The Bank Directors Association of Nigeria (BDAN) has called on the federal government to reconsider the recently imposed 70 percent windfall tax on banks’ earnings from foreign exchange transactions.

On July 17, the national assembly said President Bola Tinubu requested the amendment of the 2023 Finance Act to impose a one-time windfall tax of 50 percent on banks’ FX gains last year.

Tinubu said the windfall tax will be used to finance infrastructure projects, education and healthcare, among others.

The national assembly passed the bill on Tuesday and increased the windfall tax to 70 percent, with retroactive application from January 1, 2023.

The windfall tax has raised several concerns in the banking sector, particularly regarding its timing and potential impact on ongoing recapitalisation efforts — but Femi Otedola and Tony Elumelu backed the decision.

In a statement on Monday, Mustafa Chike-Obi, chairman of BDAN, described the levy as, “excessively burdensome and ill-timed”.

Chike-Obi, who is also the chairperson of Fidelity Bank, said the high tax rate could stifle growth and innovation within the banking industry, ultimately affecting the quality of financial services available to customers and the broader economy.

He also said there was a need for greater consultation and dialogue between the government and stakeholders in the banking sector before enacting such significant changes.

“We, the Bank Directors Association of Nigeria (LTD/GTE) wish to formally address the recent imposition of a 70 per cent levy on the profits realised from foreign exchange transactions by banks for the financial years 2023 to 2025,” he said.

“We acknowledge and respect the intentions of the government in implementing this decision; however, we feel it is essential to express our concerns regarding the magnitude of the levy, its timing and the ambiguities surrounding its implementation. 

“While the imposition of this windfall tax appears to be a response to the current economic climate, we suggest that a 70 per cent tax rate is excessively burdensome and ill-timed, particularly considering the ongoing bank recapitalisation efforts.

“Such a high levy has the potential to stifle growth and innovation within the banking sector; ultimately affecting the quality of services we provide to our customers and the broader economy.

“Moreover, we believe that it is vital for all stakeholders in the banking sector to have been consulted prior to the enactment of such significant changes in the Finance Act 2023. Open dialogue and negotiation are essential to ensure that policies are both equitable and effective.

“A primary concern lies in the ambiguities of the language in this amendment which leave critical questions unanswered. Such as, whether the windfall tax will be implemented as a Total Tax charge on banks, incorporating other taxes already levied such as Company Income tax, Tertiary Education Tax, National Information Development Levy (NITDL), etc.” 

The BDAN also asked that clarifications on what constitutes “FX transactions” to be taxed and the treatment of banks that may incur losses rather than gains during this period should be provided.

“We urge the government to provide clear guidelines on this matter to avoid further uncertainty,” the association added.

‘BANKS ARE HEAVILY TAXED’

The association also stressed that Nigerian banks are already among the most heavily taxed globally, citing the existing Asset Management Corporation of Nigeria (AMCON) levy imposed on total bank assets. 

BDAN urged the government to consider consolidating all taxes and levies on banks in the future to alleviate the sector’s tax burden.

“It would also be critical to reassure the banking community that future levies and taxes will not be arbitrarily imposed,” the association said.

“In view of these concerns, we respectfully urge the national assembly to revisit this amendment and engage in constructive discussions with stakeholders in the banking sector.

“By collaborating, we can develop a framework that effectively balances the need for revenue generation with the imperative of fostering a thriving banking environment that supports sustainable economic growth.”

The association said it remains committed to supporting and collaborating with regulators, government entities, and other stakeholders to find solutions that benefit all parties involved.

Yuki Gambaryan, wife of the Binance Executive detained in Nigeria, Tigran Gambaryan, on Monday, raised the alarm over the state of her husband’s health, which according to her has continued to deteriorate in custody.

Gambaryan was one of two Binance executives arrested on arrival in the country on February 26, 2024, after being accused of money laundering through their platform.

The Federal Government also accused Binance of tax evasion, operating without licence and regulatory compliance.

Gambaryan’s colleague, Nadeem Anjarwalla, the regional manager for Binance in Africa on March 24, escaped from custody using a smuggled passport.

In a statement on Monday, Yuki Gambaryan said her husband’s health has continued to get worse as he is unable to access proper medical care, adding that he might require surgery or risk not walking again.

