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

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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.

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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.

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“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).

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“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).”

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JAPA! Heavy ‘wahala’ for undocumented migrants as Trump declares war

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Heavy ‘wahala’ as President-elect Donald Trump confirmed Monday that he plans to declare a national emergency on border security and use the US military to carry out a mass deportation of undocumented migrants.

Immigration was a top issue in the election campaign, and Trump has promised to deport millions and stabilize the border with Mexico after record numbers of migrants crossed illegally during President Joe Biden’s administration.

On his social media platform Truth Social, Trump amplified a recent post by a conservative activist that said the president-elect was “prepared to declare a national emergency and will use military assets to reverse the Biden invasion through a mass deportation program.”

Alongside the repost, Trump commented, “True!”

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Trump sealed a remarkable comeback to the presidency in his November 5 defeat of Democratic Vice President Kamala Harris.

He has been announcing a cabinet featuring immigration hardliners, naming former Immigration and Customs Enforcement acting chief Tom Homan as his “border czar.”

Homan appeared at the Republican National Convention in July, telling supporters: “I got a message to the millions of illegal immigrants that Joe Biden’s released in our country: You better start packing now.”

Authorities estimate that some 11 million people are living in the United States illegally. Trump’s deportation plan is expected directly to impact around 20 million families.

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While the US government has struggled for years to manage its southern border with Mexico, Trump has super-charged concerns by claiming an “invasion” is underway by migrants he says will rape and murder Americans.

During his campaign, Trump repeatedly railed against undocumented immigrants, employing incendiary rhetoric about foreigners who “poison the blood” of the United States and misleading his audiences about immigration statistics and policy.

Trump has not elaborated on his immigration crackdown in any detail but during his election campaign repeatedly vowed to invoke the Alien Enemies Act of 1798 to speed up deportations.

Critics say the law is outdated and point to its most recent use during World War II to hold Japanese-Americans in internment camps without due process.

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The number of US border patrol encounters with migrants crossing from Mexico illegally is now about the same as in 2020, the last year of Trump’s first term, after peaking at a record 250,000 for the month of December 2023.

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USAID Provides $22 Million to Support Resilience and Food Security in Madagascar

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The United States, through the United States Agency for International Development (USAID), is providing more than $22 million in additional assistance to build resilience and improve food security for Madagascar’s most vulnerable people.

The funding, representing the first year of two new five-year resilience and food security projects, will help our partners reach up to 88,000 extremely poor and marginalized households in the Androy, Anosy, and Atsimo Atsinanana regions of Madagascar. This assistance, which will be implemented by consortiums led by USAID partners Catholic Relief Services and Cultivating New Frontiers in Agriculture, will support marginalized households to build sustainable livelihoods, develop financial capital, and increase their savings and assets. It will also support households to access existing health, nutrition, and water, sanitation, and hygiene services, and bolster households’ capacity to withstand future shocks and stresses.

This support builds on USAID’s long standing emergency programming in Madagascar to respond to recurrent disasters like drought and cyclones, as well as efforts to strengthen emergency response and increase resilience in the face of these disasters. The United States has provided nearly $103 million for humanitarian assistance in Madagascar in Fiscal Year 2024 and remains committed to supporting the people of Madagascar.

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Shipping firm offer US citizens four- year trip to avoid Trump’s 2nd term

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A Florida-based cruise company, Villa Vie Residences, is offering Americans an unconventional way to “escape” from Donald Trump’s second term as United States President.

The Independent reported on Monday that the company has unveiled its Tour La Vie programme, allowing passengers to embark on a global adventure spanning four years, visiting over 140 countries without stepping foot in the US.

The Villa Vie Odyssey offers several package options, including a one-year “Escape from Reality” cruise, a two-year “Mid-Term Selection” voyage, a three-year “Everywhere but Home” option, and the four-year “Skip Forward” trip.

The founder and CEO of Villa Vie Residences, Mikael Petterson, explained that the program was not politically motivated but aimed at providing an escape for those feeling unsettled.

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“We came up with this marketing campaign before we even knew who would win. Regardless of who would have won, you would have half of the population upset,” Petterson told Newsweek.

He added, “Quite frankly, we don’t have a political view one way or the other. We just wanted to give people who feel threatened to have a way to get out.”

Sky News quoted the founder as saying, “If you’re looking for an escape… there is no better place than on a ship, right, where you can wake up every day to a new backyard and get everything you need taken care of.”

Passengers will enjoy amenities including food, drinks, WiFi, medical visits, weekly housekeeping, and bi-weekly laundry services.

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Prices start at just under $40,000 per year, with a full four-year journey costing up to $320,000 for a double-occupancy cabin. Alcohol is included at dinner, though other drinks incur extra charges.

Sky News reports that the ship, which accommodates up to 600 residents, is already sailing and allows guests to join at various ports.

It was also reported that recently, the Villa Vie Odyssey faced a four-month delay in Belfast due to necessary repairs.

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