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FG Targets N1trn Revenue From Stamp Duties

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The Federal Government has charged the Federal Inland Revenue Service (FIRS) to ensure it recovers all stamp duties collected on behalf of the Federal Government but yet to be remitted by governnment agencies, banks and other companies.

Reason for the renewed focus to recover unremited stamp duties is that the federal government is targeting ₦1trillion giving the potential for revenue stamp duty has.

Secretary to Government of the Federation (SGF) Mr. Boss Mustapha made this declaration in Abuja on Tuesday at the inauguration of the inter-ministerial committee on Audit and Recovery of Back years stamp duties and the launch of Federal Inland Revenue Service adhesive stamp.

The SGF noted that the government will focus on revenue from stamp duty as it has the potential to yield up to N1trillion annually if properly harnessed.

Mustapha told the FIRS that the federal government expects the lnter-Ministerial Audit and Recovery Committee “to judiciously undertake an audit and recover on behalf of the Government all stamp duties charged from January 2016 to date but yet to be remitted by the relevant Ministries Departments and Agencies, Deposit Money Banks and Nigerian InterBank Settlement System Plc among others.

In order to ensure transparency and accountability, Boss Mustapha directed and requested that “all recoveries made by this Committee be remitted to appropriate Stamp Duty Account maintained by the Federal Government with the Central Bank of Nigeria.”

He also directed “all relevant MDAs particularly the Central Bank of Nigeria, NIBBs, DMBs, NIPOST and FIRS should give maximum cooperation to the Committee in the discharge of its mandate.”

He said it had become imperative to recover stamp duties because of government’s dwindling revenue “which was caused by the negative impact of the Coronavirus pandemic which has led to a budget deficit of over N5trillion.”

Responding, the Executive Chairman of the FIRS Mohammad Nami said the stamp duty recovery efforts will start from his agency and directed the finance and accounts department to remit ₦39 billion being stamp duties collected by the Service to the Committee.

He also vowed to go after MDAs that have collected stamp duties from contracts executed but failed to remit same to the account.

Nami disclosed that between January and May this year, a total of ₦66 billion stamp duty fees collected so far has been remitted into the federation account. In addition ₦18billion was generated in 2019 fiscal period.

Giving a breakdown of the ₦66billion, Nami said ₦20billion was remitted by Deposit Money Banks, while ₦39billion collected by the FIRS is warehoused in the CBN.

Nami maintained that the FIRS is prepared to reposition stamp duties as the next major revenue source for Nigeria, as revenue from oil and gas continues to dwindle due to global fall in demand and price, “indirect taxes such as Stamp Duty remain the viable and sustainable alternative revenue source for funding budgetary requirements” he said.

The remaining ₦7.9billion he said represents stamp duty revenue from stamping of various instruments.

He attributed the rise in stamp duty collection to the dynamism triggered by the Finance Act of 2019.

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Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

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The Universal Insurance Plc, National Health Insurance Authority (NHIA), Pension Transitional Arrangement Directorate (PTAD), as well as Rite Foods Limited, will be sponsoring the 2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) on July 8 in Lagos.
NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.
Companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members during the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.
Stories generated from the event will be in the media for over one month.
The Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets, selling eight major lines of insurance, including auto, property and commercial.
Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.
According to Universal Insurance Plc, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”
The National Health Insurance Authority (NHIA) was established under the National Health Insurance Act which was signed into law on 19 May 2022, replacing the National Health Insurance Scheme Act of 1999.
As of today, data shows that about 20 million Nigerians are covered by the scheme.
NHIA offers several benefits, including financial protection against high medical costs, access to quality healthcare services, and a comprehensive benefits package that covers a wide range of medical needs.
Meanwhile, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013 and drawing its mandate from the Pension Reform Act of 2014, PTAD was tasked with consolidating and managing pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme.
PTAD has marked a significant milestone of revolutionising Nigeria’s public sector pension administrative system.
When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices. These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.
At the helm of affairs of the Directorate is the Executive Secretary, Tolulope Abiodun Odunaiya, a dynamic and results-oriented professional with a proven track record of managing complex workflows and consistently driving measurable outcomes. She was appointed to the position in November 2024, by President Bola Ahmed Tinubu.
Rite Foods Limited is the producer of Bigi Drinks, Fearless Energy Drinks, Sosa Fruit Drinks, and Rite and Bigi Sausage Rolls.
The company ably led by managing director/CEO, Mr. Seleem Adegunwa, believes in the power of innovation and its potential to change the recycling business.
As Nigeria’s top food and beverage manufacturer, it said: “we are committed to helping recyclers to adopt cutting-edge techniques to recycling plastic trash, particularly in coastal areas, among other Corporate Social Responsibility (CSR) initiatives.”

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NAICOM Issues New Licenses To SanlamAllianz After Merger

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in Abuja.

Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised the ccommission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.
He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

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Leadway Health HMO Wins Award Again

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Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

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