• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy Monetary Policy

Emefiele says revenue from stamp duty is N370.7 billion and not N89 trillion

Chike Olisah by Chike Olisah
January 24, 2023
in Monetary Policy
Nigeria’s external reserves falls to 18 months low
Share on FacebookShare on TwitterShare on Linkedin

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has revealed that the total revenue collected as stamp duty on behalf of the Federal Government in 6 years, between 2016 and 2022, is N370.686 billion.

The clarification became necessary following allegations by a member of the House of Representatives, Muhammed Kazaure, who raised an alarm in 2022, claiming that a humongous sum of N89 trillion collected as stamp duty has been allegedly stolen.

The declaration was made by Emefiele on Tuesday in Abuja after the Monetary Policy Committee (MPC) meeting where he maintained that the CBN was not withholding any N89 trillion by collecting N370.686 billion.

RelatedStories

Federal High Court, REA

Stamp Duty: Appeal Court dismisses bid to suspend N579 billion payment to Kasmal Services

January 24, 2025
CBN, forex

Court orders CBN to Pay Kasmal International Services N579 billion with 10% interest over stamp duty dispute

October 11, 2024

What the CBN Governor is saying

  • Emefiele said, “Total assets of all banks are N71 trillion; total deposit in banks is N44 trillion.
  • “From 2016 till date, stamp duty collection has amounted to N370,686 billion.
  • “The Federal Inland Revenue Service has disbursed N226.451 billion of the money to the Federation Account Allocation Committee, while the balance of N144,235 is in the CBN.
  • “The highest collection of the stamp is N71 billion, collected by First Bank.’’

CBN appoints 4 audit firms to investigate unremitted stamp duty

The apex bank boss also pointed out that the CBN had appointed 4 world-class audit firms to go into the books of banks to verify if there was any unremitted stamp duty.

  • He assured, “If there is any uncollected stamp duty, the banks will pay to the last kobo.’’

In case you missed it

  • Recall that sometime last year, a member of the House of Representatives, Muhammed Kazaure, representing Kazaure Roni, Gwiwa, Yankwashi federal constituency of Jigawa state, alleged that N89.09 trillion purportedly realized from deductions by banks as stamp duty charges had been diverted.
  • The lawmaker also alleged that the CBN Governor, Mr. Godwin Emefiele kept another $171 billion in the bank’s private investors’ account as proceeds of stamp duty.
  • However, the presidency dismissed the allegations of misappropriation of Stamp Duty funds leveled against some government agencies, describing it as baseless and misleading.
  • Also, the CBN, described the allegations as shocking and unfounded as the total assets of the entire banking industry were less than the amount being taunted.
  • Following the controversy generated by the allegation, President Muhamadu Buhari was reported to have in June constituted a presidential committee on the recovery of stamp duty from 2015 to date.

Follow us for Breaking News and Market Intelligence.
Tags: Godwin EmefeleStamp duty
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

Federal High Court, REA
Breaking News

Stamp Duty: Appeal Court dismisses bid to suspend N579 billion payment to Kasmal Services

January 24, 2025
CBN, forex
Breaking News

Court orders CBN to Pay Kasmal International Services N579 billion with 10% interest over stamp duty dispute

October 11, 2024
CBN, forex
Financial Services

Stamp duty: CBN objects Kasmal International Services’ suit against disbursement of ‘trillions’ in commercial banks

April 15, 2024
loan program
Financial Services

FG directs banks to deduct 0.375% stamp duty charges on all loans

March 28, 2024
SERAP
Legal & Regulations

Stamp duty: Court refuses to restrain CBN from disbursing ‘trillions’ deposited by commercial banks

March 22, 2024
Bank customers with CBN rise to 57 million in April 2023
Business

Emefiele sues DSS over continuous detention, court to rule on enforcement rights on July 13

June 20, 2023
Next Post
Mafab Communications beats NCC deadline, begins 5G rollout

Mafab Communications beats NCC deadline, begins 5G rollout

Comments 1

  1. Istifanus Dung Dido says:
    January 24, 2023 at 10:43 pm

    Where is he afraid of investigation? I don’t trust him at all.

    Reply

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • FG terminates Levant Construction Ltd’s contract on Benin–Sapele–Warri Road project 
  • FG inaugurates expanded committee to propose building oversight law and address collapse crisis 
  • NITDA signs agreement with Japanese consortium to build Abuja startup hub  

Follow us on social media:

Recent News

FG terminates Levant Construction Ltd’s contract on Benin–Sapele–Warri Road project 

FG terminates Levant Construction Ltd’s contract on Benin–Sapele–Warri Road project 

June 19, 2025
FG inaugurates expanded committee to propose building oversight law and address collapse crisis 

FG inaugurates expanded committee to propose building oversight law and address collapse crisis 

June 19, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 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
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics