News
Nigeria introduces 7.5% VAT on crypto transactions
By Kayode Sanni-Arewa
KuCoin, a cryptocurrency exchange, said it would commence collection of a 7.5 percent value-added tax (VAT) on transaction fees for users in Nigeria.
The company said a regulatory update in Nigeria led to KuCoin’s decision to introduce the VAT.
In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would be effective from July 8.
KuCoin said for every trade, the 7.5 percent VAT would be applied to the transaction fee — not the total transaction amount.
“We are writing to inform you of an important regulatory update that impacts our users from Nigeria,” the company said.
“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (“VAT”) at a rate of 7.5% on transaction fees in each trade for users whose KYC information is registered in Nigeria.
“Nb: The 7.5% is only charged on the 0.1%/0.05% transaction fee and not your total amount which will be remitted.”
According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1 percent fee rate, the transaction fee would be $1.
The VAT, the crypto platform said, would be 7.5 percent of the fee which is $0.075 — the net amount for the transaction would be $998.925.
“Please note that the VAT will be applied to the transaction fees in each trade, not the transaction amount, and covers all transaction types on KuCoin platform,” the crypto exchange said.
In 2022, Zainab Ahmed, former minister of finance, budget, and national planning, had initially hinted at government’s plans to tax cryptocurrencies and other digital assets.
In the 2023 Finance Act, the government imposed a 10 percent tax on profits from digital assets, including cryptocurrencies.
However, the particular provision of the act was not enforced.
In May, the Securities and Exchange Commission (SEC) announced plans to delist naira from all peer-to-peer (P2P) platforms.
SEC said the decision was taken to avoid the level of “manipulation” happening in the cryptocurrency space.
News
Condolence pour in as Akwa Ibom gov Umo Eno loses wife
By Mario Deepromoter
*** She was apillar of support to the Eno – Sanwo-Olu
***As PDP suspends LG campaign in Akwa Ibom
By Francesca Hangeior
Mrs Patience Umo Eno, wife of Akwa Ibom State Governor, Pastor Umo Eno, is dead.
The state Commissioner for Information, Ini Ememobong, announced the First Lady’s death in a press statement issued in the early hours of Friday.
According to the commissioner, the First Lady died at a hospital on September 26, 2024, surrounded by family members
The statement titled “Unexpected Sunset” read, “It is with heavy hearts that we announce the passing of the Wife of the Executive Governor of Akwa Ibom State, Her Excellency, Pastor Mrs. Patience Umo Eno, following an illness.
“She passed away peacefully at the hospital on 26th September 2024, in the presence of her family.
“The family submits to the will of the Almighty and asks for the prayers and support of kind-hearted individuals during this difficult time.
“Further details will be provided by the family as necessary. In the meantime, the family kindly requests privacy as they mourn their beloved wife, mother, and grandmother.
“His Excellency, the Governor, Pastor Umo Eno appreciates all who have stood by the first family in this period and assures all the citizens that despite this huge personal loss, his commitment to the service of the state is unwavering.”
Meanwhile, Lagos State Governor, Babajide Sanwo-Olu, has expressed his heartfelt condolence with his Akwa Ibom State counterpart, Umo Eno, over the passing of his wife, Patience Eno.
Sanwo-Olu, in a statement on Friday, through his Special Adviser on Media and Publicity, Gboyega Akosile, described the deceased as a “pillar of support” to the governor, as he lauded her leadership and humanitarian work in the state.
The statement read partly, “On behalf of my wife, Ibijoke and family, the government and people of Lagos State, it is with a deep sense of sorrow that I commiserate with my brother Governor, Pastor Umo Eno, on the passing of his beloved wife, Pastor (Mrs) Patience Umo Eno.
“I also express my deepest condolences to the people of Akwa Ibom State and the entire Eno family, as well as wives of all the state governors in Nigeria over the demise of the Akwa Ibom First Lady.
“Pastor (Mrs.) Patience Umo Eno was not just a wife and mother, but a soulmate and pillar of support to our brother, Governor Eno. She supported thousands of people in Akwa Ibom State through the Golden Initiative For All (GIFA), a foundation that focused on providing shelter, food, and education to the poor and vulnerable in Akwa Ibom.
“The First Lady, fondly referred to as Eka Iberedem Akwa Ibom, meaning “Mother and Strong Pillar of Akwa Ibom,” was widely loved for her compassionate leadership and humanitarian work in Akwa Ibom during her lifetime.”
