Publication Archives: Newsletter

By: Nneka Oduada Eze (Esq)

As the battle on stamp duty collection intensifies, there are indications that the Federal Government and a trade union may be heading for a collision course over whose mandate it is to collect stamp duties and charges.

The Federal Inland Revenue Service (FIRS) and Nigeria Postal Service (NIPOST) have for a while now been embattled over who is authorized by the law to assess, collect and account for the stamp duty charges. NIPOST was stripped of the capacity with the recent signing of the Finance Act by President Muhammadu Buhari. But the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC), an affiliate of TUC, has opposed the development.

By: Nneka Oduada Eze (Esq)

The Federal Competition and Consumer Protection Commission (FCCPC) recently signed a Memorandum of Understanding (MOU) with the Nigerian Electricity Regulatory Commission (NERC), to resolve the incessant complaints by electricity consumers in the country.

The purpose of the said agreement is to establish a single dedicated channel to which consumers can make their complaints and expect prompt response. The Executive Vice Chairman/Chief Executive of FCCPC, Mr. Babatunde Irukera, at the occasion, pointed out that the move was aimed towards preventing inter-agency conflicts. He also noted that the Commission is resolving more consumer complaints than before, while adding that consumer dissatisfaction had been on the increase.

Poised to improve electricity supply to rural communities in the country, the Federal Government has signed Interconnected Mini-grid Acceleration Scheme (IMAS) award grant agreement with eight indigenous Solar Mini-grid developers for the development of 23 mini-grids across eleven states of the federation. Expected to generate a 5.4-kilowatt peak to connect about 27,600 households, and impact over 138,000 Nigerians in two years, the €9.3m project is coordinated by the Rural Electrification Agency (REA) with support from the European Union and the German government through the Nigerian Energy Support Programme (NESP).

Africa-focused fintech firm Flutterwave has raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and growing existing customer base. The latest funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management, Flutterwave said.

By Emmanuel Adefeso Esq.

Against apparent odds, the Senate is pushing towards enacting a bill that will limit house rental in the Federal Capital Territory (FCT) to three-month advance payment for a new tenant, and monthly payment thereafter. The proposed law titled “Advanced Rent (Residential Apartments, Office Spaces, etc.) Regulation Bill 2022,” sponsored by Senator Smart Adeyemi representing Kogi West, scaled second reading in the red chamber last week and got decapped to the Committee on Housing and Urban Development for further input. The committee has four weeks to report back to Senate at plenary.