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Bank Directors Kick Against 70% Windfall Tax Say It’s Excessive, Ill-timed

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By Francesca Hangeior
The Bank Directors Association of Nigeria has termed the proposed 70 per cent windfall tax on profits generated from foreign exchange transactions by banks as not only excessive but also ill-timed.
A press statement from the association after its board meeting on Monday said that while they respect the intentions of the government in making the decision, it had concerns about the magnitude of the levy, its timing and the ambiguities surrounding its implementation.
The chairman of the Board of Directors of the association, Mustafa Chike-Obi, who signed the statement said, “While the imposition of this windfall tax appears to be a response to the current economic climate, we suggest that a 70 per cent tax rate is excessively burdensome and ill-timed, particularly considering the ongoing bank recapitalisation efforts. Such a high levy has the potential to stifle growth and innovation within the banking sector, ultimately affecting the quality of services we provide to our customers and the broader economy.
“Moreover, we believe that it is vital for all stakeholders in the banking sector to have been consulted prior to the enactment of such significant changes in the Finance Act 2023. Open dialogue and negotiation are essential to ensure that policies are both equitable and effective.”
The association said that its primary concern lies in the ambiguities of the language in this amendment which leaves critical questions unanswered, “such as, whether the windfall tax will be implemented as a Total Tax charge on banks, incorporating other taxes already levied such as Company Income tax, Tertiary Education Tax, National Information Development Levy etc We also request clarification on what constitutes ‘FX transactions’ to be taxed and the treatment of banks that may incur losses rather than gains during this period. We urge the government to provide clear guidelines on this matter to avoid further uncertainty.”
BDAN also argued that Nigerian banks were amongst the most heavily taxed in the world due to the burden of the Asset Management Corporation of Nigeria levy which is imposed on the total assets of banks.
It went on to call on the National Assembly to revisit this amendment and engage in constructive discussions with stakeholders in the banking sector.
“By collaborating, we can develop a framework that effectively balances the need for revenue generation with the imperative of fostering a thriving banking environment that supports sustainable economic growth,” BDAN concluded.
Earlier in the month, BDAN distanced itself from the personal views of some bank chairmen on the proposed foreign exchange windfall tax, who expressed support for the move.
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18 States Move To Block Trump’s Order Ending Birthright Citizenship For Immigrant Children In US

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A coalition of Democratic state attorneys general filed a federal lawsuit on Tuesday to block President Trump’s executive order aimed at eliminating birthright citizenship.

Shortly after taking office on Monday, Trump used presidential powers to initiate his long-promised immigration crackdown. His executive actions included an order directing the federal government to stop issuing passports, citizenship certificates, and other documents to many children born in the U.S. whose mothers are in the country illegally or whose parents are not legal permanent residents.

According to CBS News, the lawsuit, filed by 18 states in federal court in Massachusetts, argues that Mr. Trump’s initiative violates the 14th Amendment of the U.S. Constitution, which has long been interpreted by the federal government to grant citizenship to those born on American soil.

The cities of San Francisco and Washington, D.C., have also joined the suit.

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The 14th Amendment says: “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.”

“The great promise of our nation is that everyone born here is a citizen of the United States, able to achieve the American dream,” New York Attorney General Letitia James said in a statement to CBS News.

“This fundamental right to birthright citizenship, rooted in the 14th Amendment and born from the ashes of slavery, is a cornerstone of our nation’s commitment to justice.”

The lawsuit seeks a preliminary injunction to stop the enforcement of the executive order and ultimately aims to have it invalidated.

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The states participating in the suit include California, Colorado, Connecticut, Delaware, Hawaii, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Rhode Island, Vermont, and Wisconsin.

“The President’s executive order attempting to rescind birthright citizenship is blatantly unconstitutional and quite frankly, un-American,” California Attorney General Rob Bonta said in a statement.

The states are asking the court to immediately block the order from taking effect.

Mr. Trump directed that his order should be enforced in 30 days.

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Burkina Faso outlaws colonial-era judicial wigs to embrace cultural identity

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In a historic attempt to decolonise the country’s judiciary, President Ibrahim Traoré of Burkina Faso has formally banned judges from wearing wigs from the British and French colonial eras.

President Traoré emphasised in his announcement the importance of eschewing colonial-era traditions and implementing customs that respect Burkina Faso’s cultural identity.

The action is in line with his larger plan to fortify national identity and declare the nation’s autonomy from outside influences. The colonial wigs, which have traditionally stood for outside authority in African legal systems, are gradually being abandoned.

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Covenant, ABU Emerge Top In Nigeria as 2025 world university ranking released

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Covenant University (CU) has again been listed as Nigeria’s overall best university in Times Higher Education (THE) 2025 Rankings.

In the 2025 rankings, the Ahmadu Bello University, Zaria came second, displacing the University of Ibadan which occupied the position for the 2024 ccrankings.

The Times Higher Education World Rankings is a comprehensive global ranking of universities published annually.

The 2025 rankings THE said it ranked more than 2,000 institutions from 115 countries and territories.

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Globally, Oxford holds on to the top spot for the ninth consecutive year, bolstered by significant improvements in industry engagement and teaching. MIT rises to second place, overtaking Stanford, which drops to sixth.

The ratings were done based on 18 carefully calibrated performance indicators that measure an institution’s performance across five areas: teaching, research environment, research quality, industry, and international outlook.

University of Oxford
Massachusetts Institute of Technology
Harvard University
Princeton University
University of Cambridge
Stanford University
California Institute of Technology
University of California, Berkeley
Imperial College London
Yale University

Top ranked Nigerian universities

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1. Covenant University
2. Ahmadu Bello University
3. Landmark University
4. University of Ibadan
5. University of Lagos
6. Bayero University
7. Federal University of Technology Akure
8. Federal University of Technology, Minna
9. University of Benin
10. University of Ilorin

11. University of Nigeria Nsukka
12. Ekiti State University
13. Federal University of Agriculture, Abeokuta
14. Federal University of Technology, Owerri
15. Federal University Oye-Ekiti
16. Ladoke Akintola University of Technology
17. Lagos State University
18. Nnamdi Azikiwe University
19. Obafemi Awolowo University
20. University of Port Harcourt

21. Usmanu Danfodiyo University, Sokoto
22. Abia State University
23. Akwa Ibom State University
24. Alex Ekwueme Federal University, Ndufu-Alike
25. Ambrose Alli University
26. Baze University
27. Bells University of Technology
28. Benson Idahosa University
29. Bowen University
30. Delta State University, Abraka

31. Evangel University, Akaeze
32. Federal University of Petroleum Resources, Effurun
33. Godfrey Okoye University
34. Lagos State University of Education
35. Lagos State University of Science and Technology
36. Nasarawa State University, Keffi
37. Niger Delta University
38. Nile University of Nigeria
39. Osun State University
40. Rivers State University

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41. Thomas Adewumi University
42. University of Cross River State
43. University of Maiduguri
44. Veritas University, Abuja

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