Reps set to indict 16 banks over non-remittance of N1.5 billion stamp duties

The House of Representatives may indict no fewer than 15 deposit money banks (DMBs) for alleged non-remittance of N1.5 billion to the Federation Account.

Already, the Abubakar Yunusa Ahmad-led Ad-hoc Committee, which probed the infractions, has submitted its report to the House for consideration and adoption.

In its recommendations, it enjoined the Central Bank of Nigeria (CBN) to penalise the banks found culpable of the infractions and be made to pay the amounts they failed to remit from 2015 to date with interests.

The banks and the amounts they failed to remit are, GTBank  (N198.3m); Standard Chartered Bank (N3.6m); CitiBank (N1.8m); Stanbic IBTC (N231m); Zenith Bank (N265.6m); Provident Bank (N646, 650); Fidelity Bank (N33m) and Keystone Bank (N25m).

Others are UBA (N81m); Ecobank (N78.5m); Diamond Bank (N546m); Unity Bank (N40m); Jaiz Bank (N2.4m); Access Bank (N66m); Skye Bank (N11m) and Polaris Bank (N2.9m).

The committee noted that in view of the lack of transparency on the part of most financial institutions, the CBN should strengthen its supervisory roles to ensure that banks report and remit all government revenues correctly and promptly.

It also directed that all banks that failed to disclose full stamp duties collections and remittances when it probed the matter should be further investigated.

The committee also charged financial institutions, especially the Debt Management Bureau (DMB) to remit all collections with respect to government revenue promptly and correctly, and where remittances are not promptly done, the DMBs should be sanctioned.

It added that while emphasis has been on 011 Stamp Duty pursuant to CBN’s Circular of January 2016, other forms of Stamp Duty should be explored to increase government’s revenue base in accordance with provisions of the Stamp Duty Act 2004.