Reps query CBN, banks over excess charges on stamp duty

A House of Representatives panel has queried the Central Bank of Nigeria (CBN) and some commercial banks for allegedly charging extra amount out of the approved N50 stamp duty collected on behalf of the government.

The committee on telecommunications chaired by Rep Saheed Akinade-Fijabi (APC, Oyo), said from the available records presented by some of the commercial banks, it appeared they charge N2.5 extra from the approved N50 stamp duty.

At an interactive session with officials of some of the banks, including Skye Bank, Guarantee Trust Bank, Access Bank, Keystone Bank, among others, the panel accused some of the banks of holding back the stamp duty without remitting same to government coffers.


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Thus, the committee demanded details of the stamp duty charges and the remittances made so far to the federation account from January, 2016 to January this year.

“We’re aware that many of the banks charge N52.50k as against the N50.00 directed by the CBN,” the committee chairman said.

He added that GTB sent a statement that all they have collected was N33 million, saying there was need for a comprehensive audit of the collections and remittances to ascertain the true situation.

But the representatives of the banks denied any wrongdoing in the transactions.

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