Gambaryan collapsed in court on May 23, 2024, leading to an order by the court for a medical checkup to determine the true state of his health.

Justice Emeka Nwite of the Federal High Court, Abuja had on July 16, 2024 issued a bench warrant on the medical doctor at the Kuje Correctional facility, to appear before him to provide Gambaryan’s records after his counsel, Mark Mordi, said his test results were still being withheld despite court directive.

Yuki in her statement released by Binance spokesperson, Monique Thompson, said her husband has failed to improve adding that he faces risk if his health is not given special attention.

She said her husband who used to be very strong was wheeled into the court room and little or nothing has been done to ensure he returned to perfect health.

Yuki said Gambaryan has a herniated disc that has continued to worsen and runs a risk of not being able to walk again as a result of it.

The Court had ordered a 24-hour medical checkup for him, but Yuki claims his lawyers were denied access to him since July 26.

However, according to Yuki, her husband’s legal team has been denied access to him at Kuje prison since July 26.

“My husband Tigran left our home for a work trip almost six months ago, and I have no idea when he will be back. Now his health is in a shockingly bad condition and getting worse by the day.

“The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk.

“My once fit and healthy husband, who loves working out, is now wheelchair-bound due to a treatable condition that has not been properly addressed.

“He needs highly specialised and risky surgery, it is terrifying. Additionally, an ENT doctor examined him last week and determined he also needs surgery to remove his tonsils due to the recurring infections he is suffering in detention.”

Gambaryan’s legal battle with the Federal government continues on October 11, 2024 as the company is accused of concealing the origin of their alleged unlawful financial proceeds, totaling $35,400,000.

This, the government claimed, is contrary to the Money Laundering (Prevention and Prohibition) Act.

First Bank Nigeria Holdings Plc has confirmed that it is in court with Oba Otudeko’s Barbican Capital Limited after Barbican received notification that showed that FBN Holdings sought to reduce its 5,386,397,202 total shareholding in the bank by 40 per cent.

The bank said on Tuesday in a statement that it will defend its position in court.

The misunderstanding began when FBN Holdings in its December 2023 audited accounts released in May, 2024 slashed Barbican’s shareholding in the bank to 3.1 billion (3,110,400,619) or 8.67 per cent of the lender’s total shares from the earlier reported 4.8 billion (4,886,062,743).

Prior to the report, Barbican controlled 13.61 per cent of the shares based on the December 2023 unaudited accounts released in February.

FBNH attached to the audited accounts a note that said the 3.1 billion shares represent the total that had been “verified” by the Central Bank of Nigeria.

But the aggrieved Barbican Capital filed a lawsuit against FBN Holdings, and attached a statement from the Central Securities Clearing System (CSCS) as evidence of its total shares ownership.

Based on the Barbican statement from CSCS as of May 23, 2024, the company owned 5,386,397,202 shares (15.01 per cent) while It held 4.8 billion (4,886,062,743) shares or 13.61 percent as at December 2023.

Reacting On Tuesday, FBNH said it was aware of the matter, adding that it has engaged its solicitor to defend the bank’s position.

It said, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports regarding the suit filed by Barbican Capital Limited (the Plaintiff). The Company is aware of this suit, and we have duly instructed our Solicitors to defend the interest of the Company accordingly.

“The matter is presently in a Court of law, and it will be subjudice to join issues with the Plaintiff outside the Court. We confirm that the necessary papers have been filed and by virtue of a Third-Party Notice, the Central Bank of Nigeria (CBN) has been joined as a Party to the suit for effective determination of questions and issues raised by the Plaintiff.

“The matter is presently adjourned to October 2, 2024, for hearing of the suit. We assure our numerous stakeholders of the Company’s commitment to the highest levels of corporate governance standards in defending the matter.”

Dangote Refinery has insisted that Premium Motor Spirit (PMS), popularly known as petrol, refined at the refinery, will hit the market by August.

The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed this to PREMIUM TIMES in an interview on Monday.

The response came amid concerns over the earlier announcement that the refinery would commence domestic supply by mid-August.


When asked why the refinery is yet to commence domestic supply at its stipulated date of 12 August, Mr Chiejina said, “We said August, and today is 12 August. Just wait; this is August.”

Over the months, the company had set dates for its domestic petrol supply, but the timelines were unmet.


