Firm accuses CBN, NIBSS of suppressing N7.7trn stamp duty revenue

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The School of Banking Honours (SBH) has accused the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) of suppressing N7.7 trillion Stamp Duty revenues for two years. The Firm also called for the reversal of introduction of N50 stamp duty on electronic transfers, saying, this amounts to double charge. File: Banking hall   Meanwhile, Bank customers in Lagos shunned the March 1st ‘No Banking Day’ protest called by the Consumer Advocacy Foundation of Nigeria (CAFON). The School of Banking Honours (SBH) was appointed by NIPOST in 2012 to coordinate the collection of the Stamp Duty charge. Briefing journalists in Lagos yesterday, Rector, SBH Mr. Adetola Adekoya,   said that the N7.7 trillion represented stamp duty collected by NIBSS on electronic transfers from 2013 to 2014. “SBH is alerting the Presidency and all good Nigerians to begin popular action for the recovery of the said N7.7 trillion from NIBSS/CBN into the federation account while payment of agreed commission to SBH is effected”. He said, “In 2012, NIPOST signed a Master Service agreement with SBH to coordinate collection of Stamp Duty on cash and cashless transactions.  The CBN thereafter CBN issued approval and No-Objection letters to SBH , dated  5th November  and 3rd December 2012, respectively, to engage banks and other financial institutions on the statutory charge for government (through a two year services agreement signed with NIPOST). “Furthermore, NIBSS, during a joint press conference with SBH on January 4th 2013, openly promised to support the statutory charges for government, in line with CBN approvals letters to SBH, and was engaged as official sweeping agent on the project immediately “Quite sadly though, the three year delay by CBN was then utilised by NIBSS to: Introduce new N70 charge on electronic receipts below N500, 000; and increase by 300 percent, charges on electronic receipts above N500, 000. “Consequently, N IBSS is keeping N70 aggregate increased charges on electronic transfers for 2013 to 2015, against CBN financial inclusion policy, stated in CBN approval letters to SBH. NIBSS is also keeping N70 aggregate increased charges on electronic transfers against CBN directives for such charges to be remitted to government coffers on monthly basis, in CBN approval letters to SBH. “Additional N50 cashless and other banking receipt being introduced in 2016 is therefore a double charge on bank customers, and must be reversed. Any blame on the increased charges should be therefore directed to CBN and NIBSS and not to government. “The value of transactions passing through NIBSS on just two electronic products is reported  by CBN at N160 billion daily while some other 18 products have not been captured in the said CBN circular “Given the above NIBSS was served a Demand Notice by SBH for N7.7 trillion on 10th March 2015, comprising N2.3 trillion (2013), N3.5 trillion (2014) and N1.9 trillion (penalties/interest), while that of 2015 is also outstanding.”

Source: http://www.vanguardngr.com/2016/03/firm-accuses-cbn-nibss-of-suppressing-n7-7trn-stamp-duty-revenue/

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