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Stamp duty: Reps indict 15 banks, demand sanctions

The House of Representatives on Wednesday indicted 15 banks for alleged no‎n-remittance of over N1.6 billion stamp duty accruals.

The lawmakers also‎ recommended that the indicted banks be sanctioned by the Central Bank of Nigeria (CBN) as a way of strengthening its supervisory roles on the financial institutions.

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The sanction, the report added, would further ensure transparency, as well as accurate and prompt remittance of all government revenues to the Federation Account.

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The indictment followed a unanimous adoption of the report of Abubakar Ahmad-led ad hoc Committee, which investigated the non-remittance of‎ the stamp duty.

The report said the 15 affected banks, as well as the withheld amounts, include GTB, N198.326 million; Zenith Bank, N265.636 million; Stanbic IBTC, N231.095 million; and Diamond Bank, 545.874 million.

Others include Access Bank, N66.092 million; UBA, N81.087 million; Ecobank, N78.527 million and Unity Bank, N40.099 million.

Also affected are Fidelity bank, N32.888 million; Keystone Bank, N24.471 million; Standard Chartered Bank – N3.658 million; Polaris Bank, N2.908 million; and Jaiz Bank, N2.436 million.

The report considered and adopted by the Committee of the Whole recommended that machinery be put in place for the recovery of the money while‎ a further investigation of the banks is ongoing.

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