In June, the President of Dangote Group, Aliko Dangote, said petrol, refined at the refinery, will hit the market in July.

Mr Dangote, who disclosed this when he received a Senate delegation led by Senate President Godswill Akpabio on a tour of the facility, explained that the date change was because of a delay that prompted the shift from the initially proposed date of June to mid-July.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then, we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Mr Dangote said at the time.

Again, in July, Mr Dangote said petrol production in the refinery was disrupted because of the fire incident at the refinery.


“PMS was supposed to be out by July, but we had a fire incident. The incident disrupted us for a few days, but latest 10 or 12 of August, PMS will be ready,” Mr Dangote said while addressing journalists at the refinery at the time.

The refinery

The 650,000 barrels per day Dangote Petroleum Refinery commenced diesel and aviation fuel production in January.

Announcing the commencement of production, the company said the refinery had received six million barrels of crude oil at its two SPMs 25 kilometres from the shore.


The first crude delivery was done on 12 December 2023, and the sixth cargo was delivered on 8 January.

The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).

The company commenced supplying petroleum products to the local market in April.

Background

In recent months, the Dangote Group and the petroleum regulators in Nigeria have been at loggerheads over the control of the petroleum downstream market.

In June, the Dangote Group accused some international oil companies of sabotaging the plant’s operations by refusing to supply crude or offering oil at higher premiums than market prices.

It also clashed with the regulators of the Nigerian energy industry, including the Nigerian Midstream and Downstream Regulatory Authority, which claimed diesel from the refiner has sulphur content levels above the allowed threshold. The regulators also accused Dangote of seeking to be a monopoly.

In refuting the allegation, Mr Dangote took lawmakers visiting the refinery to a laboratory within the plant, where diesel from the refinery was tested alongside two different imported samples.

The results showed that the refinery’s diesel sample had much lower sulphur than the imported ones.

Last month, the Federal Executive Council (FEC) directed NNPC Ltd to engage the Dangote refinery and other local refineries to resolve the dispute over the sale of crude oil to them.

The FEC, presided over by President Bola Tinubu, also directed that such crude oil sales to the refineries be made in naira and that the refineries located in Nigeria should also sell their refined products to the Nigerian market in naira.

President Bola Tinubu has approved a new national policy in curbing health workforce migration.

In a statement on Monday, Ali Pate, coordinating minister of health and social welfare, said the policy is a comprehensive strategy to manage, harness, and reverse health workers’ migration.

The minister added that the policy will also encourage the return of professionals to Nigeria through attractive incentives and reintegrate them into the nation’s health system.

“This approach leverages the expertise of our diaspora to bridge gaps within the health sector,” the statement reads.

“Also, the policy champions reciprocal agreements with other nations to ensure that the exchange of health workers benefits Nigeria.

“These bilateral and multilateral agreements are designed to protect national interests while respecting the rights and aspirations of our healthcare professionals.

“We call on recipient countries to implement a 1:1 match — training one worker to replace every publicly trained Nigerian worker they receive.”

The minister said the policy recognises the importance of work-life balance and has included provisions for routine health checks, mental well-being support, and reasonable working hours, especially for younger doctors.

“These measures aim to create a supportive work environment, reducing burnout and enhancing job satisfaction,” Pate said.

“The governance of this policy will be overseen by the National Human Resources for Health Program (#NHRHP) within @Fmohnigeria, in collaboration with state governments. This ensures responsible implementation and alignment with broader sector-wide (#SWAp) health objectives.

DSS, Immigration Place Ex-El-Rufai Adviser Lawal on Watch-list Over Alleged N11bn Project Scandal | #Politicsnigeria


The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has summoned a former Special Adviser to Kaduna State Governor Nasir El-Rufai, Jimi Lawal, over an alleged phoney Light Rail Project valued at N11 billion.

Lawal was invited for questioning but failed to appear, prompting the ICPC to request the Department of State Service (DSS) and Nigerian Immigration Service (NIS) to place him on a watch-list at airports, seaports, and land borders.

A copy of the letter to DSS and NIS reads: “The above mentioned person (Lawal Shakiru Olujimi Adebisi), who hails from Ogun State and speaks Yoruba and English fluently, is being investigated for the offence of criminal conspiracy.

