30 results
- 24 Sept 2023
Stamp Duty Is Revenue Stamp, Not Postage Stamp, LIRS Chief Clarifies
Mr Tokunbo Akande, Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, has clarified the misunderstanding about stamp duty as he maintained that it is a…
- 18 Dec 2019
NIPOST Insists on Collecting Stamp Duty
The collection of stamp duty is the statutory duty of Nigerian Postal Service (NIPOST), as clearly stated in the Stamp Duty Act, according to Bisi Adegbuyi, post master general/ chief executive…
- 12 Sept 2017
SBH Raises Alarm over Non-Remittance N20trillion Deducted as Stamp Duty
Stamp Duty charges on bank transactions believed to have yielded N20trillion have developed wings and School of Banking Honours (SBH) has raised alarm, according to Nation. Federal government through…
- 3 May 2024
Banks to Charge 0.375 Percent Stamp Duty on Loans
Nigerian banks on Thursday announced that they will kick-start the implementation of the stamp duty charge of 0.375 per cent on loans backed by legal mortgages, shares, debentures or bonds. This is…
- 12 May 2020
Nigerians Cry out as Banks Deduct Stamp Duty on Transactions
Banks may have added to the worry of Nigerians who are already struggling to make out a living during the period of COVID-19 crisis as payment of stamp duty takes effect. The Finance Act, 2019…
- 2 Apr 2019
RMAFC to Probe Banks over Stamp Duty Collections
Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has secured the approval of the National Economic Council (NEC) to probe banks over the collection of stamp duties, an investigation has…
- 31 Aug 2009
Nipost Parleys Anco on Stamp Duty Enforcement
The Nipost Implementation and Monitoring Team is liaising with the Association of Nigeria Courier Operators (Anco) on effective implementation of stamp Duty Act by Nipost. The Stamp Duty Act makes it…
- 11 Oct 2024
Court Orders CBN to Pay Kasmal N579Bn for Role in Stamp Duty
Justice Inyang Ekwo of the Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579,130,698,440 with 10 per cent interest per annum for its…
- 5 Oct 2021
FG Rakes in N127.04Bn from Stamp Duty– CITN
Chartered Institute of Nigeria (CITN) said, the federal government (FG) has collected N127.04 billion as revenue from stamp duty between January 2015 and July 2020. It said, stamp Duty is an…
- 24 Jan 2020
Confusion over Whereabouts N20 Trillion Raked in as Stamp Duty
Uba Sani, chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, has said that the over raked in as stamp duty is not with the Central Bank of Nigeria (CBN) as at December…
- 29 Mar 2016
FG to Net N2.5trn from Stamp Duties This Year
Federal government has projected an accrual in excess of N2.5 trillion from payment of Stamp Duties from the financial services industry in 2016 as outlined by the Central Bank of Nigeria. A…
- 10 Dec 2019
Senate Asks CBN to Account for N20Trillion Collected as Stamp Duty
Senate has mandated its Committee on Finance to investigate the non-remittance of over N20 trillion into the Federation Account by Central Bank of Nigeria (CBN), an amount collected as stamp duties…
- 13 Dec 2020
Court Declares Banks’ Stamp Duty Charges Illegal
A Federal High Court in Asaba has declared as unlawful, illegal, null and void the deduction of the sum of N50 as Stamp Duty charges from the accounts of commercial bank customers in the country. The…
- 2 Jul 2020
FIRS Says Rent Agreement, C of O, Others Must Carry Stamp Duty
Federal Inland Revenue Service (FIRS) has said that henceforth, stamp duty will be paid on house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty. Mr Abdullahi Ahmad,…
- 14 Apr 2017
Court Stops NIPOST from Collecting N50 Stamp Duty
The Federal High Court in Abuja, yesterday, stopped the Nigerian Postal Services (NIPOST), from further collecting N50 on stamp duty. The court held that such revenue drive by NIPOST does not enjoy…
- 6 Nov 2019
FG to Rake in N1.5Bn Monthly from Stamp Duty on PoS
