General
Tenants to Pay 6% Stamp Duty on Tenancy, Lease Agreements
By Adedapo Adesanya
In line with the latest directive by the Federal Inland Revenue Service (FIRS), tenants will now have to pay six per cent stamp duty on all tenancy and lease agreements.
In a notice to landlords and property agents signed by the tax agency’s Director of Communications and Liaison Department, Mr Abdullahi Ahmad, on Wednesday, it said the funds are expected to be remitted by landlords in order not to run afoul of the Stamp Duty Act.
This simply means that the responsibility of collection and remittance falls on the landlord or agent in charge of the property for lease or rent, while the payment is the duty of the tenants.
“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,” Mr Ahmad said.
He added that, “The party making the payment shall have the obligation to account for the applicable stamp duties,” indicating that the tenant shall be the one whose name will reflect as the payer of the stamp duty.
Business Post had reported earlier that the FIRS said that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty.
Other Stamp Duty types and their rates include Appraisement or Valuation of Property, 5 per cent; Certificate of Occupancy and Partnership, N1,000 flat rate; Gift of Land, 1.5 per cent and Legal Mortgage, 0.375 per cent.
Others include; Legal Mortgage (Upstamping), 0.375 per cent; Deed of Conveyance or Transfer on Sale of Property, 1.5 per cent; Memorandum of Understanding (Related to Land, Sales, Joint Venture, Surrender, Subdivision Agreements, 1.5 per cent; Power of Attorney (Irrevocable/Land Related), 1.5 per cent and Sales Agreement, 1.5 per cent.
The Stamp Duties payment is backed by the Stamp Duties Act (SDA) 1939 as amended by numerous Acts and various resolutions contained in the Laws of the Federation of Nigeria. The SDA also provides a list of documents in its schedule and the duty payable on each.
General
2027 Lagos Guber: Sanwo-Olu Endorses Deputy Obafemi Hamzat
By Adedapo Adesanya
The Governor of Lagos State, Mr Babajide Sanwo-Olu, has endorsed his deputy, Mr Obafemi Hamzat, as his preferred candidate for the 2027 governorship election, under the banner of the All Progressives Congress (APC).
Mr Hamzat on Monday declared his intention to run for governor during a closed-door meeting at Lagos House, Marina, attended by members of the State Executive Council, party leaders and members of the Governor’s Advisory Council.
Among those present were former Minister of State for Defence, Mr Musiliu Obanikoro, and former senator, Mr Ganiyu Solomon.
Mr Sanwo-Olu described the endorsement as a consensus decision reached by stakeholders, saying his deputy possesses the experience and competence to lead the state.
“We just received Mr Deputy, who had come with a very powerful delegation of our leaders in the state to inform us of his intention to contest for the seat of the governorship position of the state,” the governor said.
“It was unanimous with all of us to say that Mr Deputy Governor is a man who is fit and well-prepared for this job. He is a man who knows where all the rooms in the house are,” he added.
The governor cited Mr Hamzat’s record in office and their working relationship over the past seven years as reasons for his support, describing him as loyal, committed and prepared for leadership.
“This is a deputy governor that is worth a governor from day one; this is a man that has been built for this job, and we believe that he deserves to be given a chance to go and run this state,” he emphasised.
Mr Sanwo-Olu also linked the political development to President Bola Tinubu’s longstanding influence in Lagos politics.
“We thank our father, our leader, Mr President, who saw the vision… that long run is what is already being manifested here today,” he noted.
He characterised the meeting as a family-style consultation involving party stakeholders and government officials, saying there was broad agreement in support of Mr Hamzat’s aspiration.
“It’s been a very warm family meeting, and at the end of the day, it was unanimous that Mr Deputy Governor is fit, ready, well baked… for this job,” he added.
The endorsement comes more than a year before party primaries are expected. However, political analysts say it suggests early alignment for the ruling party in the commercial capital.
Mr Hamzat is a former Commissioner for Works and Infrastructure in the state and a two-term deputy governor.
General
NECA Urges Stakeholders to Strengthen Psychosocial Work Environments for Sustainable Growth
By Modupe Gbadeyanka
Employers, policymakers, and other key stakeholders have been urged to intensify efforts toward developing and sustaining healthy psychosocial work environments as a critical pathway to improved productivity, employee well-being, and organisational resilience.
This call was made by the Nigeria Employers’ Consultative Association (NECA) in commemoration of the 2026 World Day for Safety and Health at Work, themed Good Psychosocial Working Environments: A Pathway to Thriving Workers and Strong Organisations.
The Director General of NECA, Mr Adewale-Smatt Oyerinde, noted that this year’s theme highlights the growing importance of mental and emotional well-being in the workplace and reinforces the need for a more holistic approach to occupational safety and health.
He further stated that while progress has been made in improving workplace practices, there is a need for sustained and collective action to further strengthen psychosocial conditions in line with evolving global standards, including guidance from the International Labour Organisation (ILO).
“Across sectors, there is increasing recognition that workplace wellbeing extends beyond physical safety. A healthy psychosocial work environment where employees feel valued, supported, and able to perform optimally is essential for organisational effectiveness and long-term sustainability,” the DG said.
He emphasised that psychosocial wellbeing is influenced by how work is structured, managed, and experienced, and encouraged stakeholders to adopt intentional strategies that promote positive work environments. These include clear job roles, manageable workloads, supportive leadership, open communication, and policies that promote work-life balance and inclusion.
“Creating healthy psychosocial work environments requires deliberate and continuous effort. Employers, in particular, play a pivotal role by embedding supportive systems and fostering workplace cultures rooted in trust, respect, and fairness,” he added.
Mr Oyerinde also underscored the importance of strengthening institutional frameworks and workplace practices that support employee well-being, including access to counselling services, employee engagement mechanisms, and transparent organisational policies.
He further referenced the NSITF–NECA Safe Workplace Intervention Project (SWIP) as a practical demonstration of NECA’s commitment to advancing workplace safety through proactive and preventive approaches. The initiative, implemented in collaboration with the Nigeria Social Insurance Trust Fund (NSITF), evolved from the Employees’ Compensation Scheme.
“While the Employees’ Compensation Scheme provides support in cases of workplace incidents, NECA continues to emphasise prevention as the most effective approach to workplace safety. This includes expanding the scope of safety initiatives to address psychosocial risks alongside physical hazards,” he stated.
Through SWIP, NECA, and NSITF, the organisations have supported organisations in strengthening occupational safety and health systems, conducted risk assessments, facilitated stakeholder engagement, and recognised organisations demonstrating strong commitment to safety standards.
Looking ahead, NECA urged all stakeholders to integrate psychosocial risk management into existing workplace safety frameworks, ensuring a more comprehensive and sustainable approach to employee well-being.
As part of activities marking this year’s commemoration, NECA will host a Knowledge Sharing Session on April 30, 2026, themed: “From Compliance to Commitment: Building Sustainable Safety Cultures at Work.” The session will provide a platform for stakeholders to share insights, exchange best practices, and reinforce collective commitment to safer and healthier workplaces.
NECA therefore calls on Employers, Government Institutions, and Social Partners to continue working collaboratively to build work environments that not only drive productivity but also support the dignity, well-being, and full potential of every worker.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
