Abubakar Kure, Cbn, Central Bank Of Nigeria (Cbn), N Abuja, Nigeria Inter-Bank Settlement System (Nıbss) Plc, Nigerian Postal Service (Nıpost)., Supreme Court

Abubakar Kure, Cbn

Stamp Duty Controversy: CBN, NIBSS explain stance to lawmakers - Premium Times Nigeria

Stamp Duty Controversy: CBN, NIBSS explain stance to lawmakers


Stamp Duty Controversy: CBN , NIBSS explain stance to lawmakers

Federal government agencies including the CBN , NIPOST, and the NIBSS Plc have denied withholding stamp duty revenues to the tune of about N20 trillion.

At a House of Representatives hearing on Wednesday, the agencies — all involved in the collection of the duties — only provided details of the revenues gotten from 2016, which they said were collected when the charges on electronic transaction began.

During the committee’s investigative hearing in Abuja, Abubakar Kure, CBN acting director of banking services, said the revenue which he tagged at N35, 240, 916, 338.54 has not been remitted to the federation account.

“What we are saying is, the matter is at the Supreme Court, and it will go either way. So if you share the money among the tiers of government and the court says “return the money”, what will now be done?” he asked.

Mr Kure said CBN had issued circulars to banks indicating the framework for the stamp duty collection.

NIBSS: No stamp duties on electronic charges before 2016

He added that NIBSS’ role is to collate process and remit all duty charges collected by the banks every week and to also “remit all monies collected to NIPOST stamp duties collection account in CBN.”

He also said that from January to February 2017, banks held money they collected from their customers and did not remit at the time.

“There are issues of litigations; some banks refuse to pay because the court had ruled before that NIPOST does not have powers to collect the duties before the act was amended. We would find a solution to some of these,” he said.

Abubakar Ahmad, chairman of the committee, called for action against banks who have failed to remit the stamp duties.

The SBH representative, who gave his name as Olu Bolu, however, insisted the stamp duties were being collected “since the time of Sanusi Lamido Sanusi as CBN governor.”

Read more: Premium Times

INTERVIEW: How CBN, SGF others frustrate efforts to retrieve N20 trillion stamp duty – Consultant - Premium Times NigeriaIn this interview with Abdulaziz Abdulaziz for www.leaks.ng, Tola Adekoya, of the School of Banking Honours, gives an account on how his school first brought the issue of the unremitted N20 trillion stamp duty to the fore and who are those with questions to answer.

CAUGHT ON TAPE: Full Transcript Detailing Frantic Attempts By CBN Gov. Emefiele, Top CBN Officials To Cover-Up Stolen N500bn Pt2 | Sahara Reporters CBN GOV. EMEFIELE: Ahh! ...Ye! I don die now where I go see money. CBN GOV. EMEFIELE: ...and then foreign investor would now begin to panic and take their money out because they would say it would depreciate. CBN GOV. EMEFIELE: Ahhh! ooo! DEPUTY CBN GOV. EDWARD: Exactly, yes. There would be panic in the market and we can’t take this at this stage, at all. We have to get a way out. We are just discussing now in what are the possibilities, what you can do. We will get back to you. CBN GOV. EMEFIELE: Hmmn! cenbank cenbank 😂😂😂 these people want to kill us o🙆🏾‍♂️😞 is it until we die they will stop. cenbank Shame😏

Reps To Investigate CBN, Ministry Of Finance And First BankReps To Investigate CBN , Ministry Of Finance And First Bank. Which House of Representatives - 8th(lame duck) or 9th (yet to be proclaimed into existence) ? Today is 14th of May, fa ! ✋✋✋✋

CBN: no position on crypto technology yet - The Nation NewspaperThe Central Bank of Nigeria ( CBN ) has said it acknowledged the existence and usefulness of crypto technology but hasn't taken any official position on it.

Expert urges CBN to sustain ban on 40 items to promote local productionAn Economist, Mr Rasheed Yusuf, has urged CBN to sustain its ban on 40 items from accessing foreign exchange at the official window to promote their local production and generate more jobs.

Agricultural grant: Reps to investigate Finance Ministry, CBN, First BankThe House of Representatives is to investigate allegations of gross violation of the Public Procurement Act by the Central Bank of Nigeria

CBN spent N2trn to control excess cash in banks - Vanguard NewsTHE Central Bank of Nigeria, CBN , spent N2 trillion to mop up liquidity in the banking system in 2018, up by 42 percent from N1.5 trillion in 201

Nigeria’s domestic debt decline marginally — CBN - Vanguard NewsTHE Central Bank of Nigeria, CBN , yesterday disclosed that the country’s outstanding domestic debt declined by N146 billion to N12. 4 trillion a

NIMASA partners Customs, CBN, others on review of vessels import taxThe Nigerian Maritime Administration and Safety Agency, NIMASA, last week, disclosed that it was currently engaging the Central Bank of Nigeria, CBN ...

Leak of CBN governor’s audio tape done in bad faith – Civil Society coalition – Daily TrustThe purported leakage of an audio of the Governor of Central Bank of Nigeria ( CBN ), Dr Godwin Emefiele, discussing an alleged missing N500bn has been condemned by the Coalition of Civil Society Groups (CCSG), as an act done in bad faith and an attempt to blackmail the CBN governor.

FG incurred N1.799trn domestic debt charges in 2018 — CBN report – Daily TrustThe cost of domestic debt instruments issued by the Federal Government stood at N1.799trillion as at December 2018, representing an increase of N344.21bn or 23.65 per cent, over the N1.455trn at December 2017, the Central Bank of Nigeria Financial Markets Department annual activity report has shown. The report released yesterday said the “increase in the … This amount in debt charges alone, this is not sustainable. Yet, we have customs firs and oil. We need better management of our resources

Write Comment

Thank you for your comment.
Please try again later.

Latest News


16 May 2019, Thursday News

Previous news

Ekiti govt queries ex-labour leaders for allegedly receiving gratification from Fayose - Premium Times Nigeria

Next news

Senate reconsiders, passes social work bill - Premium Times Nigeria
Ekiti govt queries ex-labour leaders for allegedly receiving gratification from Fayose - Premium Times Nigeria Senate reconsiders, passes social work bill - Premium Times Nigeria