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

16.5.2019

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

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