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Senate Asks CBN to Account for N20Trillion Collected as Stamp Duty

Senate has mandated its Committee on Finance to investigate the non-remittance of over N20 trillion into the Federation Account by Central Bank of Nigeria (CBN), an amount collected as stamp duties from Banks and Financial Institutions in the country.

The decision to probe the non-remittance of stamp duties was reached sequel to the consideration of a motion on “The need to improve Internally Generated Revenue of the Federal Government of Nigeria through non-oil revenue”.
Sponsor of the motion, Senator Ayo Akinyelure (PDP, Ondo Central), said that the Central Bank had in January 2016, issued a circular directing all banks and financial institutions to charge stamp duty of N50 on lodgments into current accounts against revenue projections by the Federal Government of N2.5 trillion annually.
He noted that after the issuance of the said circular by the CBN, all deposit money banks and financial institutions effected N50 per eligible transaction in accordance with the provisions of the Stamp Duty Act 2004 and Federal government Financial Regulations 2009.
According to him, despite efforts by the Federal Government to recover over N20 trillion from Nigeria Inter-Bank Settlement Systems (NIBBS) to the Federation Account, “the Central Bank of Nigeria and NIBBS have technically refused to comply with the Presidential directives for the recovery of over N20 trillion revenue into the coffers of government.”
Akinyelure added, “The CBN and NIBSS deliberately failed to cooperate and comply with the directives of Mr. President for the realization of over N20 trillion revenue due from stamp duties collected for 2013 to 2016 and subsequently over N5 trillion minimum revenue due to be collected annually to the Federation account to be shared among States of the Federation for infrastructural and economic development.”
The lawmaker lamented that since the implementation of the collection of stamp duties, “accountability by banks has not been transparent and no report by CBN or its subsidiary (NIBSS) to the Nigerian public to know the actual revenue generated, collected and transferred to the Federation Account.”
Akinyelure recalled that the House of Representatives and National Economic Council had in May 2019, waded into the matter and recommended all agencies to support the Federal Government recovery mandate on the over N20 trillion stamp duty.
He stated that the Special Presidential Investigation Panel on Recovery of Public Property (SPIP) and Revenue Mobilization Allocation and Fiscal Commission (RMAFC) have adopted the combined resolutions of the House of Representatives and National Economic Council.
The lawmaker lamented that before the Joint Task Force could swing into action to recover the unremitted amount, the CBN in August 2019 released a report that its borrowings to banks will hit N23 trillion by the end of this year.
“The Senate must consider whether the target N20 trillion fund is being recycled into private banks (with impunity) when Federal Government had directed its recovery.
“Section 111 of the 1999 Constitution (as amended) has empowered all 36 State Attorney-Generals and Commissioners for Justice to shut-down any banking operation nationwide for ‘summary recovery’ of stamp duty revenue accruing to them by a further provision of Sections 163 of the same Constitution, and we should not fail in our collective role as Senators of the Federal Republic of Nigeria to stem the looming crisis for our various constituencies and the nation in general,” Akinyelure said.
In his concluding remarks, the President of the Senate, Ahmad Lawan, said, “I engaged the Ministry of Finance and CBN for an interaction, and I discovered that what we have been expecting to be available as stamp duty is not so.
“I was under the impression that we had over N20 trillion somewhere. It will interest you to know that we don’t even have N1 trillion.
“What has happened is because those that are supposed to collect the stamp duties were taking advantage of the non-electronic transaction.
“With the passage of the finance bill, this is an opportunity we have to start getting what ordinarily should go to the government.
“The banks and many private organizations have taken advantage of the way the stamp duties have been.
“I want to believe that from January 2020, when the Finance Bill will start being effective, the stamp duty collection will be significantly improved.
“It is for our Finance Committee to monitor closely what the collection should be.
News
OpenAI Launches ChatGPT Health

OpenAI maker of ChatGPT is rolling out a health-focused feature to the generative artificial intelligence (AI) tool that’s used by nearly a billion users.

