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Financial Services

Access Bank tells customers it’s time to pay accrued stamp duty charges

The charges accrued between February 1st and April 30th, due to ommissions by the tier-1 bank.

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Access Bank tells customers to pay N50Stamp Duty

Access Bank Plc said it recently discovered a mistake in its operations records, whereby stamp duty charges on applicable transactions were not passed on to customers. The omissions occurred between February 1st, 2020, and April 30th, 2020.

The tier-1 bank said it is deeply apologetic for this error. However, all concerned customers are to prepare to pay off the accrued charges.

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According to an email that was sent by Access Bank to its customers over the weekend, the accrued N50 stamp duty charge will be debited from applicable customers’ accounts for remittance to the Central Bank of Nigeria, CBN. Concerned customers were, therefore, advised to keep enough money in their bank accounts in order to accommodate the charge.

“We recently discovered that the charges on applicable transactions carried out between February 1, 2020, and April 30, 2020, were inadvertently not passed on your account. We sincerely apologise for this. 

“However, in compliance with the CBN mandate, we will be required to process the accumulated charges for the said period on your account for remittance to the Central Bank of Nigeria. We request that you fund your account to accommodate this charge,” part of the email from the bank said.

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As the email by Access Bank further explained, the Central Bank of Nigeria requires that a stamp duty charge of N50 be imposed on savings and current account holders for transactions (both deposits and electronic transfers) exceeding N10, 000.

As Nairametrics earlier reported, the N50 stamp duty charge was reviewed in the Federal Government’s latest finance bill which took effect earlier this year. The revision is such that instead of customers would be required to pay the N50 stamp duty only if their deposits or transfers exceed N10,000. This is against an earlier (controversial) practice of imposing a stamp duty of N50 for every deposit/transfer exceeding only N1,000.

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Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

8 Comments

8 Comments

  1. Paul-Umar Ameh

    June 22, 2020 at 9:56 pm

    Access Bank Plc is just trying to pass on the incompetence of the bank to the customers. Was it an oversight as they claim or gross incompetence? It is time we get a lawyer to sue if they as much as touch a single kobo of customers deposits.

  2. Inemesit Akpan

    June 23, 2020 at 6:42 am

    Their excesses is too much. I’m usually charged #100 for stamp duty, imagine. I think it’s high time to move my funds to another genuine bank.

    • Anonymous

      June 23, 2020 at 11:04 am

      We will soon migrate from Access Bank all, Access is not the only bank in Nigeria. They cheat us, steal and pilfer our funds that are in their care without notification or explanation. We are all tired of their excesses and it’s time to move our funds to other banks.

  3. Esther Stephen

    June 23, 2020 at 11:06 am

    We will soon migrate from Access Bank all, Access is not the only bank in Nigeria. They cheat us, steal and pilfer our funds that are in their care without notification or explanation. We are all tired of their excesses and it’s time to move our funds to other banks.

    • Anonymous

      June 23, 2020 at 2:34 pm

      I have replied them not to touch kobo in my account. I am tired of this rubbish in Nigeria.

    • Henrietta otoabasi-akpan

      June 23, 2020 at 3:12 pm

      Thank you all for the very like nature comments. Truly Access bank is not a good place to bank at all. Unfortunately l did not open account with them- l came in with Diamond bank. They sent me the mail of such backlog of bank charges. I have replied them accordingly. I did not take any loan from the bank. So they can now just write me to say l should fund my account for their incompetence. The other day on Facebook, they won the award for the most incompetent bank in Nigeria. I am waiting on their reply. Customers rights should be protected.

  4. Jacob

    June 23, 2020 at 7:10 pm

    And its time for we customers to stop saving money With access bank, i will start saving my money with other banks

  5. Jenny Oke

    June 23, 2020 at 8:45 pm

    It’s a shame. Access bank charges stamp duty on received and sent funds.. so pathetic.. even for a 1000 naira transfer, your account is charged 50 naira stamp duty.

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Financial Services

Stanbic IBTC observes closed period, as directors set to consider H1 results

The directors will also consider a proposal to pay an interim dividend to shareholders.

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Stanbic IBTC

Stanbic IBTC Holdings Plc announced earlier today that its board of directors will meet on Wednesday, July 29, as part of preparations towards the release of the company’s consolidated and separate audited financial statements for half-year 2020. The directors will also consider a proposal to pay the company’s shareholders an interim dividend.

A statement issued by the Stanbic IBTC to the Nigerian Stock Exchange (NSE) noted that the scheduled board meeting is in tandem with guidelines contained in section 1.2 of the NSE’s rules book.

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In the meantime, the bank Hold-Co has already commenced observing its closed period ahead of the release of the half-year financial statements. Specifically, Stanbic IBTC began observing its closed period on June 1st, 2020, the implication being that all insiders and their relatives have been prohibited from trading the company’s shares for more than one month now.

