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Banks to Charge N50 Stamp Duty on Transfers of N10,000 and Above from January 2026

Published

3 weeks ago

December 31, 2025

Banks to Charge N50 Stamp Duty on Transfers of N10,000 and Above from January 2026

Following the implementation of the Tax Act, commercial banks in Nigeria will begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above starting from January 1, 2026.

The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off N50 fee imposed on electronic receipts or transfers of funds deposited in any commercial bank or financial institution, across all account types, where the transaction value is N10,000 or more.

In a customer notification issued on Tuesday, United Bank for Africa (UBA) informed customers that the N50 EMTL will henceforth be referred to as stamp duty across all financial institutions.

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“Please note the following: Stamp Duty applies to transactions of N10,000 and above, or the equivalent in other currencies,” the bank stated in the email. UBA clarified that salary payments and intra-bank self-transfers remain exempt from stamp duty.

The bank also noted a key change in responsibility for the charge, explaining that the sender will now bear the stamp duty cost, unlike previously when the fee was deducted from the beneficiary or receiver of the funds.

UBA reaffirmed its commitment to transparency, assuring customers that it will continue to provide timely updates on changes that may affect their banking transactions.

It will be recalled that on September 7, 2024, Nigerian financial technology (fintech) firms announced plans to introduce the N50 stamp duty fee on electronic transfers of N10,000 and above, in line with Federal Inland Revenue Service (FIRS) regulations. The fintech companies explained that the levy applies to electronic transfers into both personal and business accounts nationwide.

Banks to Charge N50 Stamp Duty on Transfers of N10,000 and Above from January 2026

Related Topics:stamp duty Tax Act TRANSFERS

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EFCC Arraigns Mompha’s Associate Over Alleged ₦206m Fraud

Published

3 hours ago

January 21, 2026

Trends Admin

EFCC Arraigns Mompha’s Associate Over Alleged ₦206m Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Samusudeen Babafemi, an associate of social media personality Ismaila Mustapha (Mompha), alongside three corporate entities, over an alleged ₦206 million fraud before the Lagos State Special Offences Court, Ikeja.

Babafemi — Managing Director and CEO of 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited — faces five counts of conspiracy, concealment, and transfer of proceeds of crime, allegedly committed between 2013 and 2018. The EFCC claims the offences involved large sums, including ₦37.6 million and ₦93 million transferred to third parties, with knowledge that the funds were proceeds of unlawful acts.

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When the charges were read, Babafemi pleaded not guilty. His defence lawyer, SAN Kunle Adegoke, filed a bail application, which the court granted, ordering that Babafemi be released to his counsel upon signing an affidavit of undertaking to appear in court. The trial is now scheduled to commence on March 24, 2026.

The EFCC said Babafemi acted in concert with Mompha and other co-accused — Ridwan Momodu Allison (Osama) and Richard Ugbah, who are currently at large — to facilitate the alleged money laundering scheme. This latest prosecution comes as part of broader EFCC efforts to tackle financial crimes and fraud networks linked to high-profile figures in Nigeria.

EFCC Arraigns Mompha’s Associate Over Alleged ₦206m Fraud

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Police U-Turn: Worshippers Abducted in Kaduna, Security Forces Deployed

Published

3 hours ago

January 21, 2026

Trends Admin

Police U-Turn: Worshippers Abducted in Kaduna, Security Forces Deployed

The Nigeria Police Force has officially confirmed that worshippers were abducted during attacks on churches in Kurmin Wali, Kajuru Local Government Area, Kaduna State, after initially denying the reports. The reversal comes as security agencies deploy tactical units to rescue the victims and secure the area.

Eyewitnesses and local sources say armed gunmen stormed multiple churches, including ECWA and Cherubim and Seraphim, during Sunday services, seizing dozens of worshippers. Community leaders report that over 170 people may have been abducted, with some survivors managing to escape.

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The Christian Association of Nigeria (CAN) and other local bodies have condemned the attacks and called for an urgent and thorough rescue operation. Authorities say they are intensifying efforts to locate and safely recover the victims, amid growing national concern over mass kidnappings in northern Nigeria.

The incident highlights ongoing security challenges in Kaduna State and other northern and central regions, where armed gangs and kidnappers frequently target vulnerable communities, often for ransom or political leverage. Families of the abducted worshippers continue to appeal for swift action as the rescue operations proceed.

Police U-Turn: Worshippers Abducted in Kaduna, Security Forces Deployed

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Presidency Accuses IPOB of Spreading False Christian Genocide Claims in Nigeria

Published

3 hours ago

January 21, 2026

Trends Admin

Daniel Bwala, Special Adviser on Policy Communication to President Bola Tinubu

Presidency Accuses IPOB of Spreading False Christian Genocide Claims in Nigeria

The Presidency of Nigeria has accused the Indigenous People of Biafra (IPOB) of deliberately spreading false claims of a Christian genocide, saying the narrative is being amplified to mislead international opinion and influence foreign policy. Daniel Bwala, Special Adviser on Policy Communication to President Bola Tinubu, described the reports as propaganda lacking verification and stressed that they do not reflect the reality of Nigeria’s security situation.

Bwala’s remarks follow widespread reports linking the so-called genocide narrative to statements from IPOB and affiliated actors, which have circulated on social media and attracted attention from international media and some foreign lawmakers. According to the Presidency, these claims oversimplify Nigeria’s complex security challenges, which include terrorism, banditry, and communal violence, rather than targeted religious persecution.

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The controversy has drawn U.S. congressional attention, with some lawmakers reportedly considering diplomatic responses. In response, the Nigerian Government has engaged U.S.-based lobbyists to highlight its efforts in protecting all citizens, regardless of faith, and to correct misleading narratives surrounding violence in the country.

Religious and civic leaders in Nigeria remain divided. While some dismiss the genocide claims as exaggerated and potentially divisive, others acknowledge violence against Christians but caution that framing it as genocide misrepresents the broader security context. Analysts warn that the debate over religious persecution and misinformation has significant implications for national unity, international perception, and Nigeria’s foreign relations.