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CBN, NIPOST Defrauding Nigerians with Stamp Duties- NECA

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Nigeria Employers’ Consultative Association (NECA) has called on the federal government to impress on the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NIPOST), to respect valid judgment of the court and stop the systematic defrauding of millions of Nigerians who are bank customers in the name of deduction of stamp duties from their accounts.

 

Mr. Timothy Olawale, director-general of NECA, stated that the “issue of imposing N50 stamp duty commenced when the CBN directed that banks must deduct N50 stamp duty on all transactions made, with a value of N1,000 and above.

“There is the need to respect valid judgment of the court and stop the systematic deduction from millions of Nigerians who are bank customers in the name of deduction of stamp duties charges,” he said.

 

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Olawale said the issue of stamp duty was tested in courts and a ruling obtained in an appeal against the lower court’s judgment in the case of Standard Chartered Bank Nigeria Ltd vs Kasmal International Services Ltd & 22 Ors in CA/L/437A/2014.

 

He said Justice Ibrahim Saulawa and four other Justices of the Court of Appeal held that the Stamp Duties Act did not impose a duty on all money deposits in banks.

 

He said according to the Appeal Court, “electronic transactions” were not covered by the Stamp Duties Act, and to the best of his knowledge, there was no challenge of the ruling by any party at the Supreme Court.”

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Olawale said the refusal of the CBN and NIPOST to obey valid judgment of a competent court is worrisome and amount to contempt of court and a sustained daylight robbery of millions of bank customers.

 

“It is a mark of disrespect to the Constitution of Nigeria, disrespect to the court, and disrespect to due process.

 

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“NECA had written letters in 2015 and 2017 to the CBN governor, calling his attention to the anomaly and judgment of the court, which he neither responded to nor did the needful by halting the fraud and rip off,” he said.

 

Olawale advised that NIPOST should stick to its roles and responsibilities of producing and selling postage stamps.

 

He called on the CBN to respect the law and judgment of the Court of Appeal and instruct commercial banks, through a circular, to stop the deduction of N50 stamp duty on customers’ accounts and return several billions of naira illegally deducted from them to date.

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Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

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Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.

According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.

Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.

He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.

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“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.

He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.

The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.

In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.

He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.

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NAICOM Issues New Licences to 43 Recapitalized Insurers

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The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.

According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.

Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.

He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.

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The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.

He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.

According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.

Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.

The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.

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Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

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Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.

Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.

Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.

The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.

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Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.

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