Oppressive bank charges: Stamp duty sef dey inside vanguardngr.com vanguardnews
Although E-banking may have triggered a higher velocity of cash flow, notwithstanding the inherent inflationary threat, it has also become increasingly apparent that millions of bank customers, irrespective of political, ethnic or religious loyalties, are clearly disturbed nationwide, that E-banking is turning out to be an expensive game, in which banks always win, while the seemingly helpless customers are ignored and left to rant and rave in vain, in a one-sided game, in which, they have...
This obvious cash cow of prostrate bank accounts of customers has not escaped the attention of the usual motley cabal of public predators. We may never know who actually pressed the button; however, on 15th January 2016, Nigeria’s Banking Regulator-in-Chief issued a circular directing that, in order to boost Government revenue drive, every bank must begin to deduct N50 stamp duty, on all deposits made into bank accounts, with a value of N1000 and above.
It is notable, that the Revenue Mobilization & Fiscal Allocation Committee , the Accountant General, and NIPOST are reportedly now collaborating to determine what should have accrued in the Stamp Duty Account to date.
The question of interest for all bank customers, from the above narrative, is whether it is N30bn that was collected since 2016 or over N475bn/annum as speculated by NIPOST, how will the total cash, so far collected, be disbursed? Presumably, with the Court of Appeal judgment, the cash sum should, of course, be properly returned to those from whose accounts these funds were picked in the first place.
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