Access Bank Refunds Stamp Duty Charges

Access Bank Refunds Stamp Duty Charges

Access Bank Refunds Stamp Duty Charges

There has been an uproar since yesterday as many Access Bank’s Customers cry out in reaction to the massive debiting without their prior consent and agreement with the bank. This has led to many reactions and threats by their customers as many have concluded to withdraw from the bank.

Following this, there has been a reconsideration in favor of the customers to refund all the Stamp Duty Charges that took place recently. Of course, this reconsideration aims to rectify the issue at hand in order not to lose their customers who have practically planned on how to withdraw from the bank.

Is it great news? Of course, it is. 

However, if you are affected by the irregular debiting, wait for some time for a refund. You do not need to do anything, just relax and wait.


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Access Bank Refunds Stamp Duty Charges

Access Bank: Irregular Debit and Reasons

Access Bank and the Irregular Debit 

The Nigerian government, in conjunction with the Central Bank of Nigeria, seems to have implemented some rules to condition the citizens to pay some Stamp Duties on all forms of electronic notifications in a bid to acknowledge receipts of funds. This includes SMS and messages on any electronic platform such as emails and Whatsapp messages. Following this, there has been an ongoing random and irregular debit from some Nigerian Banks with the aim of having the citizens pay their taxes. Among the banks that have commenced the implementation of this new development are Access Bank Plc, FCMB, Eco Bank, Zenith Bank, etc.

Access Bank, one of the most popular banks in Nigeria, has raised people’s eyebrows by engaging in random and irregular debiting of some cash from their customers without prior notification. Just recently, almost all Nigerians who have an account with the Bank clamor in anger following the massive debit alert from their Access bank’s account.

However, many customers from Access Bank have reported, with empirical variable demonstrations, the debit notifications, and alert they received with the description, Stamp Duty. Many were debited just once, while others were debited more than twice in a non-specific arrays of amount. These arrays of the debited amounts range from N50, N300, N1000, N2000, N3,500, N31,00 to N100,000.

Access Bank plc

As a result, many Access Bank customers have threatened to withdraw from the Bank, while others have boiled up with anger to sue the bank for such abnormal debiting of their money without their consent. 

Machinep gathers that many Nigerians have regarded this recent abnormal activity as an avenue to regain the 2billion Naira that Access Bank donated to the Federal Government for the fight of the Covid-19. The majority blamed the bank for making a very irrational decision because they could have easily credited their customers by simply sharing the 2billion Naira to their various accounts rather than offering it to the Federal Government who would probably make no rational use of the money.

Reasons for the Irregular Access Bank Debit

Of course, every action has some reasons behind it. But, the justification of the reasons is what matters a lot. Just as the description of the debit alert, the irregular charges was intentionally carried out for the purpose of “Stamp Duty”. In other words, The Nigerian government, in conjunction with the Central Bank of Nigeria, seems to have implemented some rules to have the citizens pay some stamp duties on all forms of electronic notifications in a bid to acknowledge receipts of funds.

This includes SMS and messages on any electronic platform such as emails and Whatsapp messages. Following this, there has been an ongoing random and irregular debit from some Nigerian Banks with the aim of having the citizens pay their taxes. Among the banks that have commenced the implementation of this new development are Access Bank Plc, FCMB, etc.

On a more verified observation, this abnormal activity was championed following a circular that was signed by the Executive  Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami. Part of the circular said:

“Any electronic receipt for, or electronic transfer of, money deposited with any bank or with any banker in any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50.”

“Stamp duty upon receipt (written, printed, or in electronic form) for transactions between corporate bodies or between a corporate body and an individual, group or body of individuals, which amounts to N10,000 and above, shall be denoted by payment of N50 per receipt to the service.”

The FIRS circular also stated that stamp duties will be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs.”

However, if you are among the people affected? Kindly share your story using the comment section.


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Adam Smith & Ayan Rand’s Free Market Economy: A Critical Comparison

Adam Smith & Ayan Rand’s Free Market Economy: A Critical Comparison

Introduction                                                     

The center focus of the free market economy is that the demand and supply chain does not have the government exercising overt control. There is a strong agreement between scholars of this ideology that production should be a thing for private entities.

Definition of Free-market Economy

In definition, a free-market economy is a system where individuals have the freedom to produce goods and services as demanded by the market system with little or no government control. In a free-market structure, those who are willing to take articulated risks to respond to the market demand, offering creative inventions are highly rewarded.

Scholars’ Contribution to Free-market Economy

In contributing to this theory, different scholars have elaborated research works to broaden the scope of its study. Ayn Rand and Adam Smith are very influential among this group and are seen as one of the best crusaders of free-market thinking. Rand is a supporter of Adam Smith’s “Laissez-faire” which means to allow government remove their hands from the market; and rather play the role of a well-meaning government which is to uphold justice, law, and order.

