• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News
Contract staffing in Nigeria Banks, Nigerian Banks, Number of contract staff across Nigerian banks drop by 3,083, biggest in 4 years  

Stamp Duty Probe: Reps act tough, reveal 14 banks are owing N1.5bn

Bamidele Samuel AdesojibyBamidele Samuel Adesoji
4 years ago
in Business News, Company News, Politics
Share on FacebookShare on TwitterShare on Linkedin

About fourteen (14) Nigerian banks will have to cough out the sum of N1.5 billion, being the total sum of under-remitted stamp duty funds owed the Federal Government.

This became necessary after investigations by an ad hoc committee led by Hon. Abubakar Ahmed into the non-remittance of stamp duties revealed that none of the fifteen banks made full disclosure of their collected stamp duties and remittance.

Earlier Development: In 2017, the Nigeria Senate mandated its committee on finance and banking, insurance, and other financial institutions, to investigate alleged N7 trillion non-remittance of stamp duty revenue over the last five years.

Recall that Nairametrics earlier reported that the Central Bank of Nigeria (CBN) recovered over N35 billion from commercial banks, being part of the N20 trillion stamp duty funds that were not remitted.

The CBN‘s Acting Director of Banking Services, Mallam Abubakar Kure, disclosed this last week when he appeared before the House of Representatives Adhoc committee led by Ahmed.

The Defaulting Banks: According to members of the Ad hoc committee, the fifteen defaulting banks, and their respective under-remittances include: Diamond Bank Plc (N545.8m), Access Bank Plc (N66m), Unity Bank Plc (N40m), United Bank for Africa Plc (N81.08m) and Eco Bank (N78.5m).

Others are- Stanbic IBTC Bank (N231m), Zenith Bank Plc (N265.6m), Fidelity Bank Plc (N32.8) Standard Chartered Bank (N3.6m), Citi Bank (N1.8m),  and Keystone Bank (N24.4m), Jaiz Bank (N2.4m),  Skye Bank (N11.05m) and Polaris Bank (N2.90m). The committee stated that all defaulting banks will be penalised.

“All defaulting banks must be made to pay with interests the amount they under-remitted for the period under review. whileBanks that had cases of delayed remittances should be penalized.”

Banks’ Boycott: The lawmakers noted that four of the banks summoned for investigation disregarded the committees summon. As a result, they should expect further scrutiny. According to the committee’s report, the banks that boycotted the investigation and disregarded summon include First City Monument Bank, Wema Bank, and Suntrust Bank.

CBN to the rescue: While the investigation continues, the Ad hoc committee has called on the CBN to strengthen its supervisory activity so as to help in guiding against future fraud such as the one currently being witnessed.

“In view of the apparent lack of transparency on the part of most financial institutions, the Central Bank of Nigeria (CBN) should strengthen its supervisory activity to ensure that Financial institutions  report and remit all government revenues correctly and promptly.”


Download Nairametrics App for breaking news and market intelligence.
   
Tags: e-Stamp DutyHon. Abubakar AhmedStamp dutyStamp Duty in NigeriaStamp duty non-remittance
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Erisco foods could face legal action for customer arrest- FCCPC
  • Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria
  • UNICEF alerts Nigeria on unprecedented diphtheria outbreak, calls for massive vaccination

Follow us on social media:

Recent News

FCCPC, Chioma Egodi, Eriscofoods

Erisco foods could face legal action for customer arrest- FCCPC

September 27, 2023
Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

September 27, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In