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Reps to Probe N20 Trillion ‘Non-Remitted’ Stamp Duty
The House of Representatives has resolved to probe an alleged non-remittance of stamp duty revenue by deposit banks in the country.
The lawmakers paased the resolution after adopting a motion of urgent national importance brought before it by Goni Lawal (APC, Yobe).
The stamp duty is the tax placed on legal documents, usually in the transfer of assets or property.
The house resolution is coming months after an FOI request was sent in July on behalf of LeaksNG to the Central Bank of Nigeria (CBN), Office of the Secretary to the Government of the Federation (OSGF), Nigerian Postal Service (NIPOST), and the Nigeria Inter-Bank Settlement System (NIBSS) PLC.
The information requested were a report of stamp duty remittances by Deposit Money Banks and other financial institutions, the current status of the stamp duty central account domiciled in the CBN, stamp duty revenue remitted to the CBN by NIBSS between 2016 and 2017 and amount of revenue collected by NIPOST between 2010 and 2016.
The lawmakers accused banks and other federal agencies involved in the collection of the fund of “shortchanging the nation”.
Moving the motion, Mr Lawan urged his colleagues to investigate the matter after “efforts by both local and international civil society organizations to get details of the collections have failed.”
He said the Nigeria Postal Service (NIPOST) had in 2014 initiated the stamp duty collection scheme, after which the School Banking Honours (SBH) obtained authorisation of the Central Bank of Nigeria (CBN) to engage the banks and other collection agents.
“But public institutions, including the CBN, Nigeria Interbank Settlement System (NIBSS), NIPOST, among others, have over time failed to remit stamp duty taxes into the federation account running into trillions,” he said.
“While the deductible amount per bank account may seem small, it cumulatively adds up to money in trillions of naira, and must be subjected to the full condition of disclosure and transparency.”
The lawmaker added that such funds, if made available, could have been used for infrastructural development “or at least should have generated some interests in the private accounts where the fund is domiciled.”
Some lawmakers also raised concern over the issue which they said “is in disobedience to the treasury single account (TSA) policy”.
The Speaker Yakubu Dogara, while commenting on the issue said it is unacceptable for the banks to fail to remit the stamp duties to the CBN.
The speaker set up an ad hoc committee to investigate the whereabouts of the fund and report back in four weeks.
Premium Times
World-renowned boxer Anthony Joshua on Monday survived a ghastly road accident in Makun, Ogun State.
Eyewitnesses report that the incident occurred along a busy highway of the Lagos-Ibadan expressway.
The vehicle carrying Joshua, a Lexus Jeep with the number plate, KRD 850 HN, reportedly collided with a stationary truck under circumstances that are still being investigated.
Joshua reportedly sustained minor injuries, while two persons were said to have died on the spot.
Former Vice President Atiku Abubakar has cautioned that any attempt to hurriedly re‑gazette Nigeria’s new tax laws could undermine parliamentary oversight and set a dangerous constitutional precedent.
Atiku’s warning follows public scrutiny over reports that the Tax Reform Acts signed by President Bola Tinubu differ from the versions passed by the National Assembly. Lawmakers, including Abdussamad Dasuki, raised concerns that the alterations could pose serious legal and constitutional risks, noting that they were not backed by any constitutional framework.
In a statement on X, Atiku said the directive to re-gazette the Acts effectively confirms “that the gazetted version of the Tinubu Tax Act does not reflect what was duly passed by the National Assembly,” calling it “a grave constitutional issue.”
He emphasized that under Section 58 of the 1999 Constitution, a bill only becomes law after passage by both chambers, presidential assent, and gazetting.
“Gazetting is merely an administrative act of publication. It does not create, amend, or validate a law,” Atiku said, adding that any post-passage insertion, deletion, or modification without legislative approval constitutes forgery rather than a clerical error.
Atiku further warned that rushing a re-gazetting while legislative investigations are ongoing “undermines parliamentary oversight and sets a dangerous precedent,” stressing that the only lawful approach is “fresh legislative consideration, re-passage by both chambers, fresh presidential assent, and proper gazetting.”
The former vice president clarified that his position is not opposition to tax reform but a defence of constitutional order.
“This is a defence of the integrity of the legislative process and a rejection of any attempt to normalise constitutional breaches through procedural shortcuts,” he said.
The Federal government has denied wrongdoing, insisting the laws will take effect as scheduled on January 1, 2026, while the National Assembly has directed the issuance of Certified True Copies of the Acts to ensure clarity and accuracy.
Barring unforeseen circumstances, the Labour Party (LP) Presidential Candidate in the 2023 elections, Mr. Peter Obi, is set to formally join the African Democratic Congress (ADC) on December 31, 2025.
The development would put to rest months of speculation about where the former Governor of Anambra State would pitch his tent in the coming elections.
Reports claim that Obi would be defecting with serving senators and other lawmakers elected on the platform of the LP, as well as remnants of the Peoples’ Democratic Party (PDP) in the South East region.
Specifically, Obi would be defecting alongside the Senator representing Anambra Central, Victor Umeh; that of Anambra North, Tony Nwoye; Abia South, Enyinnaya Abaribe; PDP chieftain Ben Obi; and members of the Obidient movement in the region.
It is not clear if the Abia State governor, Alex Otti, is part of the planned movement to the ADC.
The governor was recently approached by the PDP to join the party and re-contest his current position in 2027.
Further reports quoted Obi’s spokesperson, Valentine Obienyem, as confirming the planned defection of his boss to the ADC.
“Yes, it is true,” he reportedly said on Sunday.
Senator Umeh said the event would hold in Enugu, adding that it would involve all Obi’s supporters across the South East region.
“They will come from Abia, Anambra, Ebonyi and Imo states to join those in Enugu, where this exercise will hold on 31st December,” he reportedly added.
Sources hinted that Obi, who has not hidden his intention to appear on the ballot in 2027, would contest the presidential ticket of the ADC.
On his part, Chief Chekwas Okorie, reportedly said that the expected formal defection of Obi to the ADC is a healthy development that could reshape the thinking and permutations of the 2027 general elections.
“I imagine that he would be defecting along with most of his associates and followers. I believe that a fortified and strong ADC will add value to the opposition and assuage the general fear of a possible one-party option to Nigerians come 2027. The APC, ADC and possibly the PDP locking horns in the 2027 democratic encounter promises a vibrant and robust electioneering campaign that will provide Nigerians the required options to make informed choices in electing their preferred leaders at all levels. I imagine that the APC leadership will return to the drawing table to map out the strategy to confront the emerging challenge. Nigerians are in interesting times,” Okorie stated.
National President of Njiko Igbo Forum (NIF), Rev Okechukwu Obioha, vouched support for Obi to ensure he reaches the pinnacle of his political career. He, however, cautioned that the ADC should not compromise merit and integrity in the choice of its presidential candidate, stressing that Obi remains the “hope for the restoration of the country on the path of greatness.”
