Malami writes governors on stamp duty, says no recoveries yet – Newstrends
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Malami writes governors on stamp duty, says no recoveries yet

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3 years ago

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The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) has written letters to all the 36 state governors in the country over compliance with audit and recovery of back years of stamp duty from January 15, 2016, to June 30, 2020.

“Pursuant to Mr. President’s approval and directives, I also wish to request Your Excellency to direct the State Ministries, Departments, Agencies, and Regulatory Institutions of Financial Sector to engage and grant access to the appointed Recovery Agents for the purpose of the Audit and Recovery of Stamp Duty to ensure that all established liabilities are remitted as appropriate,” the letter reads in part.

The Special Assistant on Media and Public Relations to the minister, Dr. Umar Gwandu, said in a statement made on Wednesday that no actual recovery has been made and added that recoveries are being conducted for the Federal Ministries, Departments, Agencies and Financial Institutions and that liabilities are being established at this stage.

According to the statement, Section 111 of the Stamp Duty Act granted the AGF an exclusive power to recover any outstanding payment or remittances related to stamp duty.

The letters, Gwandu said, were written pursuant to the provision of Section 111 of the Stamp Duty Act which provides that, “all duties, fines, penalties and debts due to the Government of the Federation imposed by this Act shall be recoverable in a summarily manner in the name of the Attorney General of the Federation or the State”.

He said what the AGF did, was to activate those powers, conduct the audit and recovery of back years stamp duty in collaboration with stakeholders.

Malami said the Federal Government has set up an Inter-Ministerial Committee on Audit and Recovery of Back years Stamp Duties from January 15, 2016, to June 30, 2020.

Members of the committee, he said, were drawn from the AGF’s office, in collaboration with relevant agencies including the Office of the Secretary to the Government of the Federation, Federal Inland Revenue Service, Office of the Accountant General of the Federation, Ministry of Finance, Central Bank of Nigeria, Revenue Mobilization and Fiscal Allocation Commission, among others.

In view of the need to provide a comprehensive overview of the process and for proper understanding of the task, the Statement said the AGF organized a meeting with Attorneys General of States as they have similar powers with respect of stamp duty of Ministries, Departments, Agencies and Financial Institutions in their respective states.

Attorneys-general of the 36 states of the federation had last week, dragged Malami before the Supreme Court over alleged failure of the federal government to remit funds generated from stamp duties into the accounts of state governments.

The states said in their suit that they are the sole authority to collect stamp duties and not the federal government.

In the suit marked SC/CV/690/2021, dated, August 24, the attorneys are asking the court to issue an order directing Malami to account for and pay back all monies collected by way of stamp duties on individual persons’ transactions within the respective states of the Plaintiffs from the period 2015-2020 and thereafter till the time of the judgment as well as an order directing him to pay them all the sum of monies amounting to N176,067,400,000,00) representing ascertained and admitted collected stamp duties on individual persons’ transactions within their respective states for the period of 2015- 2020 and thereafter till the time of the judgment of the court or any other sum as they may be found entitled by the court.

“An order of perpetual injunction restraining the defendant by himself, privies, agents or any persons by whatever name or how so ever called from appointing anyone for the purpose of collecting Stamp Duties on individual persons’ transactions within the respective states of the plaintiffs henceforth”, among other reliefs.

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

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10 hours ago

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December 31, 2024

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.

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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.

Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.

 

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

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Warri refinery: Marketers hopeful of further petrol price drop

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22 hours ago

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December 31, 2024

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Warri refinery

Warri refinery: Marketers hopeful of further petrol price drop

There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.

This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.

This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.

The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.

Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

He said though the repairs on the facility were not 100 per cent complete, operations had commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).

The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.

It’s good for business, prices may reduce – Marketers

Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.

Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.

“The market becomes more competitive and we are diversifying supply,” he said.

On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”

National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”

Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.

“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.

Warri refinery: Marketers hopeful of further petrol price drop

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Shell, partners employ 133 young graduates after internship engagement

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1 day ago

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December 30, 2024

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Shell, partners employ 133 young graduates after internship engagement

Shell Petroleum Development Company of Nigeria Ltd (SPDC) and its partners have offered jobs to 133 young graduates after their engagement in internship programme.

They are part of 170 young graduates that benefitted from the NCDMB/PETAN/SPDC JV Graduate Internship programme attached to indigenous technical oilfield service companies in the upstream and downstream sectors for hands-on experience.

A statement obtained on Monday said the 133 employed by the companies indicated the success of the programme as a talent pipeline for the oil and gas industry in Nigeria.

It disclosed that the latest batch of 49 intakes graduated at a ceremony in Port Harcourt early this month after completing their internship which began in 2022.

Speaking at the ceremony, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, commended the Shell Petroleum Development Company of Nigeria Ltd (SPDC) Joint Venture for the support for the programme, helping to build local manpower for a critical sector of the economy.

SPDC and PETAN had jointly set up the programme in 2014 whereby young graduates are attached to the over 100 member companies of the organisation with SPDC paying them monthly stipends.

From 2022 when the Nigerian Content Development and Monitoring Board (NCDMB) joined the collaboration, the programme has run for two years with 100 intakes.

The NCDMB/PETAN/SPDC JV Graduate Internship programme has been lauded as a key human capital development initiative which is central to the promotion of Nigerian content in the oil and gas industry.

SPDC’s General Manager Nigerian Content, ‘Lanre Olawuyi, said, “The internship is more than a learning opportunity. It provides fresh graduates with technical expertise, equipping them with the practical skills needed to excel in their careers.

“It aligns with SPDC’s broader educational initiatives, contributing significantly to the actualisation of the UNESCO ‘Education for All’ agenda and the Sustainable Development Goals in Nigeria, particularly in the Niger Delta.

“We owe the success of the programme to the untiring support of our JV partners, the Nigerian National Petroleum Company Limited (NNPCL,) TotalEnergies and Nigerian Agip Oil Company Limited for which we’re grateful.”

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