General News
FG to Net N2.5trn from Stamp Duties This Year

Federal government has projected an accrual in excess of N2.5 trillion from payment of Stamp Duties from the financial services industry in 2016 as outlined by the Central Bank of Nigeria.
A statement by Adeyanju Binuyo, special assistant to Barrister Adebayo Shittu, minister of Communications, said this is indeed a significant contribution to national revenue pegged at N3.8 trillion in the 2016 budget. It therefore needs no emphasis to state that the Government places a big premium on earnings from the enforcement and diligent collection of fees on Stamp Duty.
According to the statement: “The CBN had in January issued a circular directing all banks and
financial institutions to charge stamp duties on lodgments into current accounts with value of N1,000 and above. Indeed, the apex bank had emphasized the need to shore up government revenue from the non-oil sector, especially from taxes and rates. The bank also reiterated that the measure was in compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by a court pronouncement in suit No. FHC/ L /CS / 1710/2013.
“With immediate effect, all Deposit Money Banks and other financial institutions shall commence charging N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government Financial Regulations 2009; that is, all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfer and other teller deposits from N1,000 and above.”
The statement further described speculations making the rounds that the Nigeria Postal Service (NIPOST) has commenced the process of appointing agents to collect STAMP DUTY on behalf of the Nigeria Postal Service and, by implication, on behalf of the Federal Government, saying the parastatal has not been authorised to appoint new agents in respect of collection of stamp duty, adding that stamp duty collection is serious business that needs diligence in its collection.
It recalls that before this dispensation, a few corporate bodies and organisations were claiming to have an agreement with NIPOST in respect to stamp duty collection, adding that such claims and counter-claims in the public domain are baseless.
The statement read in part: “It is therefore expedient to thread with caution and ensure that all issues bordering on the administration of the STAMP DUTY by NIPOST are done in line with the Federal Government’s commitment to due process, transparency and accountability. The Minister has therefore directed the suspension of any new process in this regard until a new Post-Master General is appointed by the Federal Government in due course.”
General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
General News
LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.
Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.
By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.
Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.
LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.
The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.
For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.
For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.
At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.
According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.
“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”
Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.
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