General
6% Stamp Duty: Landlords Should Not Increase Rent—FIRS
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) has said the new tax regulations on rents and leases should not be any basis for increment by landlords because they are not collection agents.
This was disclosed in a statement by Mr Abdullahi Ismaila Ahmad, the director of FIRS communications and liaison department.
In the notice, he quoted the Executive Chairman of the tax agency, Mr Muhammad Nami, as saying in an interview on Nigeria Info in Abuja that rents should not be raised because of the stamp duty charge.
The FIRS chief explained that tenants would be the parties to remit the applicable stamp duty at any commercial bank of their choice, not to any landlord.
He said, “The stamp duty is charged at graduated rates. Stamp duty on rent or lease from one year to less than seven years is 0.78 per cent. If your rent is N100,000, stamp duty due on it is N780. Your stamp duty could be as low as N200 or N300 if you live in a room and parlour or in the village where rent is low.
“If you can afford to pay your rent between seven to 21 years, your stamp duty is three per cent on the rent. If you can afford to pay rent at once from 21 years and above, the stamp duty due is six per cent, which is very rare but we created room for it because some renters prefer long leases.
“Once you’ve reached an agreement with your landlord on the amount to pay for your rent of less than seven years, you should calculate 0.78 per cent of the amount, go to a nearby bank and ask to pay the 0.78 per cent into the stamp duty account. Collect the teller and tender it to your landlord to legalise your transaction with him or her.
“It is the responsibility of the landlord before he or she issues a receipt or sign a rent or lease agreement with a tenant to make sure that the tenant presents evidence of stamp duty payment.
“A landlord that does not insist on evidence of stamp duty payment will bear the cost of the stamp duty if the FIRS eventually finds out. You do not pay stamp duty on your own residential accommodation if you are the owner of the property even if you live in a 10-storey building.”
Mr Nami added that with the execution of the 2019 finance act, 60 per cent of taxpayers, including small and micro enterprises (SMEs), were exempted from paying tax because only companies which make up to N25 million turnover now pay tax or collect value-added tax (VAT).
“This has, therefore, relieved millions of Nigerians and SMEs, including many businesses impacted by COVID-19, of their tax obligations to the government, which is a form of long-term tax palliative to them even before the pandemic,” he added.
The FIRS chairman explained that the COVID-19 pandemic and the resultant economic downturn has made it necessary for the government to close tax loopholes in order to fund the budget, provide needed public infrastructure and meet overhead cost like salary payment at federal, state and local government levels.
General
Nigeria Targets Housing Gap with Technology-Led China Partnership
By Adedapo Adesanya
The federal government is advancing a partnership with China aimed at accelerating affordable housing delivery and closing Nigeria’s widening housing gap through technology-driven and scalable solutions.
This followed a technical study tour to Guangzhou led by the director general and global liaison of the Nigeria-China Strategic Partnership, Mr Joseph Tegbe, alongside a delegation from Family Homes Funds Limited, the office stated in a statement on Monday.
According to the agency, the delegation included the managing director, Mr Abdul Mutallab Mukhtar, and the executive director of Operations, Mr Emeka Henry Inegbu.
The engagement focused on unlocking strategic partnerships to integrate modular and prefabricated housing technologies into Nigeria’s construction ecosystem—an approach expected to significantly reduce building costs, shorten delivery timelines, and improve quality at scale.
With Nigeria’s housing deficit estimated in the millions, the federal government is increasingly prioritising industrialised construction methods and international collaboration to drive sustainable housing delivery.
Discussions also explored potential partnerships with leading engineering, procurement, and construction (EPC) firms to strengthen execution capacity for large-scale social housing projects.
The delegation also engaged prospective financing partners to mobilise long-term capital required to fund affordable housing initiatives and expand access for low- and middle-income earners.
The agency said the meetings were facilitated by Joerno Conceptions Limited and the E-Link Group in China. The engagements were further strengthened through the cooperation of Zou Gang, the executive deputy director of the China-Africa Economic and Trade Enterprises Working Committee, underscoring the depth of institutional collaboration supporting the initiative.
The firm noted that the move signals a shift toward results-oriented bilateral engagement, where technical expertise, capital mobilisation, and policy alignment converge to deliver measurable outcomes.
