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. 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.

Advertisement

Photo Caption: Yakubu Dogara Speaker of House of Representative 

Check Also

NDIC Harp On Stakeholders Collaboration On Prudential Thresholds, Regulatory Instruments In Financial System Stability

The Nigeria Deposit Insurance Corporation (NDIC), has said for a viable financial system stability to thrive, there need for collaboration from all stakeholders in the domestic economy.