BRATISLAVA:


The people who want to go astray will not listen to you. They will have stories of the UK collecting 90%, and convince Nigerians to part with 10%. You should have allowed them to wallow in their ignorance.

On this thread it has become obvious that many Nigerians who comment on this forum are ignorant story peddlers. They know nothing.

psalmistkakah:

On reaching there, they did not tell us anything like estate value, they only tell us that we are paying #25000 for the LOAs and they ask for for letter of introduction we collected from my dad employee, the original one...in that same #25000 They paid for newspaper publication...within a month it was ready no stress at all...may be it depend on the state..

peacenaija:
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

emmanuelewumi:



You are expected to pay 10% as tax to the government from the assets of a deceased person.

Rich people are smart by transferring their assets to a Trust or using incorporation as part of their Estate Planning strategies.

Talk to First Trustees, United Capital Trustees, Stanbic IBTC Trustees to workout a workable plan for your assets and Estate

ajbf:

You will still pay it.

Many people are talking from the point of ignorance on this platform and they are not ready to learn.

onyechez:

Who told you? Lol, it is a legal process in court, it enacted by the federal government, not only 10% but also 10% of your land property belongs to the federal government , you better wise up, most people in nairaland are ignorant of many things. This is what I told someone last month on nairaland.

BRATISLAVA:


10% is paid when? On which class of assets? By what means?

krisbweezy91:


[s]Do you people know that most of the complaints about charges, that you guys report to CBN actually originates from CBN/the government??

You guys need to stop pretending or having a false assumption about being 'woke' and actually strive to be enlightened. I see a lot of comments under threads like this and shake my head in disbelief.

Nigerians are overly ignorant about the things that affect them and it's terribly sad. That's why they keep channeling their grievances wrongly.[/s]

psalmistkakah:

OK..am not doubting u....but I have first hand info on people that collected their late dad entitlement and they told me nothing of such...I do not understand if is not applicable to late uniform personnel whether retired or still in service before dead.

emmanuelewumi:



Entitlements like pension contributions and gratuities are not subjected to the tax

WoundedLamb:


They retained more than that when you died?

These banks could be terrible sometimes.

BabaOwen:
No, they don't.

Write about it to the CBN, so far the deceased no owe dem any money.

Ijaya123:


Little wonder they spend all their time watching BBNaija and even donate money to evicted housemates for the reasons I still don’t know.

Buhari was right after all, bunch of lazy youths.

Xisnin:

The 10% is for the state and not the bank.
You can't escape it unless you have the deceased ATM card or bank app pin.

peacenaija:
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

emmanuelewumi:



If it is cash asset, it will be deducted at source.


If it is the valuation of assets like houses, shares etc valued at N20 million the family is expected to get N2 million that will be paid to the state government upfront

emmanuelewumi:



Entitlements like pension contributions and gratuities are not subjected to the tax

BRATISLAVA:


What is the difference between pension and gratuity? You seem to know a lot on this. Kindly enlighten us all. This is the first time I'm seeing an educative thread go this far

BRATISLAVA:


I'm yet to see anyone this has happened to on the 11 September 2020. Did it happen that way 10 years ago?

alizma:
Pls when things like this happen, do us a favour by calling the bank's name in capital letter so that everyone will know which bank in Nigeria to avoid. Intact calling the bank name will help solve your problem than you think.
The idea of keeping things in secret is one of the problems we have in this country. You are more of an accomplice than a victim by keeping the identity of an evil organisation or person in secrecy
Just imagine suffering to save 10m and death struck, some set of thieves will sit under the acc to claim 1m that they didn't work for. Tomorrow they will declare profit as if they are hard working to have make such profit.
Executive arm robbers

Zamakas:
I am a staff in probate registrar high court and I ll like to clear the air . D 10% is for d state government not d bank and it's 10% in dis nation. It's to help generate revenue for the government. In Britain I heard it's 90% cos it's assume that the deceased's property is for the government alone.

psalmistkakah:

OK..am not doubting u....but I have first hand info on people that collected their late dad entitlement and they told me nothing of such...I do not understand if is not applicable to late uniform personnel whether retired or still in service before dead.

peacenaija:
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

uvie66:
I concur, name and shame. At least we that are alive can avoid the Bank like a plague.

alizma:

Exactly and that will sink sense into their brain. Even if the policy is set by CBN, by the time people start avoiding some banks because of such policy, they will take the message back to CBN. We cannot reach CBN but they can

psalmistkakah:

OK..am not doubting u....but I have first hand info on people that collected their late dad entitlement and they told me nothing of such...I do not understand if is not applicable to late uniform personnel whether retired or still in service before dead.

emmanuelewumi:


Some organizations give pension and gratuities to the retiring workers.

You pension is your retirement savings managed by pension managers. When you retire, your can opt for annuity or programming withdrawal from your retirement savings account. This will be paid every month, till whenever.

Gratuity on the other hand is a lump sum given to the worker when retiring after spending 10 years, 20 years, 30 years or whichever is applicable.