appeared to operate multiple accounts, while other accounts were registered under personal names or variations of the identified names.
He, however, stressed that the committee had not reached a conclusion that every account, entity or transaction identified in the course of the investigation was unlawful.
“The Committee is reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to determine the true nature and control of the identified entities and accounts,” he said.
According to the committee, similarities in the names, objectives, management structures, signatories and banking relationships of some of the organisations had created a legitimate basis for further investigation.
The panel is investigating whether multiple organisations were created or deployed using governmental, international, investment, educational, charitable, foundation or United Nations-related identities.
Gagdi said evidence before the committee indicated that Adeyemi might be connected, either directly or indirectly, to more than 12 of the entities under investigation.
He said the committee was examining whether the organisations were established or used to create artificial credibility, solicit funds, attract investments, obtain official recognition, secure government facilities or persuade members of the public to part with money.
The committee chairman further disclosed that members of the panel had met Adeyemi behind closed doors as part of the investigation, although he declined to reveal details of the meeting.
Gagdi also reiterated that Adeyemi could not be brought before the committee because of a court order keeping him in police custody. He did not provide further details about the order or the circumstances surrounding the custody.
Naijablitznews.com recalled that the House constituted the Adhoc Committee following the adoption of Resolution No. 68/07/2026 on Wednesday, July 8, 2026.
The resolution followed reports concerning the purported establishment and operation of the PFIPC, as well as its alleged inclusion in the Federal Budget Framework.
The House said its action was taken in exercise of its constitutional powers of appropriation, oversight and investigation, particularly in view of concerns surrounding the identity, operations and budgetary status of the purported council.
News
Shettima @60: Speaker Abbas Hails VP’s Service, Loyalty to Tinubu
By Gloria Ikibah
The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas has congratulated Vice President Kashim Shettima on his 60th birthday, describing him as a dedicated public servant and a strong ally of President Bola Ahmed Tinubu.
In a congratulatory message issued on Wednesday by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, Speaker Abbas praised Shettima for his commitment to democracy and public service.
The Speaker described the Vice President’s loyalty to President Tinubu as exemplary, saying his record in public office had prepared him for the responsibilities of his current position.
Speaker Abbas eulogised Shettima as a leader of exceptional qualities and described him as one of the most patriotic Nigerians alive.
He also commended the Vice President for his contributions to the Tinubu administration, noting that his experience and achievements in previous public offices had continued to strengthen his performance as Vice President.
According to the Speaker, Shettima’s experience as governor of Borno State, senator and in other public positions had made him one of the most experienced public servants in government today.
The statement read: “The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, Ph.D., GCON, has extended his congratulations to the Vice President, Senator Kashim Shettima, GCON, on the occasion of his Diamond Jubilee, praising the VP’s steadfast commitment to democracy and devoted public service.”
Speaker Abbas described Senator Shettima as a “reliable ally to President Bola Ahmed Tinubu, GCFR, praising his loyalty as exemplary and worthy of emulation.”
The Speaker further said Senator Shettima “continues to be one of the most patriotic Nigerians alive,” while highlighting his “invaluable contributions” to the Tinubu administration.
On the 2027 presidential election, Speaker Abbas expressed confidence in the APC ticket, following the decision by President Tinubu to retain Shettima as his running mate.
“With Senator Shettima returning as President Tinubu’s running mate in the 2027 presidential election, the ruling All Progressives Congress (APC) ticket is a winning one”, he said
The Speaker also prayed for the Vice President’s continued good health and longevity.
He prayed to Allah (SWT) “to grant Senator Shettima mercy, grace, longevity, and good health so he can continue contributing value to the Tinubu administration and the nation as a whole.”
News
PFIPC Probe: HoR Panel Clears Gbajabiamila, Says Evidence Shows He Acted Against Fake Agency
The House of Representatives Ad Hoc Committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has found no evidence linking Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, to the establishment or activities of the organisation.
Instead, the committee said its preliminary findings showed that Gbajabiamila acted to alert relevant security and investigative agencies and commenced administrative verification after concerns about the purported agency were brought to his attention.
The committee chairman, Yusuf Gagdi, disclosed this while presenting the panel’s preliminary findings at a press briefing on its investigation into the alleged inclusion of PFIPC in the Federal Government’s budget framework.
According to the panel, the matter was first brought to Gbajabiamila’s attention following an alert from the Nigerian Investment Promotion Commission (NIPC) over suspected fraudulent activities and alleged misuse of government materials.
The committee said the Chief of Staff responded within a day by communicating with relevant security and investigative bodies, including the Nigeria Police Force, the Office of the National Security Adviser, the Department of State Services and the Economic and Financial Crimes Commission.
It added that Gbajabiamila also initiated administrative checks through relevant government institutions to establish the status of the purported organisation.
The panel said further concerns, including those surrounding a proposed world investment summit, prompted additional communications from the Chief of Staff seeking investigation and appropriate action.
“The documentary evidence presently before the Committee does not establish that the Chief of Staff authorised, approved, established or participated in the activities of the purported organisation,” the committee said.
“On the contrary, the evidence demonstrates repeated steps to secure investigation, institutional verification and appropriate administrative action.”
Based on the evidence before it, the committee said it “preliminarily commends” Gbajabiamila for the security and administrative interventions he undertook whenever the matter was formally brought to his attention.
Alleged Fake Appointment Letter
The committee also raised questions over a letter purportedly appointing Prince Adeniyi Adeyemi as Director-General of the PFIPC.
The document was allegedly presented as an official presidential appointment and purportedly carried the authority and signature of Gbajabiamila.
However, the panel said evidence obtained from the State House indicated that no such appointment was made or approved by the Presidency.
It said Gbajabiamila neither issued nor signed the letter.
The committee further said the letterhead used in the document was not an authentic State House letterhead and that the purported reference number did not correspond with the official referencing system.
According to the panel, the format, language and other administrative features of the document also differed materially from established State House correspondence.
The committee therefore made a preliminary finding that the purported appointment letter was fabricated and falsely attributed to the Presidency.
‘Executive Order, National Assembly Act Were Not Genuine’
The panel also said documents presented as a Presidential Executive Order and an Act of the National Assembly establishing the organisation were not authentic.
It said the purported Executive Order No. 5, dated February 24, 2026, was neither issued nor approved through the lawful processes of the Presidency.
Similarly, the committee said the document presented as an Act of the National Assembly was never passed by both chambers, was not assented to by the President and was not gazetted as an Act of the Federation.
It further alleged that portions of an instrument belonging to another institution appeared to have been electronically alter
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