“Credible information at the commission’s disposal suggests that the suspect, who is under investigation, is most likely to flee the country to evade being prosecuted.

“You are therefore, kindly requested to place him on the watch-list and arrest him if seen in any of the airports, seaports or land border and inform this commission accordingly.”

The ICPC is investigating Lawal for alleged criminal conspiracy and loans obtained without due process.



The commission discovered N144 million in his bank account from four private companies.

Twenty top officials and a company’s Managing Director have also been invited for questioning over $350 million loans meant for school rehabilitation and infrastructure projects.

The ICPC’s probe is part of an ongoing investigation into the administration of El-Rufai.

Recall that the Kaduna House of Assembly’s ad-Hoc Committee in June alleged that N423 billion was siphoned from the state government’s coffers between 2015 and 2023, and $1.4 million was withdrawn from the Kaduna State Economic Transformation Account.

El-Rufai has denied all allegations, claiming he was not given a fair hearing by the House of Assembly.

FORMER Presidents Goodluck Jonathan and Muhammadu Buhari are physically attending the inaugural Council of State meeting under the administration of President Bola Tinubu at the Presidential Villa, Abuja.

But two former Heads of State, Generals Yakubu Gowon (retd) and Abdulsalami Abubakar, joined the meeting virtually alongside the governors of Abia, Adamawa and Akwa Ibom States.

The council comprises of president as chairman and vice president as deputy chairman, all living former Heads of State and Presidents, all former Chief Justices of Nigeria, the President of the Senate, Speaker of the House of Representatives, all state governors and the Attorney-General of the Federation as members.

The Council of State is an organ of the federal government saddled with the responsibility of advising the executive on policymaking.

The meeting which began at 12:35 pm, is expected to address pressing national issues, including food security, national security, and economic policies.

The last Council of State meeting was held on February 10, 2023, under former President Buhari.

Some graduates of Higher National Diploma (HND) academic programmes across the country are at the risk of exclusion from the national service due to the National Youth Service Corps’ (NYSC) latest policy of demanding Industrial Training (IT) certification for those seeking to fulfil their national service obligations.

It stated, “Graduates of Higher National Diploma (HND) are to provide evidence of completion of their one-year Industrial Training in addition to ND and HND Certificates/Statement of Results.”

With this mandate, polytechnic and mono-technic graduates mobilised for Batch B stream II without evidence of the mandatory one-year industrial training will miss out on the national service.

The policy shift means that without a valid IT certificate, HND graduates cannot proceed with registration in the camp. Thus, many graduates now face the task of securing proof of their internship experience and risk missing participation in the next orientation camp, scheduled for August 28, 2024.

LEADERSHIP reports that the one-year mandatory IT programme is a prerequisite for admission to the HND programme, as stated in the law.

According to the law, graduates of polytechnics and monotechnics must undergo the one-year IT with evidence of completion before applying for a HND academic programme, and institutions must confirm this before admitting them.

Unfortunately, our correspondent gathered that most of these HND awarding institutions do not confirm the IT-compliance before admitting students, thus graduating thousands of students who now face hurdles to participate in national service after being mobilised by the NYSC.

Our investigation further revealed that some polytechnic institutions have previously disregarded these regulations by enrolling students without the required one-year IT certificate.

Giving reason for its decision to enforce the law, the NYSC coordinator in Lagos State, Yetunde Baderinwa, said, “It has been noticed in recent times that some graduates of polytechnics and mono-technics do not observe the mandatory one-year IT before being admitted for HND programmes. The one-year IT is a prerequisite for HND.

“They must undergo the one-year IT with evidence of completion before going for HND, and institutions must confirm this before admitting them for HND.”

However, some affected HND graduates have called for leniency in their national service eligibility, pleading with the NYSC to intervene with their polytechnic institutions and allow them to serve the fatherland since they had already been mobilised for Batch B Stream II.

They argued that the institutions were to blame, as they admitted them without requiring the mandatory IT certificate, or alerting them to the need for it.

Some of them, who spoke with LEADERSHIP, expressed frustration that they do not have evidence of an IT certificate to proceed with registration when camps open this month.

A recent graduate from Kaduna State Polytechnic, who identified herself as Hauwa, said she was anxiously awaiting her national service posting after being mobilised by NYSC, until the recent pronouncement.
Hauwa faces a hurdle due to a new NYSC policy that mandates one year of industrial training certification for eligibility.

