Economy
FIRS, NIPOST Fight on Social Media Over Stamp Duties
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have taken to the social media to trade harsh words at each other over the collection of duties.
The first salvo in the latest round of grievances was fired by the board chairman of NIPOST, Mrs Maimuna Abubukar, who wrote on Twitter that, “I am worried for NIPOST, having sleepless night because of NIPOST, we need the general public to come to our aid, FIRS stole our mandate.”
She alleged further that, “FIRS are (sic) now selling stamps instead of buying from us,” adding that, “FIRS did not only steal our stamps but also our ideas, what NIPOST had worked for since 2016, our documents, patent and sneaked everything into finance bill and tactically removed the name of NIPOST.”
Responding on Tuesday morning, the FIRS, through its Director of Communication and Liaison, Mr Abdullahi Ahmad, in a series of tweets, fired back, saying that “vexed NIPOST Tweet” by Mrs Abubakar was “unfortunate” because she has no distinction between stamp duty and postage stamp.
“Our attention was drawn to the tweet by Mrs Abubakar. Her indecorous tweet would not have deserved any response but for the sensitive nature of the issue at stake, which if not sensibly treated and promptly corrected would likely mislead the public.
“To be sure, NIPOST is a government parastatal established by Decree 41 of 1992 with the function to *develop, promote, and provide adequate and efficiently co-ordinated postal services at reasonable rates*” the FIRS wrote.
Mr Ahmad continued, “This function is clearly contrary to the claim by NIPOST over the administration of stamp duties in Nigeria. On the other hand, the FIRS is the sole agency of got charged with the responsibility of *assessing, collecting, and accounting for all tax types including Stamp Duties*
“It is, therefore, shocking to us that such a privileged young lady who happened to be appointed to high office would throw all caution to the air to cast aspersions on reputable public institutions like the National Assembly and FIRS, which she accused of stealing NIPOST idea.
“This, to say the least, is a preposterous claim and great disservice to the government and people of Nigeria.
“We wish to state categorically that, as an agency which operates within the ambit of the law, FIRS is determined to not only ensure that all monies collected by NIPOST into its illegally operated Stamp Duties Account are fully remitted into the federation account but also make sure that any kobo not accounted for in that account is legally recovered in line with the charge of President Muhammadu Buhari to the recently inaugurated Inter-ministerial committee on the recovery of stamp duties from 2016 till date.
“In addition, anyone found culpable of misappropriating the funds in the said illegal NIPOST Stamp Duties Account would be made to face the law as provisioned by the country’s statute books.
“The public is hereby reminded that we at the FIRS are resolute in our resolve to safeguard national interests and not any personal ego or interest as NIPOST officials appear to carry on lately.”
In conclusion, the FIRS added, “We, therefore, call on right-thinking Nigerians to disregard that ill-advised tweet by Mrs Maimuna Abubakar and allied misinformation being disseminated by NIPOST in relation to Stamp Duties collection, which by law is the responsibility of the FIRS.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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