Federal Government is to realise at least N1.5 billion monthly from the implementation of N50 stamp duty charges on transactions carried out via Point of Sales (PoS)) terminals. This is based…
- 25 Apr 2019
Reps Probe NIPOST, CBN over Stamp Duties Collections
House of Representatives on Thursday resolved to investigate the Nigerian Postal Services (NIPOST), the Central Bank of Nigeria (CBN) and commercial banks over allegation of unremitted stamp duty…
- 17 Mar 2021
FIRS Dismisses Pantami, Insists NIPOST Not Authorised to Collect Stamp Duty
Federal Inland Revenue Service (FIRS) has maintained that the collection of stamp duty collection in Nigeria was still under its purview. The agency described as false publications in some newspapers…
- 3 Jan 2020
Pantami says It’s Injustice for FIRS to Collect Stamp Duty
Mallam Isa Ali Ibrahim, Pantami, Minister of Communication and Digital Economy, has condemned the move by Federal Inland Revenue Service, FIRS to collect Stamp Duties, saying that the collection…
- 25 Sept 2017
Customers to Sue Banks over Stamp Duty Collections
Stakeholders have called on the Central Bank of Nigeria (CBN) to withdraw its circular mandating banks to collect stamp duties from customers’ bank accounts, stressing that such directive and…
- 28 Jun 2020
Access Bank to Refund Stamp Duty Charges to Customers
Access Bank has offered to reverse the stamp duty charges paid by its customers from February to April. It also said deductions made between Saturday and Sunday would be reversed to customers. In a…
- 14 Aug 2020
Reps Move to Settle FIRS, NIPOST Rift over Stamp Duty
House of Representatives has offered to play the role of a mediator in the ongoing feud between the Nigerian Postal Service (NIPOST) and the Federal Inland Revenue Service (FIRS) over collection of…
- 11 Apr 2019
CBN, NIPOST Defrauding Nigerians with Stamp Duties- NECA
Nigeria Employers’ Consultative Association (NECA) has called on the federal government to impress on the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NIPOST), to respect valid…
- 10 Feb 2016
Stamp Duty, Nigeria’s New Goldmine — NIPOST
The implementation of the stamp duty policy would become a huge revenue base for the country, according to Nigerian Postal Service (NIPOST), NAN reported Tuesday. On January 19, the Federal…
- 13 Nov 2025
Senate Seeks Full Disclosure in Probes Stamp Duty Collections
Senate has requested the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Services (FIRS) to provide detailed information on revenue generated from Stamp Duty payments. Sen. Aliyu Wadada,…
- 19 Feb 2016
Banks Collect, Hold onto Stamp Duty Money- NIPOST
Enoch Ade Ogun, acting post master general /Chief executive officer of Nigerian Postal Service , has said the stamp duty money being collected by commercial banks is not remitted to the federal…
- 7 Jan 2013
Nipost’s N50 Stamp Duty on Bank Transaction Raises Dust
Nigerian Postal Service (Nipost) is introducing N50 stamp duty on every bank transaction that is above N1, 000 in move bound to raise some dusts. Already in the stock market, stockbrokers claim that…
- 24 Jan 2023
Total Revenue from Stamp Duty is N370Bn, Not N89Tr - Emefiele Replies Kazuare
Mr Godwin Emefiele, Central Bank of Nigeria (CBN) governor,says the total revenue collected as stamp duty in six years between 2016 and 2022 is N370,686 billion. A House of Representatives member,…
- 29 May 2020
FIRS Slams N50 Stamp Duty on ATM Printouts, Some WhatsApp Messages
Nigerians will now pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds, according to Federal Inland Revenue Service (FIRS). Muhammad…
- 11 Mar 2021
NIPOST Secures Stamp Duty Collection Right from FIRS
The Federal Government on Thursday declared that the Nigerian Postal Service (NIPOST) is the agency authorised to produce and collect stamp duties in Nigeria. By the latest declaration, NIPOST has…