Zenith, Union Bank, others collect N8.788bn stamp duties in 4 years

Some Commercial Banks including Zenith Plc, Union Bank, Jaiz Bank, Standard Chartered Bank and Unity Bank, have collected N 8.788 billion stamp duties from January 2016 to November 2019 for the Nigerian Postal Services (NIPOST).

The Banks released this figure Wednesday when they appeared before the House of Representatives Committee on Public Accounts to provide details on stamp duties collection and bank accounts of Ministries, Departments and Agencies (MDAs).

Accordingly, Zenith Bank has collected N 7. 412 billion, Jaiz Bank collected N137.89 million, Union Bank collected N452.529 million and Unity Bank collected N616 million during the period under review.

However, First Bank, Heritage Bank and Sun Trust Bank also appeared but could not make presentations regarding the transaction details of the collection of stamp duties and other things demanded by the Committee and appealed for more time to reappear.

Addressing the Banks Chief Executives, Chairman of the Committee, Wole Oke, directed them to furnish the Committee with the comprehensive list of MDAs still operating revenue collection and expenditure accounts with commercial banks in violation of the Treasury Single Account (TSA).

The Committee particularly fingered revenue generating agencies such as: Assets Management Corporation of Nigeria; Nigerian Deposit Insurance Corporation; Nigeria Incentive-Based Risk-Sharing System; Nigerian Financial Intelligence Unit;, Nigerian Export Import Bank, and Nigerian Collateral Register, who appear to be operating accounts with Commercial Banks.

Oke stated that the Accountant General of the Federation, during an interactive session with the committee disclosed that only Nigerian National Petroleum Corporation, and Joint Admissions Matriculation Board (JAMB) are exempted from the TSA policy.

He also directed the banks to furnish the Committee with details concerning their collection of 1% revenue on behalf of contracts during the period under review when they would be appearing in one week’s time.