Explore economic research data from Nairametrics on Nairalytics

Note that the Stanbic IBTC’s closed period will continue until the half-year financial statements are released. Part of the statement which was signed by Chidi Okezie (Company Secretary), said:

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“In accordance with the provisions of Section 1.2 of the Rules of The Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE and our Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Wednesday 29 July 2020 at 1:00 pm. The meeting will discuss amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the Half-year ended 30 June 2020 as well as a proposed interim dividend.

READ ALSO: COVID-19: NSE extends time for submission of audited financial statements

“In view of the above, the closed period for the release of half-year results, which commenced on Monday, 01 June 2020 will continue to be in effect until the release of the Company’s Half-year audited financial statements.”

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Recall that the last earnings report that was released by Stanbic IBTC Holdings Plc was for Q1 2020. The unaudited report showed that gross earnings stood at N61.4 billion as against N58.7 billion in Q1 2019, even though interest income for the period declined by 12% year on year to N27.5 billion. Meanwhile, profit for the period stood at N20.6 billion, an increase when compared to N19.2 billion in Q1 2019.

Stanbic IBTC Holdings’ share price closed at N30.25 at the end of today’s trading session on the Nigerian Stock Exchange. Year to date, the stock has declined by nearly -20%.

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Financial Services

Union Bank announces closed period as it readies to release H1 2020 result

Union Bank reported a profit after tax of N6 billion in Q1 2020.

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Union Bank 

Union Bank of Nigeria Plc has informed the Nigerian Stock Exchange (NSE) and other stakeholders about the commencement of its closed period, which will start today and last until 24 hours after the company’s H1 2020 unaudited financials are eventually made available to the public.

A public disclosure that was sent to the NSE also notified stakeholders that Union Bank’s board of directors are set to meet on Thursday, July 23rd, 2020 to deliberate on and approve the half-year financial statements.

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Meanwhile, in view of the closed period, therefore, all directors and employees of the bank, as well as all other insiders, shall be prohibited from buying and selling the bank’s shares on the NSE. This is in compliance with the rule book of the Nigerian bourse.

The statement by Union Bank said:

“In compliance with the NSE Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc (“the Bank”) hereby notifies The Nigerian Stock Exchange (“The Exchange”) and our esteemed stakeholders that the Board of Directors of Union Bank of Nigeria Plc (“the Board”) is scheduled to approve the Unaudited Financial Statements for the half-year period ended 30th June 2020 on Thursday, 23rd July 2020.

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“Consequently, there will be a closed period in respect of which no insider of Union Bank of Nigeria Plc may buy and or sell shares of the Bank from 8th July 2020 to twenty-four (24) hours after the filing of the Unaudited Financial Statements with The Exchange.”

Recall that Union Bank released its Q1 2020 financial statement back in April this year, reporting gross earnings of N43.9 billion for the period; a 16.5% increase from N37.6 billion reported in Q1 2019. In the same vein, profit after tax from continued operations also increased from N4.9 billion in Q1 2019 to N6 billion in Q1 2020.

Union Bank’s stock closed yesterday’s trading session on the Nigerian Stock Exchange at a share price of N5.45. Year to date, the stock has gained by roughly about 10%.

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Financial Services

CBN gives approval for Stirling Trust to start offering cash-in-transit services

Stirling Trust Company Limited specialises in financial services, investment, logistics & human capital management services.

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CBN sandbox operations, Stirling Trust Company Limited

The Central Bank of Nigeria (CBN) has approved Stirling Trust Company Limited’s bid to commence cash-in-transit operations in the country.

The approval, which became effective in April this year, was just recently announced by the apex bank in a circular that was signed by the Director of Currency Operations Department, Ahmed B Umar, and addressed to all deposit money banks as well as all licensed CITs and CPCs in the country.

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READ MORE: Seplat reacts as court orders seizure of Chairman’s assets, shares 

The circular also encouraged all respective stakeholders to “assist” Stirling Trust Company Limited in the discharge of their new duty. The circular said:

“Please be informed that Stirling Trust Company Limited has been granted approval by the Central Bank of Nigeria (CBN) to commence Cash-in-Transit operations in Nigeria with effect from April 23, 2020.

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READ MORE: CBN and other industry stakeholders establish N1 billion Bankers’ Charitable Endowment Fund 

“kindly accord Stirling Trust Company Limited all necessary assistance in the discharge of their functions as Cash-in-Transit service provider.”

Stirling Trust Company Limited, which is a Lagos-based company incorporated in 1989, specialises in financial services, investment, logistics & human capital management services. Following its newest license, the company will now utilise its state-of-the-art armored vehicles (bullion vans) to transport cash across the country. Already, Stirling Trust Company Limited has a notable list of clientele which include First Bank of Nigeria Limited.

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It should be noted that cash-in-transit operation is very critical to the Nigerian economy, as cash needs to be constantly moved around in order to keep the economy running.

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