A special panel constituted by the President of the Court of Appeal, Justice Zainab Bulkachuwa, on April 7 heard an appeal filed by 22 commercial banks over an order compelling them to deduct N50 as stamp duty from every transaction worth N1,000 made by their customers.

The suit challenged a judgment of the Federal High Court delivered by Justice C. J. Aneke, which ordered them to remit to the Nigerian Postal Services (NIPOST) through KASMAL International Services Ltd, the sum of N50 as stamp duty on every transaction from N1, 000 and above.

The Peoples Democratic Party (PDP) South West leader, Senator Buruji Kashamu, is the Chairman and Chief Executive, KASMAL.
The five-man panel presided over by Justice Ibrahim Saulawa adjourned the appeal for hearing and for notices to be issued to all parties in the matter.

At the lower court, KASMAL International Services had in a 32-paragraph affidavit deposed to by Kashamu, urged the court to, among others, order the banks to give effect to the Agency Agreement between it and NIPOST (23rd defendant) as well as the Cooperate Agreement between it and the School of Banking Honours (24th defendant) respectively.

The banks include: Access Bank Plc, Citibank Nigeria Limited, Diamond Bank Plc, Ecobank Plc, Enterprise Bank Plc, Fidelity Bank, First Bank Nigeria Plc, First Monument Bank Plc and First Inland Bank Plc.

Others are: Heritage Banking Company Ltd, Mainstreet Bank Ltd, Skye Bank Plc, Stanbic IBTC Bank Ltd, Standard Chartered Bank Plc, Sterling Bank Plc, Union Bank Plc, United Bank of Nigeria Plc, Unity Bank Plc, WEMA Bank Plc, Unity Bank Plc and Zenith Bank Plc.

Hey! No source
Please post the link


Anyway, I think those banks should go ahead to pay the 50 naira
The are very good in deducting people's account for no just cause esp that first bank
Let them feel the pain their customers feel with their continuous exploitation.


Meanwhile, am the 1st to comment for a 2nd time today
Oluwa noni in all things.

Have they been to court before going to appeal?

Chriswazo:
Hey! No source
Please post the link


Anyway, I think those banks should go ahead to pay the 50 naira
The are very good in deducting people's account for no just cause esp that first bank
Let them feel the pain their customers feel with their continuous exploitation.


Meanwhile, am the 1st to comment for a 2nd time today
Oluwa noni in all things.

its from customers money they will deduct..