The sum of N8.788 billion was collected as stamp duties between January 2016 and November 2019 for the Nigerian Postal Services (NIPOST) by Zenith, Jaiz, Standard Chartered and Unity Banks.

The representatives of the commercial banks disclosed this yesterday 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).

The breakdown of the stamp duties collected by the banks revealed that Zenith Bank collected ₦7.4 billion; Jaiz Bank collected ₦137.89 million; Union Bank collected ₦452.529 million while Unity Bank collected ₦616 million during the period under review.

First Bank, Heritage Bank and Sun Trust Bank who also appeared before the committee did not make presentations regarding the details of their stamp duties collection and other things that were demanded by the committee. They, however, appealed for more time to reappear.

The Chairman of the Committee, Wole Oke, directed banks’ chief executives to furnish the committee with comprehensive list of MDAs still operating revenue collection and expenditure accounts with commercial banks in violation of the Treasury Single Account (TSA).

He stated that the Accountant General of the Federation (AGF) during an interative session with the Committee disclosed that only Nigerian National Petroleum Corporation (NNPC) and Joint Admissions Matriculation Board (JAMB) are exempted from the TSA policy.

The chairman also directed the banks to furnish the committee with details concerning their collection of one percent revenue on behalf of contracts during the period under review when they would be appearing in a week’s time.

The committee fingered revenue generating agencies such as Assets Management Corporation of Nigeria (AMCON), Nigerian Deposit Insurance Corporation (NDIC), Nigeria Incentive-Based Risk-Sharing System (NIRSAL), Nigerian Financial Intelligence Unit (NFIU), Nigerian Export Import Bank (NEXIM), Nigerian Collateral Register who appeared to be operating accounts with commercial banks.


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