Nigeria government is to receive a 7.5 percent Value Added Tax on Cryptocurrency transactions from users registered in the country from July 8, 2024.

A popular cryptocurrency platform, KuCoin disclosed this in a recent email notice to users in Nigeria.

“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria.

“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”

According to official data, cryptocurrency transaction volume is $59 billion yearly.

Meanwhile, Ray Youssef, director of NoOnes, a cryptocurrency platform said peer-to-peer business is worth $500 billion.

In February 2024, the Governor of the Central Bank of Nigeria, Olayemi Cardoso raised the alarm that a suspicious $26 billion was funneled through Binance without a trace.

Some bandits who kidnapped a Kaduna State female judge and her four children were reported to have killed the eldest son while threatening to kill the other children if the ransom demanded was not paid.

The Chief Executive Officer of the House of Justice, Gloria Ballason, who disclosed this in a statement on Wednesday, condemned the abduction of the Customary Court judge, Janet Galadima, and her four children as well as the “murder of her 14-year-old son by the terrorists.”

Ballason said Galadima was abducted on the night of Sunday 23 June 2024 along with her four sons at their residence in the state by the hoodlums while her husband, a medical doctor, was away on duty.

“The abductors reported to have been about fifteen, took their captives hostage and demanded a huge sum as ransom. On Tuesday 2 July 2024, the terrorists shot dead the 14-year first son of the Judge when the ransom demanded could not be obtained,” she said. 

Ballason, a human rights lawyer, described the murder of Victor, the 14-year-old son of the judge as “grisly and blood-curdling”, stating that no parent deserved the horror of watching their child being killed in such a cold, callous manner.

She called on the Nigerian security agencies, the governor of Kaduna State, the Nigeria Bar Association, and the judiciary to protect the lives of Galadima and her children and ensure justice is served.

Meanwhile, the state chapter of the Nigeria Medical Association in a statement issued by its Public Relations Officer, Dr Shuaibu Joga, condemned the development and urged the security agencies to rise to the occasion.

The statement read, “Following the incident, we visited the husband and interacted with him and he informed us that the kidnappers had made a demand of N300 million to secure their release. While the security agencies had been informed and negotiations with the kidnappers were ongoing, we received the shocking news today that the first son was killed to force payment of the said sum.

“In response, we are calling for an emergency SEC meeting today and a press conference to further call on the authorities to expedite action on securing their immediate release and also the release of our other doctor kidnapped 6 months ago.

“We call for calm from members and request all to stay safe while we engage the necessary security organs to end this needless wanton evil.”

A family source said the kidnappers who initially demanded a ransom of N300m later reduced to amount to N298m to secure the release of the abducted judge and their remaining children.

“The wife and 4 children of Dr. Musa Gimba Dutse were kidnapped on 23/06/24 from his residence in Kaduna while he was away in Kano for an official assignment.

“Security agencies were duly informed after the incident with kidnappers initially demanding N300 million (they reduced it to N298 million) to secure their release. While negotiations were ongoing, the kidnappers murdered Dr. Musa’s eldest son Victor (14yrs) on July 2, 2024, to force payment of the ransom,” he said.

As of the time of filing this report, there was no official statement from the state government or the state police command.

When contacted on the telephone, the Command’s Police Public Relations, Mansir Hassan, could not be reached as the line indicated “busy” and a text message sent by our correspondent was not responded to.

A Ghanaian chef, Ebenezer Smith, popularly known as Chef Smith, has been arrested and detained for fabricating a Guinness World Record for the longest cooking marathon by an individual.

Smith, at a press conference on Tuesday, announced himself on social media as the new world record holder for a purported 820-hour 25-minute cook-a-thon, from February 1, 2024 to March 6, 2024.

The Public Relations Executive for Guinness World Record, Alina Polianskaya, refuted the claims made by Smith in an interview with the BBC, saying, “No, this is not true at all. He does not hold the GWR title, and that is not our certificate.

“The current and true record for the longest cooking marathon (individual) is 119hr 57 min 16 sec and was achieved by Alan Fisher (Ireland) in Matsue, Shimane, Japan, from 28 September to 3 October 2023,” he added.

DAILY POST recalls that Irish chef Alan Fisher is the current record holder for the longest cooking hours, having clocked in 119 hours and 57 minutes, surpassing Nigerian chef, Hilda Baci.

A newly constructed two-storey building has collapsed at No 12 Cameroun Street off Ewenla in the Mushin area of Lagos State.

DAILY POST gathered that the incident occurred on Wednesday following the torrential rain which has triggered floods in many parts of the state.

The state emergency management agency, LASEMA confirmed the ugly development, saying at least seven persons were rescued and rushed to hospital.

The Permanent Secretary of LASEMA, Dr Olufemi Oke-Osanyintolu, told journalists that three females and four males were rescued.

According to the Agency, the rescue team “have searched the rubble and can confirm that there is no victim underneath the collapsed building. The area had been cordoned off”.

Former President Olusegun Obasanjo has disclosed that the issue of releasing Nnamdi Kanu was not part of his discussion with the South East governors in Enugu State, on Tuesday.

