‘NIPOST stamp duties account not illegal, opened by CBN’



Nigerian Postal Service (NIPOST) has denied that it is operating an illegal stamp duties account but that it was opened by the Central Bank of Nigeria (CBN).

NIPOST in a statement on Sunday in Abuja drew attention to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account.

According to the postal agency, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.

“We hereby state categorically that the statement is false and was made to misinform and mislead members of the public.

“The account the Director of Communication FIRS made reference to as “illegal” was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account  when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of #50 stamp duties from bank customers accounts.

“The account belongs to the Federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise,” the statement said.

The statement further said, “ Under the extant laws of Nigeria to wit NIPOST Act 2004 provides and vest solely in NIPOST the power to print adhesive postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

“Historically, the Post in Nigeria, just like in the comity of nations, has at different times produced adhesive postage stamps and revenue stamps for the federal government. It is to this end that NIPOST seeks the proper implementation of the Finance Act.

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