Firm Accuses CBN, NIBSS of Suppressing N7.7trillion Stamp Duty Revenue for Two Years

The School of Banking Honours, SBH, has accused the Central Bank of Nigeria, CBN, and the Nigeria Interbank Settlement System, NIBS, of suppressing N7.7 trillion Stamp Duty revenues for two years.

The SBH also called for the reversal of introduction of N50 stamp duty on electronic transfers, stating that this amounts to double charge.

The School of Banking Honours was appointed by NIPOST in 2012 to coordinate the collection of the Stamp Duty charge.

Rector, SBH Adetola Adekoya, who briefed newsmen in Lagos on Wednesday, March 2,said that the N7.7 trillion represented stamp duty collected by NIBSS on electronic transfers from 2013 to 2014.

“SBH is alerting the Presidency and all good Nigerians to begin popular action for the recovery of the said N7.7 trillion from NIBSS/CBN into the federation account while payment of agreed commission to SBH is effected”.

He said, “In 2012, NIPOST signed a Master Service agreement with SBH to coordinate collection of Stamp Duty on cash and cashless transactions.

The CBN thereafter CBN issued approval and No-Objection letters to SBH , dated 5th November and 3rd December 2012, respectively, to engage banks and other financial institutions on the statutory charge for government (through a two year services agreement signed with NIPOST).

“Furthermore, NIBSS, during a joint press conference with SBH on January 4th 2013, openly promised to support the statutory charges for government, in line with CBN approvals letters to SBH, and was engaged as official sweeping agent on the project immediately .

“Quite sadly though, the three year delay by CBN was then utilised by NIBSS to: Introduce new N70 charge on electronic receipts below N500, 000; and increase by 300 percent, charges on electronic receipts above N500, 000.

“Consequently, N IBSS is keeping N70 aggregate increased charges on electronic transfers for 2013 to 2015, against CBN financial inclusion policy, stated in CBN approval letters to SBH.