NEWS
Banks To Face 50% Tax On FX Gains Under New 2024 Budget
The federal government intends to impose a 50% tax on profits banks earn from foreign exchange revaluation in 2023.
This proposal is outlined in the amendments to tmhe 2023 Finance Act, which the President has submitted to the National Assembly for approval.
According to the President’s letter to the Senate, revenues from this “windfall tax” will be allocated to “Renewed Hope” infrastructure projects, education, healthcare, and other areas.
As per the document obtained the Federal Inland Revenue Service (FIRS) will be responsible for collecting this tax.
READ ALSO: Nigeria& FX Reserves Surge With CBN Reforms
It said “There shall be levied and paid to the benefit of the Federal Government of Nigeria a tax of 50% on the realised profits from all foreign exchange transactions of banks within the 2023 financial year.
“The Federal Inland Revenue Service – (a) shall assess the realised profits, collect, account and enforce payment of tax payable under section 30 in accordance with the powers of the Service under the Federal Inland Revenue Service (Establishment) Act 2007.”
The amendment also states that if banks fail to remit the required amount to the appropriate authority, they will face a penalty of the withheld tax plus 10%, along with interest at the Central Bank of Nigeria (CBN) minimum discount rate, or risk imprisonment of key principal officials upon conviction.
NEWS
Lagbaja’s Remains Arrive National Military Cemetery For Burial
The remains of the late Chief of Army Staff, Lieutenant General Taoreed Lagbaja, have arrived at the National Military Cemetery in Abuja, signaling the start of his burial ceremony according to military protocols.
The body arrived promptly at 3:00 p.m. on November 15, 2024, transported in an ambulance. Following tradition, the casket was received and will be positioned by pallbearers before a moment of silence is observed to honor the late COAS.
READ MORE: Gas Explosion in Katsina Filling Station Damages Six Vehicles
During the ceremony, the Chief of Defence Staff, the Minister of Defence, and President Bola Ahmed Tinubu are expected to deliver tributes highlighting Lt. Gen.
Lagbaja’s contributions to the nation. Afterward, the national flag will be presented to his next of kin, and the casket will be lowered.
Dignitaries, including the Senate President, Speaker of the House of Representatives, and other government officials, will lay wreaths in memory of the late army chief, paying their last respects.
Lt. Gen. Lagbaja is remembered for his service and dedication to the Nigerian Army and the nation. The ceremony underscores the nation’s gratitude for his commitment and leadership.
NEWS
Supreme Court Rejects Lawsuit Seeking To Abolish EFCC
The Supreme Court has unanimously dismissed a lawsuit challenging the legality of the Economic and Financial Crimes Commission (EFCC) Act, upholding the continued existence of the anti-graft agency.
A seven-man panel of justices, led by Justice Uwani-Abba-Aji, ruled that the case, filed by Attorneys General from several states, was without merit.
READ MORE: Police Recover N2.3m Extorted From Abuja Resident, Officers Detained
The lawsuit, initially filed by the Attorneys General of 16 states, sought the dissolution of the EFCC, which was established to combat corruption in Nigeria.
The states involved in the case included Ondo, Edo, Oyo, Ogun, Nassarawa, Kebbi, Katsina, Sokoto, Jigawa, Enugu, Benue, Anambra, Plateau, Cross-River, and Niger.
As the legal proceedings unfolded, some states withdrew their support, while others joined the case as co-plaintiffs.
Notably, Imo, Bauchi, and Osun states joined the suit on October 22, while Anambra, Ebonyi, and Adamawa states withdrew, leading to the dismissal of their claims by the court.
The ruling strengthens the EFCC’s legal foundation, ensuring the continued operation of the commission in its fight against financial crimes in the country.
NEWS
Police Recover N2.3m Extorted From Abuja Resident, Officers Detained
The Nigeria Police Force (NPF) has detained officers involved in the alleged extortion of N2.3 million from Mr. Nwosu Ndubuisi in Abuja.
This was disclosed by the Police Public Relations Officer of Zone 7 Command, DSP M.B. Abdulkadir, in a statement shared on X (formerly Twitter).
The extorted sum has been recovered and returned to the victim, with disciplinary proceedings initiated against the implicated officers.
The statement read, “Further to the earlier statement issued on the alleged extortion of one Mr. Ndubuisi Nwosu by some officers of Zone 7 Headquarters, Abuja, investigation was carried out, the officers allegedly involved in the extortion have been identified and detained, while disciplinary proceedings have commenced against them.
“The sum of N2.3m has been recovered and returned to Mr. Ndubuisi Nwosu.”
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The Assistant Inspector-General of Police overseeing Zone 7 Headquarters, Abuja, AIG Benneth C. Igweh, assured the public that the disciplinary process would be transparent, in line with the accountability standards of the Inspector General of Police, Olukayode Egbetokun.
Igweh emphasised, “The zone will update members of the public on the outcome of the disciplinary proceedings against the defaulters. Zone 7 headquarters remains steadfast in its commitment to upholding the rule of law, public safety, security and its mandate of protecting lives and properties.”
The incident was initially reported by X user Harrison Gwamnishu (#HarrisonBbi18), who revealed that the officers coerced Ndubuisi into selling his laptop at Banex Plaza to pay for bail. Following this revelation, AIG Igweh ordered an investigation into the matter, leading to swift action.
This development highlights the commitment of the Nigerian Police Force to addressing misconduct within its ranks and ensuring justice for victims.