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NLC, Nigerians rejects 6% Tenancy, Lease stamp duty agreement

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NLC mobilizes workers for industrial action in Rivers

The Nigeria Labour Congress (NLC) has joined other Nigerians, in urging the Federal Government to reverse the six percent tenancy and lease stamp duty agreement in the country.

Nigerians, mostly elderly maintained the federal government shouldn’t be eyeing how to pilfer from the little food baskets of the landlords, in a country totally lacking in any welfare package for the elderly, either in health or any palliative benefits.

Echoing this on Saturday, Mr. Ayuba Wabba, NLC President said in a statement in Abuja said the Congress noted with dismay the new policy by the Federal Government through the Federal Inland Revenue Service (FIRS) stipulating a six percent stamp duty fee for every tenancy and lease agreement in Nigeria.

He said that the Congress condemned the agreement as the new policy came at a time when the socio-economic pressure arising from COVID-19 dislocations was affecting many of Nigerians.

Also Read: NLC Kaduna rejects 25% Workers’ Salaries Deductions, threatens to seek lawful redress

According to him, the NLC rejects this new stamp duty policy on rents and leases as it will worsen the situation faced by Nigerian workers most of whom, unfortunately, are tenants.

“It is also alarming that we are having hike in taxes and user access fees when other countries are offering palliatives to their citizens.

“We call on the Federal Government and the Federal Inland Revenue Service to rescind this harsh fiscal measure as it is boldly insensitive to the material condition of Nigerians which has been compounded by the Covid-19.

“Nobody would want to be a tenant if they had an alternative. This means that tenants which this new policy targets are some of the most vulnerable people in our society.

“It would be illogical, insensitive and inhuman to churn out laws that make our poor go to bed at night with tears in their eyes,” he said.

Wabba noted that the principle of public taxation especially progressive taxation all over the world was that the rich subsidies for the poor and that every tax policy that would be enforceable must create a safety net for the poor.

“Accommodation is a fundamental right guaranteed by Nigeria’s constitution. It is unimaginable that tenants who are in the most vulnerable group would be expected to pay 6 percent tax for accommodation when sales tax is 1.5 percent.

“This is indeed a great injustice against the Nigerian poor. The government must take deliberate steps to avoid institutionalizing the widespread belief that it is a crime to be poor in Nigeria.

“We understand that the government needs money to run the business of governance especially at this time of economic challenges all over the world.

“But the answer is not in further exploiting the already exploited. There is no doubt that there are other painless ways of mobilizing funds to deal with the exigency of the times,” he said.

He, therefore, said that one of such ways of mobilising funds was to reduce official graft and corruption.

Wabba said that it does not make sense to ask Nigerians to make sacrifices when they are daily regaled of putrid stories of how public officials are accused of swallowing money in billions and making a comic of ‘fainting’ afterward.

“Second, there are thousands of unoccupied houses in different parts of the Federal Capital Territory and indeed many cities in Nigeria belonging to very affluent members of the society.

“As we have always demanded and canvassed, Government should tax such property in order to relieve Nigeria’s daunting housing deficits and to generate the needed funds to run government business.

“While we expect the reversal of the 6 percent tenancy and lease stamp duty policy, we remind government that its highest responsibility is to ensure the security and welfare of every Nigerian,” he said.

Speaking in the same vein, an aged landlord in Ibadan, Mr. Salawu said: “This government would steal, even from the dead, if allowed. A government that has never accorded me any benefits throughout my life now wants to come and raid from my sweat, at old age. They have devoured the commonwealth; and now they are short of where to turn to, it is to the elders!”, he said, asking, is it the six-bedroom apartment at Agugu, that they sweating for like this?”, the aged bricklar quipped.

Two other landlords spoke in like manners.

 

Banking & Finance

CBN Revokes Licenses Of 4,173 BDCs

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The Central Bank of Nigeria (CBN), has announced the revocation of the operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions.

According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi on Friday in Abuja, the move is an exercise of the powers conferred on it under the Bank
and Other Financial Institutions Act (BOFIA).

Sidi said that the list of affected BDC operators was available on the Bank’s
website.

Forex inflow: CBN tasks banks to support indigenous companies

She said that the affected institutions failed to observe at least one of the following regulatory provisions:

They are payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

Others are the rendition of returns in line with the guidelines and compliance with directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

“The CBN is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

” Compliance with the new requirements will be mandatory for all
stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly,” she said. (NAN

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Banking & Finance

NGX: Stock Market Performance Indices Up By 0.33%

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinea Insurance leads the losers’ chart

The stock market on Tuesday maintained a bullish trend, bringing the benchmark indices up by 0.33 percent, to close at N39.349 trillion as against N39.219 trillion recorded on Monday.

