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.

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

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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