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House Committee Summons Adeosun, Emefiele over N13.4bn Stamp Duty Revenue




The House of Representatives Committee on Telecommunications has summoned the Minister of Finance, Mrs. Kemi Adeosun, Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele and the Post Master General of Nigeria Postal Service (NIPOST), Adebisi Adegbuyi to explain why the over N13billion generated by Stamp Duty charge was not used.

This is just as the committee berated management of Skye Bank Plc over refusal remit the duty collected from March 2016 to the CBN.

Chairman of the Committee, Hon. Saheed Akinade-Fijabi explained that the Adeosun and the CBN Governor would have to explain details of funds accrued to the apex bank in the name of stamp duty charge.

Director of Finance and Investment of NIPOST, Zhigun Shaba Usman had informed the committee that a cumulative amount of N13.4 billion has been deposited to the CBN by the commercial banks.

Although, Usman doubted the credibility of the figure as remitted, as he said NIPOST had concluded arrangement to audit the banks.

According to him, the remittances by the banks increased in geometrical progression after NIPOST announced its intention to audit the accounts.

“We had concluded plans to do what the parliament is doing, as at December 2016, what was collected was N3.4bn But things improve after January 2017, when we decided to place advert calling on credible audit firm to come and edit the banks. From January till date, N10bn has been remitted and 2017 has not ended, so there is an improvement,” he said.

Meanwhile the committee has summoned the management of Skye Bank Plc. to explain why the bank did not remit it’s deductions to the CBN from March 2016.

Representative of the Bank, Mr. Pious Olawoye has disclosed that Skye Bank created a separate account for the deductions due to legal issues between their customers and the CBN on the duty charge.

According to Olatoye, after the January 2016 deduction was remitted to the CBN in February, Skye Bank stopped its remittances to the CBN, pending determination of the legal matters.

“Some of our customers have sued CBN over the legality of the Stamp Duty charge, due to this, we created a separate account and keep further deductions pending determination of the court case. If the case is decided in favour of CBN, we will remit accordingly, and if it is decided against CBN, we will have to refund our customers,” he said.

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