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

HURIWA Honours NDLEA Boss Marwa as Man of the Year 2025

The Human Rights Writers Association of Nigeria (HURIWA) has named the Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brigadier-General Mohammed Buba Marwa (rtd), as its Man of the Year 2025, in recognition of his transformative leadership in Nigeria’s fight against drug trafficking and substance abuse.

In a statement issued on Wednesday and signed by HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, the association said its analysts unanimously agreed that Marwa’s stewardship of the NDLEA represents an exceptional blend of measurable impact, integrity, and innovative law enforcement strategy, setting a new standard for public service leadership in Nigeria.

According to the statement, since Marwa assumed office in January 2021, the NDLEA has recorded historic operational achievements, including over 73,000 arrests of drug traffickers and dealers, more than 12,000 convictions, and the seizure of over 15 million kilograms of illicit drugs nationwide—figures said to exceed the cumulative performance of several previous administrations.

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HURIWA noted that beyond enforcement, Marwa has strengthened drug demand-reduction programmes, leading nationwide public awareness campaigns, rehabilitation initiatives, and community-based interventions that have reached millions of Nigerians. The association said his leadership reflects a holistic approach to drug control, combining strict enforcement with education, prevention, counselling, and community engagement to ensure long-term impact.

The group further praised Marwa’s commitment to transparency and accountability, noting that his tenure has remained free from corruption scandals, thereby reinforcing public confidence in the agency. HURIWA described President Bola Ahmed Tinubu’s decision to reappoint Marwa for a second five-year term as a clear endorsement of his performance and dedication to safeguarding Nigeria’s youth and communities.

By conferring the Man of the Year 2025 honour, HURIWA said Marwa has played a pivotal role in restoring credibility to the NDLEA, transforming it into one of Nigeria’s most respected and results-driven security agencies. The association added that his leadership exemplifies the discipline, innovation, and ethical standards required to confront complex national challenges.

HURIWA congratulated Brig-Gen. Marwa on the recognition and called for sustained public and institutional support to strengthen Nigeria’s ongoing fight against illicit drugs and related social vices.

HURIWA Honours NDLEA Boss Marwa as Man of the Year 2025

Fubara Appoints New Attorney General, Redeploys Christopher Green in Cabinet Reshuffle

The Governor of Rivers State, Sir Siminalayi Fubara, has carried out a minor cabinet reshuffle, appointing a new Attorney General and Commissioner for Justice as part of efforts to stabilise governance following the state’s recent political developments.

Governor Fubara approved the redeployment of Barrister Christopher Green, who previously served as Commissioner for Sports Development, to the Ministry of Justice, where he will now function as the Honourable Attorney General and Commissioner for Justice.

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The appointment was ratified during an Executive Council meeting, bringing an end to the vacancy created by the dissolution of some cabinet members affected by the Supreme Court judgment arising from the Rivers State political crisis.

In a statement issued by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications, the governor directed that Barr. Green should continue to oversee the Ministry of Sports Development pending the appointment of a substantive commissioner.

The redeployment takes immediate effect and was approved at the final State Executive Council meeting of 2025. Governor Fubara said the decision reflects his administration’s resolve to strengthen governance, ensure continuity in service delivery, and optimise the performance of critical ministries across Rivers State.

Fubara Appoints New Attorney General, Redeploys Christopher Green in Cabinet Reshuffle