Stamp Duty: Reps to Fine 16 Banks for Failing to Remit N1.6bn to FG

stamp duty
  • Stamp Duty: Reps to Fine 16 Banks for Failing to Remit N1.6bn to FG

The House of Representatives has said some commercial banks have not been remitting fee generated from stamp duties to the federation account.

A committee set up by the House of Representatives to investigate banks’ activities revealed on Thursday.

The Committee report stated that 16 commercial banks failed to remit a total of N1.6 billion realised from stamp duties into the federation account.

The 16 banks are: Guarantee Trust Bank: N198,326,300, Standard Chartered Bank: N3,658,193, Citi Bank: N1,860,850 and Standard IBTC: N231,094,565

other banks are Zenith Bank: N265,635,650, Providus Bank: N646,650, Fidelity Bank: N32,888,400, Keystone Bank: N24,471,050 and UBA: N81,087,149.

“ECO Bank: N78,527,004, Diamond Bank (Now Access Bank): N545,873,950, Unity Bank: N40,099,100 and Jaiz Bank: N2,436,150

“Access Bank: N66,092,350, Skye Bank: N11,057,700 and Polaris Bank: N2,907,550,” the report said.

The committee, however, requested a further investigation for banks that failed to make full disclosure on stamp duty collections and remittances.

The report also recommended that banks should be penalised and be made to pay with interests, the amounts under remitted for the period under review.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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