Specifically, the market capitalisation gained N130 billion, representing 0.33 percent.

Also, the All-Share Index gained 327.35 points or 0.33 percent to stand at 71,907.26 as against 71,669.91

The increase was due to sustained buying interest in MTN Nigeria and Tier-one bank stocks; namely Guaranty Trust Company(GTCo) Access Holdings, among others.

As a result, the Year-to-Date (YTD) return rose to 40.30 percent.

On top stock traders, Julius Berger led by volume with N42.54 million, valued at N14.73 billion, while GTCo was the most traded stock by value with N84.92 billion units traded.

The gainers table was led by Infinity with 9.79 percent to close at N2.13 per share.

SCOA Nigeria Plc followed with a gain of 9.45 percent to close at N1.62, while Daar Communication rose by 8.82 percent to close at N0.37 per share.

Royal Exchange increased by 8.47 percent to close at N0.64, while Neimeth appreciated by 7.89 percent to close at N2.05 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

On the other hand, Guinea Insurance led the losers’ chart in percentage terms by 10 percent to close at N0.27 per share.

This was followed by Conoil with 9.83 percent to close at N78.00 per share.

Juli shed 9.72 percent to close at N0.65, Omatek closed at 8.75 percent, indicating a loss of N0.73, while Thomaswy lost 8.13 percent to close at N3.05.

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Banking & Finance

Reps Committee Issues Warrant Of Arrest On CBN Governor, Others

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Forex inflow: CBN tasks banks to support indigenous companies

The House of Representatives Committee on Public Petition has issued a warrant of arrest on the Central Bank Governor, Mr Olayemi Cardoso, the Accountant General of the Federation, Mrs Oluwatoyin Madein, and 17 others for refusing to appear before it to answer questions on their operations.

This followed the adoption of a motion by Rep. Fred Agbedi (PDP-Bayelsa) at the committee’s hearing on Tuesday.

Moving the motion, Agbedi said that the arrest warrant had become inevitable following the attitude of the invitees.

He said that the parliament worked with time and the CEOs had been invited four times but failed to respond.

He said that the CEOs should be brought to appear before the committee by the Inspector General of Police through a warrant of arrest after due diligence by the Speaker, Rep. Tajudeen Abbas.

In his ruling, the Chairman of the committee, Rep.    Micheal Irom (APC-Cross River)  said that the I-G should ensure the CEOs were brought before the committee on Dec. 14.

Earlier, the petitioner, Mr Fidelis Uzowanem, said that the petition was anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021.

CBN confirms evacuation of banknotes, directs banks to open for weekend operations

He said that the report was a summary of the transactions in the oil and gas industry for 2021 which NEITI could to be challenged.

“We took up the challenge to examine the report and discovered that what NEITI put together is a report is only a consolidation of fraud that has been going on in the oil and gas industry.

“It dates back to 2016 because was have been following and we put up a petition to this committee to examine what has happened.

“The 2024 budget of 27.5 trillion that has been proposed can be confidently be funded from the recoverable amount that we identified in the NEITI report.

“It is basically a concealment of illegal transactions that took place in NNPCL, they have been in the sink with some oil companies where some companies that did not produce crude were paid cash core, an amount paid for crude oil production,” he said.
He added: “We also found that the cash core payment was used as a channel for laundering funds by NNPCL and we found out that NEITI was able to conceal it in its report.

“In 2021 NEITI reported that Total Exploration and Production Nigeria-Ltd was paid 168 million dollars but examination of submission by the company shows that it received 292 million dollars.

“In other words, 124 million dollars was laundered by NNPCL through Total because monies that have been officially paid to Total could not have been concealed if it were not meant for fraudulent purposes.

“Also for Chevron, the dollar payment NEITI puts forward in its report was 76 million dollars but document emanating from Chevron showed that they received as much as 267 million dollars.”

“In other words, 191 million was laundered under the cover of Chevron and NEITI concealed that; also, Nigeria Agip Company received 188 million dollars but none of it was reported by NEITI”.

Some of those to be arrested were the Chief Executive Officer, of National Petroleum Investment Management Services (NAPIMS), of Ethiop Eastern Exploration and Production Company Ltd, as well as the CEO of Western Africa Exploration and Production.

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