Sanwo-Olu prayed for the repose of the deceased, saying, “I pray that the Almighty God will grant the deceased eternal rest and Governor Umo Eno, the entire family, and the people of Akwa Ibom the fortitude to bear the irreparable loss.”
In the meantime, the Peoples Democratic Party (PDP) in Akwa Ibom State has put its political campaign for local elections in the state on hold following the death of the Akwa Ibom First Lady, Patience Eno.
Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.
Announcing the suspension of campaigns in a statement on Friday, the PDP Publicity Secretary in the state, Edwin Ebiese, said “This devastating news has left our party, and indeed the entire state, in a state of mourning.
“As we struggle to come to terms with this immense loss, we are compelled to pause our campaign activities as a mark of respect for the departed First Lady.
“We regret any inconvenience this suspension may cause and appreciate the understanding of our supporters and the general public during this difficult time.
“We extend our heartfelt condolences to His Excellency, Pastor Umo Eno, Executive Governor of Akwa Ibom State and his immediate family, the government, and people of Akwa Ibom State. May God grant the family of the deceased and our state the fortitude to bear this irreparable loss.”
News
Bishop Oyedepo @70: He is a dedicated servant in the Lord’s Vineyard -Obi
By Mario Deepromoter
The Presidential Candidate of the Labour Party in the 2023 election, Peter Obi, has described the General Overseer of the Living Faith Church, Bishop David. O. Oyedepo is an exceptional servant in God’s vineyard.
In a congratulatory message to the Bishop on his 70th Birthday anniversary today, Obi said the cleric exemplifies the true purpose of God’s creation.
Writing on his X handle, the former Anambra State Governor said Bishop Oyedepo has remained “A remarkable figure in faith, a dedicated servant in God’s vineyard, and a leader who exemplifies the true purpose of God’s creation.
“Your life continues to be a source of blessing, reflecting dedication, tireless work, and a commitment to God’s mission.
“Through your ministry, countless lives have been touched, embodying faith, hope, and love. Outstanding Institutions such as Living Faith Church, Covenant University, and Kingdom Heritage Model School stand as lasting testimonies to your pursuit of excellence.
“Today, we honor your enduring legacy, your compassionate outreach, and your immense contribution to humanity. May God continue to strengthen, guide, and bless you in all your endeavors.
“Thank you for being a beacon of God’s grace. Your remarkable journey will inspire generations to embrace faith, integrity, and purposeful living.
“May your continued intervention through prayer in the affairs of our country help us to find direction for a new Nigeria.
News
PDP Halts LG Campaign In Akwa Ibom Over Death Of Gov Eno’s Wife
By Mario Deepromoter
Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.
The Peoples Democratic Party (PDP) in Akwa Ibom State has put its political campaign for local elections in the state on hold following the death of the Akwa Ibom First Lady, Patience Eno.
Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.
Mrs Eno died on Thursday in a hospital following an undisclosed illness, according to a statement issued on Friday morning by the Commissioner for Information and Strategy in Akwa Ibom, Ini Emembong.
“She passed away peacefully at the hospital on 26th September 2024, in the presence of her family.
“The family submits to the will of the Almighty and asks for the prayers and support of kind-hearted individuals during this difficult time.
“Further details will be provided by the family as necessary. In the meantime, the family kindly requests privacy as they mourn their beloved wife, mother, and grandmother.
“His Excellency, the Governor, Pastor Umo Eno appreciates all who have stood by the first family in this period and assures all the citizens that despite this huge personal loss, his commitment to the service of the state is unwavering.”
Announcing the suspension of campaigns in a statement on Friday, the PDP Publicity Secretary in the state, Edwin Ebiese, said “This devastating news has left our party, and indeed the entire state, in a state of mourning.”
“As we struggle to come to terms with this immense loss, we are compelled to pause our campaign activities as a mark of respect for the departed First Lady.
“We regret any inconvenience this suspension may cause and appreciate the understanding of our supporters and the general public during this difficult time.
“We extend our heartfelt condolences to His Excellency, Pastor Umo Eno, Executive Governor of Akwa Ibom State and his immediate family, the government, and people of Akwa Ibom State. May God grant the family of the deceased and our state the fortitude to bear this irreparable loss.”
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