Skip to main content

COVID-19: Nigerians Lament Deduction Of “Crazy” Stamp Duties By Banks

Nigerians have condemned the deduction of stamp duties by banks as they battle the economic impacts of Coronavirus.

SaharaReporters gathered that the banks in a series of debit alert messages to their customers, have started to deduct the charges.

According to the banks, the deductions would be cumulative from February and March 2020. 

The United Bank for Africa announced that stamp duty charge would apply on all customers’ savings account from April 1, 2020, few days after donating $14m to the country’s COVID-19 fight.

The bank added that the stamp duty charge was a directive from CBN, which states that all deposits of N10,000 and above are subject to a charge of N50. 

Also, Access Bank, in a message to its customers, said the deduction of the charges would take effect from February 1, 2020, when the Finance Act 2020 came into effect.

According to the Finance Act 2020, N50 charges would be applied on electronic funds transfers or deposits of N10,000 and above. The charges were being deducted from February, with deduction running into thousand of naira for some customers. 

Nigerians have described the stamp duty as a means of impoverishing the people. 

Expressing their anger and grievances on social media, they urged government to reverse the policy.

Miss Zipporah, a Twitter user, revealed that N6,100 was deducted from her account for stamp duty by UBA.

She stated, “I am not popular on Twitter but please retweet this. I woke up this morning to find out that @UBAGroup debited N6,100 from my account. I went to their bank and they said they remove 50 naira for every 10k transaction. I am a businesswoman.

“I have not made sales for three months and the UBA decided to debit me N6,100 in one night. How wicked and evil can UBA group be? You are very wicked.” 

Ayobami, who tweets at @Kallaxy1, cried out after N14,000 was deducted for stamp duty.

“After charging N50 on almost every transaction that I made for stamp duty, @UBAGroup still went ahead to charge N14,000 this morning. Please I need someone to enlighten me about this. Seem to me like UBA is ripping me off,” he tweeted. 

Describing the deduction as daylight robbery, @banadvince117 said, “@UBAGroup, you guys deducted about N900 (50naira x18) between March and April. You're charging N1,100 for March and Feb again...what is stamp duty? I need an explanation.” 

@OpeyemiOsundare, another UBA customer, said, “The rate my money been deducted because of stamp duty fee is too much. Kindly help me out. Almost N1,000 in a month…what nonsense.”

@Prisielebz, an Access Bank customer, said, “I don't understand the debits made by Access Bank on customers’ accounts in the name of stamp duty. What exactly is going on?”

Money News Reports AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 

from All Content
via

Comments

Post a Comment

Popular posts from this blog

The beautiful model Christina Evangeline: age, ethnicity, net worth, husband, baby

The art of modelling is more than merely putting on designer clothes and hitting the runway. It requires a lot of effort, self-care, determination, and an energetic spirit. Christina Evangeline, who is very attractive and beautiful, is a model who dedicated all her energy into this esteemed career. Fame and plenty of public attention came with her job, and she continues to show young women that success does not come overnight. It requires hard work and passion! Image: instagram.com, @yoevangeline Source: Instagram Who is Christina Evangeline ? According to the Christina Evangeline biography, she is a model who is best known for being Kenan Thompson’s wife. Christina was born on the 24th of March 1989 in the United States of America. Currently, Christina Evangeline age is 30 years. Her nationality is American, and she identifies herself as a Christian. Christina Evangeline ethnicity is White, and her Zodiac sign is Aries. Christina Evangeline race is Caucasian. Details of her paren...
Post a Comment
Read more

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

  A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja.  Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...
Post a Comment
Read more

Learn how to clean washing machine in a surprisingly easy way

All machines can break down one day, and your washing machine is no exception. Knowing how to clean washing machine timely and effectively will help you reduce or even avoid additional expenses on servicing. Right now, you will be surprised to discover how easy it is! You do not even need any additional devices to do this except the ones that you already have in your house! Image: pexels.com Source: UGC A washing machine is an essential device in a modern home, but it has its own temper and demands! It reacts to the softness of water and quality of detergents that you use. In separate cases, the frequency and intensiveness of washing cycles can play their part. Now, it is time to discover several simple and cheap methods of cleaning of the essential parts of your little helper, to remove unpleasant odours, mould, and scale. The most important tips: how to clean washing machine How often is it necessary to do this cleaning? What do you think? Specialists insist on once in ...
Post a Comment
Read more