ONE WORD

The suspended EFCC Chairman, Ibrahim Magu has made a shocking confessions, pointing at Presidential Villa . According to Onyxnews Nigeria reports that the embattled acting Chairman of the Economic and Financial Crimes Commission (EFCC) , made a revelation that some of the cars and properties for which he is standing trial for the alleged mismanagement were bought off by the presidential villa and other ministries and agencies of the federal government. Magu revealed this development in a letter addressed to the Justice Ayo Salami-led panel entitled, ‘Re: Alleged Case of Conspiracy, Enrichment, Abuse of Public Office and Other Infractions,’ where he stressed what happened to some of the vehicles recovered by the EFCC headed by him. The suspended EFCC Chairman said the Presidential Villa, the Ministry of Humanitarian Affairs, Disaster Management and Social Development, as well as the Federal Inland Revenue Services, are some of the government establishments that benefitted from the vehic...

  Landlords and property agents have been asked to charge six percent Stamp Duty on all tenancy and lease agreements by the Federal Inland Revenue Service (FIRS). Landlords and property agents were given the directive by the tax agency's Director, Communications and Liaison Department Abdullahi Ahmad on Wednesday July 22. They are expected to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.” Ahmad said; “Property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts six per cent duty payable in percentage of the total value or sum of the tenancy or lease. "The burden of payment of the six per cent lies on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter. “The responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent. The party making the payment shall have t...