Stamp Duties: Reps threaten to arrest bank chiefs over non remittance of trillions to Federation account

May 15th, 2019

By Gift Chapi Odekina

The House of Representatives Ad-hoc Committee probing the alleged non-remittance of trillions of Naira in stamp duties by commercial banks and other corporate entities on Wednesday opened up investigations into the matter.

Speaker of the House Hon.Yakubu Dogara who declared the hearing open said that the budget office of the federation recently stated that the amount of non-remitted funds at by these corporate entities stood at N2.8 trillion.
He informed that the investigative hearing is to support the present administration of the All Progressives Congress APC to fight corruption by public officials.
In his opening remarks, Chairman of the Ad-hoc Committee Hon.Abubakar Yunusa Ahmad said that the Committee had noted the complicit illegality of the Central Bank of Nigeria CBN, Interbank Settlement System, Nigeria Customs Service and Inter Bank Settlement System among others.
He noted that stamp duties are deducted by banks and postal service agencies for documents and transfer of funds.

However, the Committee chairman after receiving representatives of the banks at the hearing noted that the banks failed to send their chief executives as requested of them.
He threatened to issue warrant of arrest should these bank executives fail to honour the Committee’s invitation on the matter.
Other members of the Committee notably Hon.Danburam Abubakar Nuhu( PDP, Kano) and Hon Adekunle Akinlade (Ogun, APM) said that the hearing should be rescheduled for these bank chief executives to appear.
The Committee chairman who insisted on the appearance of the invited CEOs said that they are expected to swear an oath which none of the representatives can do for them.
He however took some briefings from some of the bank representatives that made appearances at the investigative hearing

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