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Stamp Duty: FG to Support States to Recover Backlog

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Abubakar Malami, Minister of Justice

 

The Federal Government of Nigeria has expressed readiness to provide the much-needed support any States of the country, as may be required, in a bid to recover the backlog of Stamp Duty and generate more revenue to the country.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN who made this known also called for the support and cooperation of the Attorney-Generals of the thirty-six states in-country and the Joint Tax Board on the proposed audit and recovery of the backlog of stamp duties from 15th January 2016 to 39th June 2020.

This is contained in a statement issued by Dr. Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney-General of the Federation and Minister of Justice made available to newsmen on Tuesday the 11th day of August 2020.

The media attack on me, a burden of leadership-Malami 

According to the statement, Malami made the call at the virtual meeting with the States Attorney-Generals and the Chairman, Federal Inland Revenue, and the Members of the Joint Task Board on Tuesday the 11th day of August 2020.

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The Minister cited Section 111 of the Stamp Duty Act which states that “ all duties, fines, penalties, and debts due to the Government of the Federation imposed by this Act shall be recoverable in a summary manner in the name of the Attorney General of the Federation or the State”.

Malami noted that it is permanent to note that by Paragraph 7, Item B of Part II of the Second Schedule to the Constitution and Section 4(2) of Stamp Duty Act, the State Governments are empowered to collect stamp duties in respect of transactions between individuals residing in their respective States.

It may be recalled that the Federal Government has set up an Inter-Ministerial Committee on the Audit and Recovery of backlogs of stamp duties.  The Committee, Chaired by the Office Attorney-General of the Federation and Minister of Justice; Abubakar Malami, SAN was inaugurated by the Secretary to the Government of the Federation, Boss Mustapha on Tuesday 30th June 2020.

Membership of the Committee was drawn from the Federal Ministry of Finance, Budget and National Planning, Office of the Accountant  General of the Federation, Secretary to the Government of the Federation, Revenue Mobilization, Allocation and Fiscal Commission, Nigerian Financial Intelligence Unit, Central Bank of Nigeria and Federal Inland Revenue Serve.

The Stamp Duties was originally captured in the Stamp Duties Act 1939 (Ordinance 41 of 1939) and amended by numerous Acts and various resolutions and contained in the Laws of the Federation of Nigeria 2004. Recently, the Finance Act 2019 amendment to the Stamp Duties Act, particularly Section 52-56 clearly defined the responsibilities for the administration of Stamp Duties in Nigeria and jurisdiction of participating taxing authorizes, as well as explained that the Federal Inland Revenue is the competent tax authority to administer, assess, collect, and account for stamp duty in the country.

 

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Uber Shutdowns Operations in Nigeria

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By Yusuf Danjuma Yunusa

Ride-hailing company, Uber, has shut down its operations in Nigeria.

In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.

“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026.

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”

In a memo on Wednesday, the ride-hailing company also announced elimination of roughly 3,300 positions.

The job cuts focused on management and coordination roles, according to its CEO, Dara Khosrowshahi.

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“Today, we’re making a number of significant organizational changes across Uber. We are removing layers, simplifying team structures, refining our global location strategy, and focusing our people and investments against the biggest opportunities ahead of us.”

“As a result, we will be reducing the size of our team by about 10%. Everyone whose role has been affected has already been notified, except in countries where we will follow the required local process.

“This wasn’t a decision we made lightly, because it will have a real impact on our teammates and friends who have worked hard for Uber. It’s important to say that these changes are about how we’re organized and what we’re prioritizing, not about anyone’s contributions to Uber, which we will always value.

“I’m sure you’re asking, ‘Why, and why now?’ particularly since our business is performing so well. Over the last 5+ years, Uber has grown by orders of magnitude, with our top line nearly tripling. We’ve built new products, expanded into new businesses, reached more consumers and supported more earners, and become a much larger and stronger company. But that growth has also brought complexity: more layers, more coordination, more fragmented ownership, and in some cases structures that made sense when businesses were smaller but no longer serve us well at our current scale.