Named ChatGPT Health, the new feature aims to provide users with health and wellness information. This, as health is one of the most common ways people use ChatGPT, according to OpenAI.
In a blog post, Microsoft-backed OpenAI says de-identified analysis of conversations show that over 230 million people globally ask health and wellness-related questions on ChatGPT every week.
ChatGPT Health will also “securely” connect medical records and wellness apps to ground conversations with a user’s own health information, making responses more relevant and useful.
“Designed in close collaboration with physicians, ChatGPT Health helps people take a more active role in understanding and managing their health and wellness – while supporting, not replacing, care from clinicians.”
According to OpenAI, health information is often scattered across portals, apps, wearables, PDFs, and medical notes making it hard to see the full picture, and people are left to navigate a complex healthcare system on their own.
“ChatGPT Health builds on these so responses are informed by your health information and context. You can now securely connect medical records and wellness apps – like Apple Health, Function, and MyFitnessPal – so ChatGPT can help you understand recent test results, prepare for appointments with your doctor, get advice on how to approach your diet and workout routine, or understand the trade-offs of different insurance options based on your healthcare patterns.”
According to the company, ChatGPT Health is designed to support, not replace, medical care, adding that it is not intended for diagnosis or treatment. “Instead, it helps you navigate everyday questions and understand patterns over time – not just moments of illness – so you can feel more informed and prepared for important medical conversations.
“To keep your health information protected and secure, Health operates as a separate space with enhanced privacy to protect sensitive data. Conversations in Health are not used to train our foundation models. If you start a health-related conversation in ChatGPT, we’ll suggest moving into Health for these additional protections.”
OpenAI adds that access to ChatGPT Health has started with a small group of early users to learn and continue refining the experience, adding that users with ChatGPT Free, Go, Plus, and Pro plans outside of the European Economic Area, Switzerland, and the UK are eligible.
“As we make improvements, we plan to expand access and make Health available to all users on web and iOS in the coming weeks.
“Medical record integrations and some apps are available in the US only, and connecting Apple Health requires iOS.”
News
Kaspersky Shares AI Cybersecurity Predictions for 2026

Kaspersky experts outline how the rapid development of AI is reshaping the cybersecurity landscape in 2026, both for individual users and for businesses. Large language models (LLMs) are influencing defensive capabilities while simultaneously expanding opportunities for threat actors.

