N7.7trn stamp duty revenue not accounted for, SBH insists

The School of Banking Honours (SBH) has called on the Federal Government to reverse the N50 stamp duty recently introduced on electronic transfers, insisting that the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) did not remit N7.7 trillion Stamp Duty revenues for two years. Briefing journalists in Lagos, Rector, SBH, Mr Adetola Adekoya, said that the N7.7 trillion represented stamp duty collected by NIBSS on electronic transfers from 2013 to 2014 and impossing another stamp duty amounts to double charge. He said the School of Banking Honours (SBH) was appointed by NIPOST in 2012 to coordinate the collection of the Stamp Duty charge. “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.” “In 2012, NIPOST signed a Master Service agreement with SBH to coordinate collection of Stamp Duty on cash and cashless transactions. The CBN thereafter issued approval and No-Objection letters to SBH , dated November 5 and December 3, 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 4, 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.” Adekoya regretted that 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 he explained further, NIBSS 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. NIBSS is also keeping N70 aggregate increased charges on electronic transfers against CBN directives for such charges to be remitted to government coffers on monthly basis, in CBN approval letters to SBH.