Court Rules Stamp Duty on Bank Transactions Illegal As CBN Approves New License for Nigerian Payment System

In favor of the people, a Federal High Court sitting in Asaba Delta State has ruled that it’s illegal for banks to charge depositors N50 stamp duty. The ruling delivered on December 9 puts an end to the controversial policy introduced by the Central Bank of Nigeria (CBN) earlier. The presiding Judge, Justice Nnamdi Dimgba said in the verdict that the CBN and all banks should immediately stop further collections of stamp duty fees from Nigerians because the Stamp Duties Act does not have provision for such taxes. “… there was no express provision in the Stamp Duties Act or … Continue reading Court Rules Stamp Duty on Bank Transactions Illegal As CBN Approves New License for Nigerian Payment System