In comparing and contrasting, both Adam Smith and Ayn Rand supported the free-market economy. For Rand, her conception of the inalienable natural rights informed her belief that private property must be protected. While for Smith, private property protections could be overridden given peculiar instances.

From the perspective of Ayn Rand, the role of government is to protect the rights of persons, therefore such – and only such should they do inadequately providing security for the property rights of individuals. She believes that the phrase every “common good” is a “meaningless concept”, she said that man is in a relationship voluntarily.

She was one who held a strong opinion of rationalism being is the only thing capitalism demands of an individual because according to her it is only rational people that get rewarded by capitalism.

The main features of Ayn Rand’s position

  1. Intrinsic; she was a believer in the notion that ‘good’ is inherent in individuals and their actions. Therefore they should be left to exhibit that intrinsic nature
  2. Subjectivism: Ayn Rand viewed all values to originate from man’s consciousness and not some involuntary relationships and actions.
  3. Objectivism: to Rand, good is an evaluation of reality by consciousness. The individual, in taking decision on what is felt to be good, basis opinion on what the conscious reality is.

Rand maintained that no other economic system apart from capitalism {free market} has profited mankind. According to her, the free market is the only morally valid socio-political system that allows people the freedom to act maximizing self-interest.

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Adam Smith Position on Free Market Economy

 Popular for his work, “Wealth of Nations”, Adam Smith opined that the central pillars of the market system are:

  1. Exchange of  processes,
  2. Privatization goods and services
  3. Economic value systems
  4. Self-interest
  5. The invisible hand
  6. Economic role of the producers, consumers, investors, and employees
  7. the sovereignty of the consumer
  8. Profit and rewards
  9. Institutionalizing business
  10. The operating principles of efficiency, productivity, and growth.

For Smith, the father of Economics, the invisible hand speaks of the division of labor and the pursuance of self-interest as the main human motivation. He opined that for the maximization of profit and goods and services, effective and efficient production is gotten through individuals working on the basis of.

Adam Smith emphasized, the sovereignty of the consumer in the free market because they have their purchasing power.

Similarities Between the Free-market Economy Postulations of Adam Smith and Ayn Rand

There is quite an obvious similarity between Adam Smith and Ayn Rand’s ideas on the subject. Some of their similarities are highly to be;

  • Their focus on the running of an economy by individuals and not the government.
  • The two parties so much believe in the ability of individuals to work out things by themselves without any form of interference. To them government meddling in production is a hitch in the economic growth of, not only an individual, but the society as large.

Difference Between Adam Smith and Ayan Rand’s viewpoint

A closer assessment of the postulations of these two scholars will reveal some dissimilarities, even though, to some great extent, they look quite the same on the surface

The difference between the two ideas is that Adam Smith based his argument on individuals building themselves economically and the government continuing to play a diminishing role until there is out rightly no role played by the government.

On the other hand, Ayn Rand dwelt more on negating the efforts of the government towards her citizens economically. She was vehemently stated that the government had nothing to offer economic wise, therefore it should take their hands off the economic life of the state.

In conclusion, the free market encourages that individuals champion the production of goods and services.


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Local Government Revenue Generation: A Critical Assessment

Local Government Revenue Generation: A Critical Assessment

Revenue generation of local government in Nigeria is principally derived from the statutory allocation “a direct share of the local government from the federation account and tax, a compulsory levy imposed by government on individuals and cooperate bodies for the various legitimate functions of the state.

Sources of Revenue

  1. The size of the Local Government Area: when the local government is large in terms of territorial and population size, diverse and rich in revenue resources, it should be allocated rich and adequate sources of revenue which enables it to cope with developmental problems of a large area.
  2. The scope of functions allocated to the local government: where the local government is allocated diverse functions, some of which are large in scope like education, the revenue sources to be provided should correspondingly be large in scope.
  3. The philosophy/policy of the national government on the role of local government towards community development

The local government has two major revenue sources :

  1. External sources of revenue
  2. Internal sources of revenue

External Sources

This refers to statutory revenue allocation, loans, and grants from the federal and state government. The external sources are classified as follows:

  1. Statutory Allocation:  it is the constitutional entitlement of the local government from the federation account.
  2. Loans and other forms of borrowing: the local government can take a loan or borrow from the state (federal government in as much as the procedure for this process is not circumvented.
  3. Grants: it is a financial aid that is given by the federal or state government and other financial institutions to enable it to discharge its donations from outsiders. There are four classes of Grant
  4. Block Grant: it is a financial assistance given by the central or state government to the local government to facilitate the execution of their projects and programs effectively.
  5. Specific Grant: this is budgeted money given to the local government by the state/central government for a specific project or service.
  6. Equalization Grant: this grant is paid as an aid to a less economically privileged local government whose revenue will not be enough to finance and maintain a particular essential service.
  7. Matching Grand: this is a percentage of money given to cover part of the total amount of a project.

