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FIRS Says Rent Agreement, C of O, Others Must Carry Stamp Duty

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Federal Inland Revenue Service (FIRS) has said that henceforth, stamp duty will be paid on house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty.

FIRS Says Rent Agreement, C of O, Others Must Carry Stamp Duty

Mr Abdullahi Ahmad, director, Communications and Liaison Department, FIRS, made this known in a statement in Abuja on Thursday.

Ahmad urged Nigerians and other residents to ensure that documents pertaining to rent or lease agreements for their homes or offices, C of O as well as a list of other common business-related transaction instruments are subjected to authentication with the new FIRS Adhesive Stamp duty.

He said this was necessary in order to give the instruments the force of law and make them legally binding on all parties involved in such transactions.

He added that the new FIRS Adhesive Stamp Duty came into being at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties recently in Abuja.

Ahmed quoted Mr Muhammad Nami, executive chairman of FIRS, as saying “chargeable transactions under the Stamp Duties Act as amended in the Finance Act 2019 are in two categories – Fixed Duty Instruments and Ad-Valorem Instruments.

“The following are the chargeable transactions in the Fixed Duty Instruments category, Power of Attorney (PoA); Certificate of Occupancy (C of O), Proxy form; Appointment of Receiver, Memorandum of Understanding (MoU), Joint Venture Agreements (JVA), Guarantor’s form, and Ordinary Agreements Receipts.

“While ad-Valorem Instruments chargeable under the Stamp Duties Act are Deed of Assignment, Sales Agreement, Legal Mortgage or Debentures, Tenancy or Lease Agreement, Insurance Policies, Contract Agreements, Vending Agreement, Promissory Notes, Charter-Party and Contract Notes.

“Stamp duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.”

According to him, the FIRS therefore, enjoins members of the public to make sure that any of the above-listed Instruments they give or receive in the course of their business or official transactions have the new FIRS Adhesive Stamp Duty affixed or stamped on them.

This, he noted would authenticate or legalise such Instruments.

 


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Substandard CNG Cylinder is Recipe for Disaster- SON

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Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.

 

The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.

In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.

“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.

In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.

“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”

 

 

 


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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

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Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.

Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”

Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

 


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Foreign Secretary Lammy Unveils Flagship UK-Nigeria Soft Power Campaign

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Rt Hon David Lammy MP, has launched a flagship soft power campaign ‘Jollof and Tea’, which celebrates the UK and Nigeria’s cultural and creative ties.

L-R: UK Deputy High Commissioner, Mr Jonny Baxter; Foreign Secretary, The Rt Hon David Lammy MP; and High Commissioner, Dr. Richard Montgomery… at the British Residence during the launch of the ‘Jollof and Tea’ campaign yesterday in Lagos.

He unveiled the campaign at a reception yesterday in Lagos, on his first visit to Africa as UK Foreign Secretary.

Hosted by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, the reception was attended by, the Nigerian Minister of Art, Culture, Tourism & Creative Economy, Hon. Musawa Hannatu, the British High Commissioner to Nigeria, Dr Richard Montgomery, CEO of British Film Institute (BFI), Ben Roberts, and other key figures in the creative industry.

At the launch, the UK Foreign Secretary unveiled a first of its kind phone booth, designed by Frederick ‘Dricky’ Stickman, a young, talented Nigerian graffiti and visual artist, based in Lagos.

He reiterated the UK’s commitment to encouraging talent in Nigeria and diaspora, pledging the UK’s support to strengthen partnerships in the creatives sector to benefit both our economies, including through the British Council which celebrated its 80th anniversary in Nigeria (and 90 years globally) this year.

Commenting on the campaign, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The ‘Jollof and Tea’ campaign is designed to showcase the length and breadth of the UK – Nigeria partnership including the creative and cultural sectors.

“It will help raise awareness about the existing connections between the UK and Nigeria and take forward ongoing efforts by both our countries to strengthen our people-to-people links.”

While in Lagos, the Foreign Secretary attended the closing evening of Art X West Africa’s leading art fair and took a tour of the exhibition alongside Tokini Peterside-Schwebig, founder of Art X.

He also had a mini- bilateral meeting with Hon. Minister Hannatu, to understand Nigeria’s ideas for collaboration with the UK, and how the recently launched UK-Nigeria Enhanced Trade & Investment Partnership (ETIP) can help drive growth in the creative industries.


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