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

Nigerian Academy Of Science Inducts First Female President

The Nigerian Academy of Science has inducted a professor of Parasitology/Epidemiology, Ekanem Ikpi Braide, as its 19th President on Thursday. In a statement issued by Oladoyin Odubanjo, the Executive Secretary of the Academy, Braide is the Academy’s first female President in 44 years of existence. It read, “Braide was a member of the national committee that achieved the laudable feat of guinea worm eradication in Nigeria. “She has a rich professional experience as a researcher and an administrator. In July 2010, Professor Braide was honoured by the President of Nigeria with the award of Officer of the Order of the Federal Republic (OFR) for her contribution to disease control in Nigeria. “She was nominated by the Honourable Minister of Health to serve in the Ministerial Expert Advisory Committee on COVID-19 Health Sector Response (MEACoC-HSR). “Professor Braide served as Vice-Chancellor, Cross River University of Technology (CRUTECH) Calabar, Nigeria (2004 to 2009) and as P...
Post a Comment
Read more

NLNG Signs Letter Of Intent On Delayed Gas Expansion Project

The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project. In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo. The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.” Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year. This did not however, materialize. According to the release, the project will have a four to five-year execution time after the signing of the FID. The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company. Oil News AddThis :...
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