Nigeria Data Protection Commission (NDPC), in partnership with Bill Gates and Melinda Foundation and KPMG are developing open banking frameworks in a move to deepen financial inclusion.

L-r:; Anna Wallace, Senior Programme Officer for Regulatory and Consumer Protection Technologies at the Bill & Melinda Gates Foundation,; Dr. Vincent Olatunji , national commissioner of the NDPC; and John Anyanwu, KPMG Head of Cybersecurity and Privacy,

This was the focus of discussion when Dr. Vincent Olatunji , national commissioner of the NDPC, received Anna Wallace, Senior Programme Officer for Regulatory and Consumer Protection Technologies at the Bill & Melinda Gates Foundation, and John Anyanwu, KPMG Head of Cybersecurity and Privacy, in Abuja.

The commission revealed in a statement on X (formerly Twitter) that the purpose of the meeting was to discuss open banking frameworks for Nigeria, a project coordinated by the Gates Foundation.

Open banking refers to the practice of providing third-party financial service providers with access to bank account information, transaction data, and other financial data through the use of application programming interfaces.

The meeting served as a pivotal step in recognising NDPC’s crucial role in the project, formalising engagement to ensure robust input in the areas of data protection and privacy.

NDPC emphasised the crucial role of digital identity in the financial sector as well as open banking, stressing the importance of implementing measures to safeguard digital identities to foster trust and confidence

Dr. Olatunji also addressed challenges posed by digital lending companies regarding transparency in data processing activities.

The NDPC Boss noted that the Commission was already working with other stakeholders to tackle the challenges.

He highlighted the misconception among some banks regarding the roles of a Chief Information Security Officer and a Data Protection Officer, emphasising the legal requirement for all data controllers to have a Data Protection Officer.

Nigerian banks on Thursday announced that they will kick-start the implementation of the stamp duty charge of 0.375 per cent on loans backed by legal mortgages, shares, debentures or bonds.

This is coming after the Federal Inland Revenue Service (FIRS) had directed banks to implement stamp duty on certain transactions that requires duty payments such as contracts and legal mortgages.

According to the FIRS, as the manner of business transactions continue to evolve and change pattern, the law on stamp duties will also change. It noted that the stamp duties has therefore undergone several amendments over the years up to the Finance Act 2019.

Stamp duty is essentially a duty chargeable on both physical and electronic instruments. The stamp duties Act defines duty to mean “any stamp duty for the time being chargeable under any act and also includes any fee chargeable hereunder”.

In several email notifications sent to its customers, banks revealed that they will start implementing the FIRS directive while adding that the charge will be applied to the value of the assets and remitted back to the revenue office.

Access Bank in an email notification titled to its customers, “Stamp Duty Automation Update”, said, “We will like to inform you that the Federal Inland Revenue Service (FIRS) has directed all Nigerian banks to implement stamp duty on certain transactions that require duty payments such as contracts and legal mortgages”.

The bank noted that in compliance to this directive, it have taken measures to streamline the process to make transactions more convenient for its customers.

“To this end, a stamp duty charge of 0.375 per cent will be applied to loans backed by legal mortgages, shares, debentures or bonds. The charge will be applied on the value of legal mortgages, shares, debentures or bonds and remitted to the FIRS”, the bank said.

Access Bank added that all previously approved loans will remain unchanged and should be repaid in full as per the agreed terms and conditions.

“We are committed to providing you with exceptional service”, it said.

It will be recalled that the Federal Government stated it is looking to expand net on transactions covered by the stamp duty charges from regular bank transfers.

Kaduna State Internal Revenue Service (KADIRS) has sealed seven telecommunication masts within the State’s metropolis over N5.8 billion unpaid taxes on Thursday.

The telecommunication masts comprised of MTN servers at Tafawa Balewa road, Surami road, Etsu road while GLOBACOM server at Shehu  Laminu road, and a general mast (ATC) for various of the communication  servers at Unguwan Rimi, Nagwamatse road.

KADIRS also sealed the popular Mudassir and Brothers (Mudatex) textile materials outlet at Ahmadu Bello Way, over an outstanding N5.2 million for sign post advertisement.

The agency also sealed Al-Babello Trading Company Ltd at the famous Panteka market, reputed for selling roofing sheets, iron rods and other building materials over undisclosed unpaid sign posts advertisements.

Speaking to newsmen at the sideline of the exercise, Aysha Ahmad, the KADIRS Board’s Secretary and Legal Adviser, said the exercise was aimed at enforcing compliance by companies that have failed to discharge their civic responsibilities of tax payment.

“As usual, we are left with no option than the powers vested on us by the law to enforce compliance. This is why we are restraining on the premises,”she said.

Ahmad said that  KADIRS derived no joy in sealing properties or business arenas of tax defaulters, stressing that the payment of taxes was a civic responsibility of every citizen.

She equally said that they encouraged voluntary compliance, which was why they exhaust all possible means before enforcement being the final step.

Speaking further, the Board Secretary said the enforcement was part of their process to achieve the N120 billion revenue target set by the Kaduna State Government.

She, therefore, called on the people of the State to ensure voluntary tax compliance, describing it as a civic responsibility.

Also, Shamsuddeen Lere, the Legal Adviser of the Kaduna State Urban Planning Development Authority (KASUPDA), said both agencies had served the defaulters with notices, which they declined compliance.

“The monies belong to the State Government, we are coming after all the defaulters,” he vowed.