The Revenue Mobilisation Allocation and Fiscal Commission says it is set to probe 22 commercial banks over stamp duty collections.

In a statement issued by the commission’s spokesman, Mr Ibrahim Mohammed, in Abuja on Sunday, RMAFC said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks from 2000 to 2018.



Mohammed said that RMAFC was the only constitutional body vested with the powers to monitor all revenue accruals into the federation account.

Our correspondent had exclusively reported that the RMAFC had recently secured the approval of the National Economic Council to probe accruals to the Federation Account through stamp duty following dissatisfaction with what the banks had been remitted into the Stamp Duty Account warehoused at the Central Bank of Nigeria.

Mohammed said, “The commercial banks have been deducting the sum of N50 on every deposit with a value of N1, 000 and above since January 2000.

“At the moment, the total sum of N33bn had been realised through the collection of stamp duties which falls far below the expectation of stakeholders. It is expected that at the end of the exercise, over N100bn will be recovered.

“The commission has concluded arrangement to engage the services of reputable forensic audit firms to carry out the probe of the banks. The probe will be comprehensive as it will cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.”

RMAFC said that NIPOST, which is the operator of the Stamp Duty Act, if properly repositioned through appropriate legal and regulatory framework and the introduction of appropriate technology, could generate over N500bn per annum.

The commission, therefore, appealed to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable the postal organisation to expand the economy and attract more revenue to the federation.

In a similar development, RMAFC said that it had also embarked on the reconciliation of signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the commission engage other stakeholders with a view to reducing revenue leakages and enhance remittance into the Federation Account.


The commission solicited the support of stakeholders especially the Department of Petroleum Resources, the Federal Inland Revenue Services and the CBN to enable it succeed in the exercise.

Source:https://punchng.com/rmafc-to-probe-22-banks-over-stamp-duty-collections/

It's about time

Stamp duty deductions has already finished my accounts.

useless people

If I calculate the amount of stamp duty am being charged by FCMB for every money above 1000 deposited in my account, it is enough for me to buy a parcel of full plot of land in Ogun State.
Nigeria is a mad country, this Country needs to be re-colononized.

This stamp duty get as he be cos not all banks deduct it

Fcmb has drained my account with stamp duty

valuedammy:
If I calculate the amount of stamp duty am being charged by FCMB for every money above 1000 deposited in my account, it is enough for me to buy a parcel of full plot of land in Ogun State.
Nigeria is a mad country, this Country needs to be re-colononized.

You will be the first slave to be taken out in chains.

stamp duty scam

FCMB, I hope they punish una. Thieving bank

That's what they do. They also do alot of illegal deductions from different charges and that's where I outsmarted them. At first my friends thought I was crazy but now they all want to do the same too...Forex is bae!!!

I know that zenith bank and gt bank must be there

You guys are just waking up?!
Hope the probe won't be mouth making as usual & at the end ask the banks to give you your own cut.

Anything short of mandating them to make a refund. Is nothing but political talks.

Timekeeper:
I know that zenith bank and gt bank must be there

I don't see any bank free from that exploitation.

valuedammy:
If I calculate the amount of stamp duty am being charged by FCMB for every money above 1000 deposited in my account, it is enough for me to buy a parcel of full plot of land in Ogun State.
Nigeria is a mad country, this Country needs to be re-colononized.

Print your account statement take it to d bank and ask for refund. It works. Then go buy that land.

Why don't you tell them to stop thier ATM card Maintenance charge, every single damn month #50

Very stingy banks, they don't even give sufficient interest rates. D amount of cash needed to get common 10k interest is extremely alarming

Jiang:
Why don't you tell them to stop thier ATM card Maintenance charge

That one is maddening even. My ATM card has expired and I don't feel like renewing it until I feel the need for that and they've ceased the deductions since its expiration in January.

Please probe them...zenith wan kill me with every income I received....every week.....stamp duty charge them call it....

tlops:

Print your account statement take it to d bank and ask for refund. It works. Then go buy that land.

Baddest boy everliveth!

tunwumi:


You will be the first slave to be taken out in chains.

That even better than the bondage you are today.

their probe, their problem

valuedammy:

That even better than the bondage you are today.

Be careful of what you wish for, your wish of been in chains in foreign land might just come true.

All mothers do have them

D probe should start with Zenith Bank pls