Stamp duty: Reps vow to expose banks over falsified records


The House of Representatives Committee on Public Accounts, has expressed its determination to expose commercial banks who were it the habit of altering stamp duty records f remittances to revenue collecting authorities.

Chairman of the Committee Hon. Oluwole Oke dropped the hint on Wednesday, during an investigative hearing on stamp duty collection and remittances to the Federal Inland Revenue Service (FIRS), by commercial banks authorized to do so.

Addressing participants at the hearing organised to ascertain the duty collections between January 2014 and November 2019, with four of the affected banks appearing, Oke said the committee would ensure that no dime meant for remittance into the federation account is lost.

Responding to the allegations, Chief Operating Officer of United Bank for Africa (UBA), Mr. Taiwo Adeneye, told the committee that the bank collected a total of N16,036,050,224.74 as stamp duty, and remmitted N16,134,277,886.27 to the FIRS, with the shortfall representing the collection fee charged at source, for the period under review.

Also making presentation before the Committee, Mr Osama Saleh, of Jaiz Bank informed the committee that the bank collected  a total of N1,141,525,258:99 as stamp duty between January 2015 to November 2019, explains that the bank was relatively new in the Nigerian banking sector.  

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