“By leveraging China’s advanced construction capabilities to meet Nigeria’s urgent housing needs, the partnership is positioned not only to expand access to affordable homes but also to stimulate job creation, strengthen local value chains, and enhance urban resilience,” it said.
General
Lagos Signs 60MW Power Purchase Deals with Fenchurch, Mainland Power, Viathan
By Adedapo Adesanya
The Lagos State Government has signed Power Purchase Agreements (PPA) with three firms- Fenchurch Power, Mainland Power, and Viathan for about 60MW of generation.
Governor Babajide Sanwo-Olu, in a statement, noted that plans to scale capacity to 200–400MW within two to three years through market-driven investments under the Lagos State Electricity Law 2024, aligned with the Nigerian Electricity Act.
He noted that the agreements were executed on behalf of the state by Mr Abiodun Ogunleye, the state’s commissioner for Energy and Mineral Resources, alongside representatives of the three firms at Lagos House, Marina.
According to Mr Sanwo-Olu, the signing of three power purchase agreements is designed to build on existing capacity and address what has not been working.
He said Fenchurch Power will support the state’s major water facilities in Adiyan and Iju, while Mainland Power will continue serving Ikeja, Oshodi, and Anthony, with room for expansion.
“Viathan will maintain a stable power supply to key facilities on the Island as we strengthen its integration with the distribution network,” he said.
The Governor insisted that the government will no longer pay for power that is not delivered, explaining that the commercial capital has updated those agreements to reflect current market realities.
“Payments are now tied to actual, metered supply, helping the government to reduce waste and manage costs more effectively,” he added.
He emphasised that the agreement means more reliable power for public infrastructure, better use of state resources, and a clear path to scale capacity over the next few years.
On his part, the Commissioner for Energy and Mineral Resources, Mr Ogunleye, stated that development is an attempt to expand generation and revive dormant assets to support a sustainable energy supply.
He noted that the power companies at the moment operate a combined generating capacity of about 60MW and plan to scale up to between 200MW and 400MW within two to three years through market-based investments rather than public spending.
Providing a further breakdown of the network, Mr Ogunleye revealed that Mainland Power, with an installed capacity of 8.8MW, located in the Ikeja GRA axis, has a contracted capacity of 5.8MW, supplying power to strategic public facilities, including the Lagos State University Teaching Hospital and other substations within the state’s network.
He also noted that the Akute Independent Power Plant, now operated by Fenchurch Power, has a contracted capacity of 26MW and is being repositioned as a major energy hub.
The commissioner said the plant, which had been dormant for about five years, is undergoing rehabilitation and upgrades under a long-term operational agreement and is expected to serve surrounding communities, including Adiyan Water Works.
Viathan Engineering, according to him, is expected to service the Island/Lekki corridor, overseeing the Peninsula Integrated Power Project with a combined installed capacity of 21MW — 6MW in Lekki and 15MW in Marina.
Both facilities are expected to supply electricity to major government and health facilities, including Lagos Government House, Lagos Island General Hospital, and Lagos Island Maternity Hospital.
General
Dangote Refinery Expansion to Generate 95,000 Jobs
By Adedapo Adesanya
African businessman and the President of the Dangote Group, Mr Aliko Dangote, has announced that the planned expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers.
According to a statement by the firm, Mr Dangote disclosed this on Saturday in Lagos during his induction as an honorary fellow of the Nigerian Academy of Engineering, describing the project as a major milestone in Nigeria’s industrial transformation.
According to him, the expansion underscores the group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.
“This award is particularly meaningful because it recognises what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Mr Dangote said.
Mr Dangote said that upon completion, the expanded refinery will surpass the Jamnagar refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.
Mr Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the group’s long-term vision for industrialisation in Nigeria and across Africa.
Beyond employment generation, the refinery said the expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain.
It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.
“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Mr Dangote stated.
In his remarks, the President of the Nigerian Academy of Engineering, Prof Rahamon Bello, described the honour as well-deserved, noting that Dangote’s impact transcends physical infrastructure.
“What makes this recognition fitting is not only what has been built but also what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.
Recall that recently, the company announced phases to expand its operations and grow its turnover to $100 billion by 2030, with new venture interests, including ports, pipelines, data centres, and mining.
Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day and boosting its fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum.
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