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Reps to Probe N20 Trillion ‘Non-Remitted’ Stamp Duty
The House of Representatives has resolved to probe an alleged non-remittance of stamp duty revenue by deposit banks in the country.
The lawmakers paased the resolution after adopting a motion of urgent national importance brought before it by Goni Lawal (APC, Yobe).
The stamp duty is the tax placed on legal documents, usually in the transfer of assets or property.
The house resolution is coming months after an FOI request was sent in July on behalf of LeaksNG to the Central Bank of Nigeria (CBN), Office of the Secretary to the Government of the Federation (OSGF), Nigerian Postal Service (NIPOST), and the Nigeria Inter-Bank Settlement System (NIBSS) PLC.
The information requested were a report of stamp duty remittances by Deposit Money Banks and other financial institutions, the current status of the stamp duty central account domiciled in the CBN, stamp duty revenue remitted to the CBN by NIBSS between 2016 and 2017 and amount of revenue collected by NIPOST between 2010 and 2016.
The lawmakers accused banks and other federal agencies involved in the collection of the fund of “shortchanging the nation”.
Moving the motion, Mr Lawan urged his colleagues to investigate the matter after “efforts by both local and international civil society organizations to get details of the collections have failed.”
He said the Nigeria Postal Service (NIPOST) had in 2014 initiated the stamp duty collection scheme, after which the School Banking Honours (SBH) obtained authorisation of the Central Bank of Nigeria (CBN) to engage the banks and other collection agents.
“But public institutions, including the CBN, Nigeria Interbank Settlement System (NIBSS), NIPOST, among others, have over time failed to remit stamp duty taxes into the federation account running into trillions,” he said.
“While the deductible amount per bank account may seem small, it cumulatively adds up to money in trillions of naira, and must be subjected to the full condition of disclosure and transparency.”
The lawmaker added that such funds, if made available, could have been used for infrastructural development “or at least should have generated some interests in the private accounts where the fund is domiciled.”
Some lawmakers also raised concern over the issue which they said “is in disobedience to the treasury single account (TSA) policy”.
The Speaker Yakubu Dogara, while commenting on the issue said it is unacceptable for the banks to fail to remit the stamp duties to the CBN.
The speaker set up an ad hoc committee to investigate the whereabouts of the fund and report back in four weeks.
Premium Times
Former US Vice President Kamala Harris said in a British television interview previewed Saturday that she may “possibly” run again to be president.
Harris, who replaced Joe Biden as the 2024 Democratic presidential candidate but lost to Donald Trump, told the BBC that she had not yet decided whether to make another White House bid.
But the 61-year-old insisted she was “not done” in American politics and that her young grandnieces would see a female president in the Oval Office “in their lifetime, for sure”.
“I have lived my entire career a life of service, and it’s in my bones, and there are many ways to serve,” Harris told the British broadcaster in an interview set to air in full on Sunday.
“I’ve not decided yet what I will do in the future, beyond what I am doing right now.”
The comments are the strongest hint yet that Harris could attempt to be the Democratic Party nominee for the 2028 election.
The interview follows the release of her memoir last month in which she argued it had been “recklessness” to let Biden run for a second term as president.
She also accused his White House team of failing to support her while she was his deputy, and at times of actively hindering her.
President Bola Ahmed Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the federal government of Nigeria to strengthen the national security architecture.
The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff.
The new Chief of Army Staff is Major-General W. Shaibu. Air Vice Marshall S.K Aneke is Chief of Air Staff while Rear Admiral I. Abbas is the new Chief of Naval Staff. Chief of Defence Intelligence Major-General E.A.P Undiendeye retains his position.
The President expressed appreciation to the outgoing Chief of Defence Staff, General Christopher Musa and the other Service Chiefs for their patriotic service, and dedicated leadership.
The President charges the newly appointed Service Chiefs to justify the confidence reposed in them to further enhance the professionalism, vigilance and comradeship that define the Armed Forces of Nigeria.
All appointments take immediate effect, Special Adviser to the President
Media and Public Communication, Mr Sunday Dare, said in a statement in Abuja.
The Federal High Court in Abuja has adjourned the trial of the detained leader of the Indigenous People of Biafra, Nnamdi Kanu, till Monday, October 27, to enable him to open his defence in the terrorism charges filed against him.
Justice James Omotosho fixed the new date on Friday, after Kanu informed the court that his former legal team, led by former Attorney General of the Federation and Minister of Justice, Chief Kanu Agabi (SAN), had yet to release his case file to him.
At the resumed hearing, Adegboyega Awomolo (SAN) appeared for the Federal Government and reminded the court that the matter was fixed for Kanu to begin his defence as earlier directed.
However, no counsel represented Kanu.
He pleaded for an adjournment to allow him to retrieve and study the file to prepare adequately for his defence.
He said, “My lord, my counsel left the case yesterday, and I have not received the file from them.”
He also informed the court of his intention to call 23 witnesses, both local and foreign, and requested an order directing the Department of State Services to allow his foreign witnesses access to him.
Additionally, he sought permission for his lawyers to visit him on non-working days — a request Omotosho granted.
Counsel to the Federal Government, Awomolo, however, described Kanu’s complaint as “strange”, noting that the defendant had spent hours in court with his former lawyers. He further urged the court to strictly enforce its earlier directive giving Kanu six days to open and close his defence.
The prosecution said, “I’m aware that there is a standing order for the defendant to defend himself within six days. The defendant wasted yesterday. This is the second day, my lord. I urge your lordship to keep to the standing order of the number of days given to the defendant,” Awomolo said.
In his ruling, Omotosho said while Kanu’s claim about the withheld case file was “strange and difficult to believe”, he would still grant a short adjournment in the interest of justice.
The judge cautioned against unnecessary delays, stressing that several other cases had been affected by the protracted proceedings.
The matter was subsequently adjourned to Monday, October 27, for Kanu to open his defence.