“Our opportunity from here is enormous: we have the chance to bring Uber to hundreds of millions more people; to invest even more in drivers, couriers and merchants; and to innovate across our core businesses and build the autonomous future.

“The changes we’re making today are designed to do two things: make Uber simpler and faster, and create more capacity to invest in our future. A leaner organization will mean clearer ownership, faster decisions, and more time spent building rather than coordinating. It will also generate savings that we intend to reinvest in growth, innovation, and the capabilities that will matter most over the coming years.

“It’s our job as leaders to make these difficult calls, and to give you transparency into our thinking and our decision-making process.”

The layoffs are the latest round of job cuts for Uber, which eliminated roles in customer service and HR earlier this year.

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Author of ‘Rich Dad Poor Dad’ Languishes in Billion Dollar Debt

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By Yusuf Danjuma Yunusa

Robert Kiyosaki, the author of the bestselling ’Rich Dad Poor Dad’ book, has accumulated an estimated $1.2 billion debt connected to his aggressive real estate investment.

According to reports, the debt is the estimated amount the 79-year-old author and his business partners borrowed to acquire approximately 1,500 property units as Mr Kiyosaki continues to expand his real estate holdings.

Despite the significant debt, Mr Kiyosaki does not appear apprehensive about the liabilities, maintaining that borrowing money to acquire income-generating assets is a strategy commonly used by wealthy individuals.

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“So, I’m a billion two in debt,” the author said on the ‘Get Rich Education’ podcast recently, adding that people “should not do what I do, right? But I studied it since 1974… If you’re going to learn to use debt, you’d better take some education.”

In a recent interview with Vanity Fair, Mr Kiyosaki’s ex-wife and business partner, Kim Kiyosaki, revealed that the debt did not reflect the amount her ex-husband personally owes.

She stressed that it is connected to the real estate properties owned by them and their business partners, adding that Mr Kiyosaki’s personal share of the liabilities is small.

Vanity Fair estimated Mr Kiyosaki’s share of the debt at around $30 million to $60 million.

“We have a lot of apartment houses with our partners. So technically, yes, we have all this debt,” the ex-wife told Vanity Fair.

Speaking to the magazine, Mr Kiyosaki stated, “If it all comes to hell, you can talk to my attorney. Firewalls—that’s the way the rich play the game.”

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Maulud: Best Choice Specialist Hospital Congratulates Kano Governor, Muslims Globally

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The Chairman of Best Choice Specialist Hospital, Kano, Auwal Lawal Muhammad (Dan Malikin Garo), has congratulated the executive governor of Kano State Alhaji Abba Kabir Yusuf, the good people of Kano State and Muslims across the world on the occasion of the Maulud celebration commemorating the birth of Prophet Muhammad (SAW).

In a statement he personally signed, Lawal commended Governor Abba Kabir Yusuf for his efforts towards fostering unity among the people of Kano State.

According to the statement, the chairman was amazed on how governor Yusuf placing emphasis on the development to the state particularly in matters concerning religion, saying such initiatives would help reduce divisions, promote mutual understanding and strengthen peaceful coexistence across the state.

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He urged Muslims to use the occasion of Maulud to strengthen their relationship with Allah through increased devotion and prayers for peace, stability and prosperity in Nigeria and Kano State.

The Chairman of Best Choice also praised the Governor for his efforts to improve the healthcare sector in the state.

He cited the renovation and upgrading of healthcare facilities, provision of modern medical equipment, as well as the training and development of healthcare workers as some of the administration’s efforts towards improving healthcare delivery in Kano.

Auwal Lawal further commended Governor Yusuf for his dedication, compassion and commitment to the wellbeing of the people, noting that his efforts continue to have a positive impact on the lives of residents across the state.

He prayed for continued peace, unity and prosperity in Kano State and Nigeria, while wishing the Governor and the people of Kano a blessed Maulud celebration now and beyond.

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