The former President and Chief Emeka Anyaoku met with the governors on their own invitation to discuss regional development issues, and the purported plan release of Kanu by the federal government was not part of it.

A release by his Special Assistant on Media, Kehinde Akinyemi, on Wednesday, stated that the regional development issues include that of security and infrastructure.

Others were economic and cooperative/collaboration, which was meant to complement the national economic development agenda.

“The meeting with them was at my invitation and Chief Emeka Anyaoku before their summit begins.

“The issue of Nnamdi Kanu was not on the agenda and was not discussed in my presence,” Obasanjo was quoted as having said.

Kenya’s President William Ruto has directed a review of the proposed pay increase for politicians, recommended by the Salaries and Remuneration Commission (SRC).

The SRC’s proposal, announced earlier this week, suggested a 2-5% pay rise for all state officials, including politicians.

The recommendation sparked widespread criticism from Kenyans, who feel that the country’s financial constraints make it an inopportune time for politicians to receive a pay hike.

The public backlash prompted President Ruto to intervene, ordering a review of the proposal to ensure that it aligns with the country’s economic realities.

On Tuesday, Samuel Njoroge, clerk of the country’s National Assembly, told the People Daily newspaper that the SRC’s recommendation could not be overturned as it affected all state officers.

“The changes are normal salary reviews or increments in any organisation,” he was quoted as saying.

But Mr Ruto has asked the treasury to review the notice.

“The president has emphasised that this is a time, more than ever before, for the executive and all arms of the government to live within their means,” a statement by his spokesman said.

The Christian Association of Nigeria, CAN has called on Nigerians to stand strong against terror.

This is following the recent suicide attacks in Gwoza, Borno, northeast Nigeria.

CAN, in a statement signed by Archbishop Daniel Okoh, its President, said it was deeply worried by the recent suicide attacks.

DAILY POST reports that the incident has claimed numerous lives and injured many others.

“We are concerned about the resurgence of suicide bombing in our country and the threat it poses to the lives and livelihoods of Nigerians,” the association said.

“This senseless act of violence is a stark reminder of the evil that terrorism represents, and the need for collective action to defeat it.

“We commend the security agents who have been working tirelessly to contain the threat of terrorism in our country. We encourage them not to relent in their efforts, as every necessary intervention is welcome to prevent a relapse into the dark days of suicide attacks. We must not let down our guards, as the situation could escalate and affect not only innocent lives but also worship centers and other large gatherings.

“The attacks in Gwoza are a stark reminder that terrorism is a threat to our collective humanity. Innocent lives were lost, and it could have been anyone – a family member, a friend, or a neighbour. We must come together to condemn this evil and support the efforts of our security agents to keep us safe.

“We call on the government to intensify efforts to ensure the security and safety of all citizens, particularly in vulnerable regions. We also urge religious leaders and Nigerians to unite against terrorism and violence, promoting peace, love, and harmony.

“We pray for divine comfort and intervention in this difficult time. May God grant the families of the victims the fortitude to bear their loss, and may we all remain united in our quest for peace and security. We will continue to support the efforts of our security agents and work together to build a safer and more peaceful Nigeria for all.

“Let us remember that we are not alone in this fight against terrorism. We stand in solidarity with all those who have been affected by this evil, and we will continue to work together to ensure that it does not prevail. May the souls of the departed rest in peace, and may God bless Nigeria and keep us safe.”

Senior Advocate of Nigeria, Olisa Agbakoba, has warned that a "hunger riot" may soon erupt in Nigeria if the Federal Government does not take swift action. Speaking to journalists on Tuesday at his office in Ikoyi, Lagos, Agbakoba highlighted the extreme poverty that has left many Nigerians unable to afford basic food.

Despite Nigeria's vast oil and gas resources, Agbakoba noted that these have been largely controlled by foreign interests, leaving the local population in dire straits. He cautioned that if the government fails to address this issue, widespread protests could ensue, with people potentially resorting to theft in broad daylight to feed themselves.

"Hunger riots can occur anytime in Nigeria," Agbakoba stated, urging President Tinubu to restructure his cabinet and reduce the cost of governance. He argued that the current size of the cabinet, with over 40 ministers, is excessive and should be trimmed to no more than 20 ministries.

Agbakoba also recommended scrapping some government agencies and expanding the tax net, particularly targeting multinational oil companies accused of tax evasion. "Don’t increase taxes, just expand the tax net and go after defaulting IOCs," he advised.

The legal practitioner's warning comes amid rising food inflation in Nigeria, which hit 40.66 percent in May 2024. This marks a significant increase from 25.25 percent in June 2023, according to the latest Consumer Price Index and Inflation report by the National Bureau of Statistics (NBS). The report also noted that headline inflation climbed to 33.95 percent in May, up from 33.69 percent in April, reaching a 28-year high since March 1996 due to soaring food and transport prices.

Agbakoba emphasized the urgency of taking decisive actions to prevent the looming hunger riot and alleviate the economic hardship faced by many Nigerians.