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Internal Sources

Internal sources are usually referred to as internally generated revenue within the area of jurisdiction of the local government. They include:

  1. Rate: a rate is a tax levied on an individual person. Rate is an important source of internally generated revenue of the local government. Special rate is generally imposed for priority projects which the local government has inadequate funds to provide.
  2. Fees and charges: these are levies charged by the local government on certain services which it provides.
  3. Earnings and profits: it is the money realized from local government commercial ventures and industries establishment.

Problems of Revenue Generation in the Local Government System

  1. Misappropriation of funds and corruption: these mongo the local government revenue collectors deprive their local governments of a substantial amount of revenue which could have accrued them.
  2. Poverty: the local government revenue generation capacity will be abysmally poor due to people’s taxable capability.
  3. Lack of entrepreneurial and professional skills and training: the management of local government lacks foresight, innovative, and investment skills.

Strategies for enhancing Local Government Revenue Generation Capacity

  1. Good infrastructure: it is a sure criterion for increasing local government revenue generation capacity.
  2. Local government staff motivation: motivation of staff is the willingness to expend energy in order to achieve a goal.
  3. Establishment of profit yielding projects: local government should see it as a matter of necessity to establish projects like housing, agriculture, modern markets.

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The Role of Traditional Institutions in Community Development in Igboland

The Role of Traditional Institutions in Community Development in Igboland

Traditional Institutions

Traditional institutions are as ubiquitous as it is pervasive among political scientists particularly those who have written not only on the internal dynamics of pre-colonial African societies but also on the political transformations of these societies as they attempt to move away from traditionality to modernity.

1. The Traditional Ruler or the Eze

The traditional ruler or ‘Eze’ is an institution that has existed in Ibo societies even in antiquity and one does not need to bend backward over to prove this. The Eze is the titular head of his autonomous community. The ‘Eze’ is also the chief security officer of his domain. The Eze is the chief mobilizer of his people towards the goal of community development. The Eze is expected to be above board by maintaining the highest order of equity and fairness.

2. The Role of the Age Grades and Social Clubs in Community Development

The age-grade system is a very important institution in the social, economic, and public fabric of the Ibo society. The function of the age-grades in Iboland was in the area of maintenance of law and order. The age grades acted as the local police.

3. The Umuada and Community Development; The Case of Umuada Umuduruojiaku

This is a very important organ of government in Iboland which has also contributed immensely to development in the various Ibo communities. The Umuada is collectively of the daughters of the community who are married to either men in the same community or other community if inter kindred marriage is allowed by local customs. The Umuada streamline certain cultural practices and mete out negative sanctions where the established ethos or more of the communities are breached.

4. The Nze N’Ozo titleholders and Community Development

The Nze n’Ozos constitutes a very important organ of Ibo community administration. The holders of this title are the embodiment of truthfulness as they are not expected to break any compromise on things associated with the sanctity of the land. They are therefore vented able instruments in the hands of an Eze as they lend the most trustworthy support in the traditional ruler’s efforts to govern the community.

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5. The Onye Isi Ala

The Onye isi ala was the intermediary between the community and its ancestors. In spite of the incidence of Christianity, these institutions persist till date. It was (and still is) the function of the Onye Isi Ala to consult these deities and appease them when and if certain taboos offensive to the gods have been visited on the land. This way, the Onye Isi Ala contributes to community development by assisting the Eze in the maintenance of sanity in the society.

6. The Community Women Meeting and August Mass Return

The community Women August Meeting is a veritable instrument for both community governance and development. It must be stated that these women meetings which are organized in vertical formation have their crescendo in the general meeting of the entire women of the Autonomous Community. The community women meeting has metamorphosed into an institution of monumental importance in the annals of Ibo societies.

7. The Indirect or Representative Democracy of the Village Square; Ogbako Umunna

Democracy was said to have started among the ancient Greek city-states. Indeed representative democracy is said to have started in the Polis of Athens and in antiquity. The Ibos may never have used the term democracy or representative democracy but it is undeniable that what they practiced at the village square was representative democracy. In the olden days, it was customary for the first sons of each family to meet at the village square, debate, and take important decisions. Indeed the meeting of the Dioparas performed the legislative functions of the community. Issues were thoroughly debated after which decisions are taken by a simple majority of visiting.

Conclusion

In seeking to conclude this foray into the examination of Igbo traditional institutions that have played a role in the community development of the people in Iboland, one can only say that development is an ongoing process that never ends. Development should not be linear and must not be tied to a particular mindset which could have been the result of a particular historical experience that is not related to the exigencies of the contemporary times.

However, Igbo traditional institutions have played a very remarkable role in the development of communities in Igboland. Apparently, every institution has its own function and role as well as limits in every Igbo traditional activity. It is pertinent to highlight that traditional institutions serve as checks and balances among themselves to avoid excessive use of authority.


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