Firm accuses CBN, NIBSS of suppressing N7.7trn stamp duty revenue

By Babajide Komolafe
File: Banking hallThe School of Banking Honours (SBH) has accused the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) of suppressing N7.7 trillion Stamp Duty revenues for two years.
The Firm also called for the reversal of introduction of N50 stamp duty on electronic transfers, saying, this amounts to double charge.
File: Banking hall

Meanwhile, Bank customers in Lagos shunned the March 1st ‘No Banking Day’ protest called by the Consumer Advocacy Foundation of Nigeria (CAFON).
The School of Banking Honours (SBH) was appointed by NIPOST in 2012 to coordinate the collection of the Stamp Duty charge.
Briefing journalists in Lagos yesterday, Rector, SBH Mr. Adetola Adekoya,   said that the N7.7 trillion represented stamp duty collected by NIBSS on electronic transfers from 2013 to 2014.
“SBH is alerting the Presidency and all good Nigerians to begin popular action for the recovery of the said N7.7 trillion from NIBSS/CBN into the federation account while payment of agreed commission to SBH is effected”.
He said, “In 2012, NIPOST signed a Master Service agreement with SBH to coordinate collection of Stamp Duty on cash and cashless transactions.  The
CBN thereafter CBN issued approval and No-Objection letters to SBH , dated  5th November  and 3rd December 2012, respectively, to engage banks and other financial institutions on the statutory charge for government (through a two year services agreement signed with NIPOST).
“Furthermore, NIBSS, during a joint press conference with SBH on January 4th 2013, openly promised to support the statutory charges for government, in line with CBN approvals letters to SBH, and was engaged as official sweeping agent on the project immediately
“Quite sadly though, the three year delay by CBN was then utilised by NIBSS to: Introduce new N70 charge on electronic receipts below N500, 000; and increase by 300 percent, charges on electronic receipts above N500, 000.
“Consequently, N IBSS is keeping N70 aggregate increased charges on electronic transfers for 2013 to 2015, against CBN financial inclusion policy, stated in CBN approval letters to SBH. NIBSS is also keeping N70 aggregate increased charges on electronic transfers against CBN directives for such charges to be remitted to government coffers on monthly basis, in CBN approval letters to SBH.
“Additional N50 cashless and other banking receipt being introduced in 2016 is therefore a double charge on bank customers, and must be reversed. Any blame on the increased charges should be therefore directed to CBN and NIBSS and not to government.
“The value of transactions passing through NIBSS on just two electronic products is reported  by CBN at N160 billion daily while some other 18 products have not been captured in the said CBN circular
“Given the above NIBSS was served a Demand Notice by SBH for N7.7 trillion on 10th March 2015, comprising N2.3 trillion (2013), N3.5 trillion (2014) and N1.9 trillion (penalties/interest), while that of 2015 is also outstanding.”

Comments

Post a Comment

Popular posts from this blog

http://www.ibtimes.com/apple-175-iphones-risk-if-fbi-wins-court-victory-2327305

BY  MIKE BROWN Apple's challenge of a court order to unlock an iPhone used by one of the San Bernardino killers opens up a new front in the long-running battle between technology companies and the government over encryption. PHOTO: KENA BETANCUR/AFP/GETTY IMAGES Granting the FBI access to the San Bernardino shooter’s iPhone would set a precedent that could be used “on over 175 phones,” Apple plans to tell the House Judiciary Committee Tuesday. Bruce Sewell, Apple general counsel, will testify in a hearing called “Balancing Americans’ Security and Privacy,” and  Re/code  has released Sewell’s prepared speech ahead of the meeting. Sewell will reference comments from Manhattan district attorney Cyrus Vance, who said in an interview with NPR  that his cyber lab cannot access 175 phones out of a total 670 phones being held. Vance said that he wants Apple to unlock phones “when there is a court order by an independent judge” that proves it is necessary. The FBI want access to
Read more

At Mobile World Congress, Mobility In The Cognitive Era

Image
By Mahmoud Naghshineh, IBM More than 90,000 people will convene at  Mobile World Congress  in Barcelona this week to learn about the latest in mobile tech. Besides checking out the hottest new devices, including the  Internet of Things  (IoT) and wearables, I expect attendees will be talking a lot about how mobility is creating new models for the enterprise, as well as pathways to greater efficiency and growth. We’ll be sharing our unique point of view on how the powerful combination of  cognitive computing  and mobility can serve up insights that change the way professionals and businesses work. We’ve launched more than  100 IBM MobileFirst for iOS apps , which has put  analytics  in the hands of professionals ranging from wealth advisors to flight attendants, first responders, nurses and sellers to help them make better decisions, deliver superior service and delight their customers. Clients are deploying  IBM MobileFirst for iOS  and we’ve seen exciting use cases w
Read more

Age And Ability ... In The Cognitive Era

Image
By Frances West, IBM Our parents and grandparents represent one of the most complex societal and economic challenges facing nations as they struggle with increasing costs of healthcare and decreasing numbers of caregivers. People aged 60 and older currently make up approximately 12 percent of the global population, and by 2050, that number will rise to almost 22 percent, according to the United Nations . The challenge then becomes helping the elderly easily adapt to a technology-driven world, prolong their independence, stay more connected with friends and family, and help manage life’s everyday decisions. As we enter the  cognitive era , we have an incredible opportunity to augment our ability to better understand — and make more informed decisions — about our health, wealth and our overall happiness. Cognitive computing is a fundamentally new way for individuals and organizations to gain knowledge by “hearing” the complexities of natural language, “reading” and analyzing
Read more