She said, “I’m excited to start my service, but I’m worried that I might not be screened (admitted) in camp due to this new requirement. My school did not let us know that we have to provide the mandatory IT certificate, and I fear this could disqualify me.

“I would like the Scheme (NYSC) to address this issue and find a way to accommodate those of us who this policy may have overlooked. It would be fair to work with our institutions to clarify our standing,” she said.

She stated that her schoolmates who were mobilised under Batch B Stream 1 were already in the service without any obstacles.

Hauwa’s case highlights a growing frustration among graduates caught between their enthusiasm for national service and the practical challenges of new regulations.

As the affected prospective corps members await further clarification on the issue, they hope for a resolution that considers their circumstances while the rule takes effect in subsequent years.

The monies unremitted by Revenue Generating Agencies to the coffers of the Federal Government increased to N4.1tn as of June 2024, the Federation Accounts Allocations Committee has said.

FAAC stated that this was despite the agencies’ reconciliation and payment of outstanding debts of N94.96bn in May 2024.

The PUNCH reports that the unresolved amount is $165,067,714.53 (N178.52bn) and N3,917,340,180,696.84, compared to the initial amount of $36,329,376.24 (N51.88bn) and N2,977,561,881,021 recorded in May 2024.

The latest development was disclosed in a report by the Federation Account Allocation Committee post-mortem sub-committee meeting and signed by the Chairman of Revenue Mobilisation, Allocation and Fiscal Commission, Mohammed Shehu.

THE ROUNDTABLE: #Endhungerprotest - Govs, Ministers Meet To Stop Protests0.00 / 0.00

A breakdown of the agencies indebted to the government showed that the Nigerian National Petroleum Company Limited owes N940.62bn; Nigerian Upstream Petroleum Regulatory Commission and NNPC owe a combined amount of $23.81m and N1.94tn.

The Federal Inland Revenue Service and NNPC have an unresolved remittance of $141.25m and N1.04tn, while the Ministry of Solid Minerals Development and the Central Bank of Nigeria owe N48.75m.

Two months ago, The PUNCH reported that the government could lose over N3tn if revenue-generating agencies in the country do not reconcile unremitted earnings collected.

The Vice President of the Post-Mortem Sub-committee, who represented the committee Chairman, Kabir Mashi, at the meeting, said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.

The Federation Account Allocation Committee disburses allocations from the revenues generated into the Federations Account, which comprises multiple accounts specific to a sector/ business type.

But giving an update in its June meeting, the chairman reported that the total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in June 2024 was $165,067,714.53 and N3,917,340,180,696.84.

He said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.

He added that the Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission made the revenue reconciliation.

The report read, “Outstanding Federation Account Revenue Arising from Inter-Agencies Reconciliation Meeting held in June 2024: The total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in June 2024 was $165,067,714.53 and N3,917,340,180,696.84.

“Assessing the impact of the FAAC PMSC on outstanding arrears of revenue inflows due to the federation account.

“For May 2024, the PMSC would like to inform the plenary that as a result of reconciliation with Revenue Generating Agencies, a total sum of $64,073,123.40 equivalent to N94,964,537,885.84 was reconciled and confirmed paid to the CBN designated accounts,” the report added.

The document further explained that the government had recovered a cumulative outstanding of N537.35bn in five months.

“The cumulative outstanding arrears reconciled and paid to the Federation Account from January to May 2024 stood at N537,353,864,835.67.”

“Members should note that these outstanding amounts are still being reconciled at the monthly reconciliation meetings between the agencies and the sub-committee. Furthermore, the sum of $180,230,895.02 and N2,535,352,533,190.87 outstanding payments from the Revenue Generating Agencies before June 2023, were referred to the Stakeholders Alignment Committee and the Sub-Committee awaits the outcome of the reconciliation soonest.

“The sub-committee is working with the Revenue Generating Agencies to ensure that the above outstanding amounts are paid to the Federation Account as soon as possible.”

Reacting, the commissioner of Finance, Kaduna State, Shizzer Bada, raised concern over the accumulation of outstanding arrears of revenue by RGAs against the Federation Account, which was running into trillions of naira between 2023 and 2024.

She, therefore, advised on the need to expedite action in concluding the reconciliation with Agencies.