Deepfakes are becoming a mainstream technology, and awareness will continue to grow. Companies are increasingly discussing the risks of synthetic content and training employees to reduce the likelihood of falling victim to it. As the volume of deepfakes grows, so does the range of formats in which they appear.
At the same time, awareness is rising not only within organisations but also among regular users: end consumers encounter fake content more often and better understand the nature of such threats. As a result, deepfakes are becoming a stable element of the security agenda, requiring a systematic approach to training and internal policies.
Deepfake quality will improve through better audio and a lowering barrier to entry. The visual quality of deepfakes is already high, while realistic audio remains the main area for future growth.
At the same time, content generation tools are becoming easier to use: even non-experts can now create a mid-quality deepfake in just a few clicks. As a result, the average quality continues to rise, creation becomes accessible to a far broader audience, and these capabilities will inevitably continue to be leveraged by cybercriminals.
Online deepfakes will continue to evolve but remain tools for advanced users. Real-time face and voice swapping technologies are improving, but their setup still requires more advanced technical skills. Wide adoption is unlikely, yet the risks in targeted scenarios will grow: increasing realism and the ability to manipulate video through virtual cameras make such attacks more convincing.
Efforts to develop a reliable system for labelling AI-generated content will continue. There are still no unified criteria for reliably identifying synthetic content, and current labels are easy to bypass or remove, especially when working with open-source models. For this reason, new technical and regulatory initiatives aimed at addressing the problem are likely to emerge.
Open-weight models will approach top closed models in many cybersecurity-related tasks, which create more opportunities for misuse. Closed models still offer stricter control mechanisms and safeguards, limiting abuse.
However, open-source systems are rapidly catching up in functionality and circulate without comparable restrictions. This blurs the difference between proprietary models and open-source models both of which can be used efficiently for undesired or malicious purposes.
The line between legitimate and fraudulent AI-generated content will become increasingly blurred. AI can already produce well-crafted scam emails, convincing visual identities, and high-quality phishing pages.
At the same time, major brands are adopting synthetic materials in advertising, making AI-generated content look familiar and visually “normal.” As a result, distinguishing real from fake will become even more challenging, both for users and for automated detection systems.
AI will become a cross-chain tool in cyberattacks and be used across most stages of the kill chain. Threat actors already employ LLMs to write code, build infrastructure, and automate operational tasks.
Further advances will reinforce this trend: AI will increasingly support multiple stages of an attack, from preparation and communication to assembling malicious components, probing for vulnerabilities and deploying tools. Attackers will also work to hide signs of AI involvement, making such operations harder to analyse.
“While AI tools are being used in cyberattacks, they are also becoming a more common tool in security analysis and influence how SOC teams work. Agent-based systems will be able to continuously scan infrastructure, identify vulnerabilities, and gather contextual information for investigations, reducing the amount of manual routine work.
“As a result, specialists will shift from manually searching for data to making decisions based on already-prepared context. In parallel, security tools will transition to natural-language interfaces, enabling prompts instead of complex technical queries,” adds Vladislav Tushkanov, Research Development Group Manager at Kaspersky.
News
Nigerians with Albinism Reject Pity, Demand Dignity at Empowerment Forum

Nigerians living with albinism say their biggest challenge is not skin sensitivity or poor eyesight, but being seen, heard and treated as full human beings, a message that resonated at a recent empowerment session hosted by the Consumer Advocacy and Empowerment Foundation (CADEF) and Albino Empowerment Foundation.

CADEF
The event last Saturday focused on lived experiences, self-advocacy and rights awareness rather than handouts, though participants received food, protective clothing and skin/eye care materials.
CADEF Executive Director, Prof. Chiso Ndukwe-Okafor, said real progress requires respect and inclusion, not pity, adding that knowledge of human rights equips people to demand fairness.
“Dignity begins when people are seen fully and treated equally,” she said.
Ifeoma Ngesina, founder of Albino Empowerment Foundation, defined inclusion as equal rights and participation in decisions affecting their lives, not stereotypes.
“When persons with albinism are included in schools, workplaces, leadership and media, harmful myths fade,” she said, stressing it builds confidence and leadership.
CADEF Advisory Board Member, Ms Kobi Ikpo, urged participants to own their narrative: “If you do not tell people how to treat you, they will not know how to address you. Once you accept yourself as a complete human being deserving of respect, it reflects in how you carry yourself — and that confidence commands respect.”
Afolake Odudinu highlighted parental ignorance leading to school dropouts, skin damage from sun exposure and social/marital stigma, noting skin cancer treatment remains inaccessible for many.
Efosa Peter, a father and associate pastor, rejected pity for genuine empowerment: “I hate pity. I don’t want to be pitied — I want empowerment.” He described persons with albinism as creatively gifted and warned against insincere initiatives.
“Empowerment must include self-esteem and self-motivation. When you see yourself as whole, others will follow,” he said.
Teacher Rose Adudu shared overcoming school bullying through discipline and advocacy, helping enrol a young albino girl in school despite later parental withdrawal.
“Your character will speak for you,” she said.
Participants were encouraged to use content creation for education and myth-busting, with CADEF planning annual events and advancing Digital Financial Inclusion Rights for Persons With Disabilities.
The forum underscored a core demand: opportunity, understanding and respect over sympathy.
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