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The federal government has reacted to the N50 stamp duty imposed on consumers for transactions.

The Federal Competition and Consumer Protection Commission (FCCPC) said it had engaged the Central Bank of (CBN) and both agreed that the charge was counterproductive and burdensome.

Babatunde Irukera, FCCPC Chief Executive Officer, in a statement on Tuesday said businesses already capture the operating cost price of their goods and services.

He stated that to impose an additional fee on consumers that is exclusive of price and discriminates based on the selected mode of payment essentially amounts to a penalty for the adopted mode of payment.

“The problems associated with carrying excessive cash in order to avoid a penalty are myriad and multifaceted”, Irukera noted.

“Accordingly, the Commission welcomes the CBN’s definitive statement on December 23rd, , clarifying its September 17, directive by Circular Ref. PSM/Dir/CON/02/015 that the directive did not intend to pass such fees to consumers.

“This makes it inappropriate and illegal for businesses to pass a stamp duty cost of doing their to consumers.

“Effectively, and in furtherance of this clarification, merchants are now prohibited from penalising or otherwise assessing any duty, costs or assessment characterised as “stamp duty” on consumers who select point of sale options to conclude their purchases or transactions.

“The Commission hereby provides this guidance pursuant to S. 18 (2) FCCPA and prohibits any such assessments pursuant to S. 18 (a), (e), (f) and (h).

“In addition to the provisions above, such assessments may be in violation of other extant provisions and law, including S. 129 (1) (a) and (2).”

FCCPC added that in collaboration with CBN, other relevant regulators and law enforcement authorities, it would enforce the law to its fullest extent and invites consumers to violations with evidence.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Amotekun: Akeredolu reveals ‘major’ agreements Southwest governors reached with Osinbajo

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Amotekun: Akeredolu reveals ‘major’ agreements Southwest governors reached with Osinbajo 20200124 093655

The Ondo State Governor and Chairman of the Southwest Governors, Rotimi Akeredolu, has disclosed what was agreed upon during the meeting with the Vice President, Yemi Osinbajo with regards to Amotekun.

Akeredolu said governors of the region and Osinbajo agreed on a legal framework to be established to backup the region’s security outfit.

Recall that the Southwest governors had met with Osinbajo yesterday at the Presidential Villa, Abuja.

The meeting is coming 24 hours after the national leader of the All Progressives Congress (APC), Bola Tinubu, said Amotekun was not a threat to national unity.

Amotekun, an initiative of Southwest Governors, was first declared illegal last Tuesday by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami

However, Akeredolu while addressing State House correspondents after the meeting, said: “We held a very fruitful discussion, the governors of the South-West were there. The meeting was presided over by the Vice President, the AGF was there and the Inspector General of Police.

“We have rubbed minds and all of us have agreed on the way forward. The most important thing is that we are going to have the legal framework to back this Amotekun. And this legal framework is going to be one in which all of us will look at and we will be sure that it goes without any hindrance.”

When asked if the agreement reached with the Vice President meant that the establishment of the outfit would be put on hold until the legal framework was developed, he said: “No. What I believe about our resolution is that Amotekan is there, you know the Federal Government is starting community policing. In essence really, it is about community. So, we are going to work together to see the community policing and Amotekan work in a way.”

Akeredolu also insisted that there were consultations before the establishment of Amotekun

“There were consultations, don’t say there were no consultations. There were consultations because we held discussions with the IG then and what has developed is what has led to this, not that there were no consultations.

“We just felt that with all these noise outside, it was better for us to sit down. Remember that immediately the noise started, I said that we were going to explore political solutions and all of us are here, my colleague, the deputy governor of Oyo State who is of the PDP, all of us are here. So, we have looked at both political and legal solutions to it and all of us will do it,” he said.

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Buhari returns to Nigeria from London

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Buhari returns to Nigeria from London Muhammadu Buhari 1

President Muhammadu Buhari, on Thursday night, returned to from London, UK.

Buhari had flown to London to attend the UK-Africa Investment Summit 2020, which held from January 17.

The president was received at the Nnamdi Azikiwe International Airport by his Chief of Staff, the FCT Minister, the Inspector General of Police, the Director-General of the Department of State Services, as well as other government officials.

During his visit to the UK, Buhari held a bilateral meeting with Prime Minister, Boris Johnson.

He also met with Nigeria community in the UK and the world heavyweight champion, Anthony Joshua.

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