Messy N89trn Stamp Duty Scandal: NIPOST Disowns CBN, Others Over Collected Revenue

Recently, a member of the House of Representatives from Jigawa State, Hon. Mohammed Gudaji Kazaure, alleged that a whooping N89trn collected as NIPOST Stamp Duties by the Central Bank of Nigeria, CBN, is missing.

Kazaure, in media chats with Brekete family, a Nigerian human rights radio, and BBC claimed that the duties were diverted by some top functionaries in President Muhammadu Buhari’s government.

The federal lawmaker, a member of a presidential committee tasked with investigating the deposit and withdrawal charges for stamp duty since 2013, said they found out that the Apex Bank collected more than N80trn, adding that the amount (they alleged) is ‘even’ overstated.

He accused the Governor of CBN and “those who put him there”, and some who he gives dollars at the price of the government to sell and make a profit, and some who he said are benefiting the government – among those who are benefiting from the scandal.

But in a statement issued on Friday, which PRNigeria obtained, NIPOST, explained that their stamp duty account was opened by CBN, under the Treasury Single Account (TSA), in consultation with the office of the Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account.

According to the statement signed by Mr. Sunday Adepoju, the Postmaster General, “This is an account which NIPOST had absolutely no opportunity, privilege or access to. It was NIPOST’s in name only.

“All deductions of stamp duties for and on behalf of NIPOST were carried out by the Deposit Money Banks (DMBs) at source and directly remitted to the said dedicated NIPOST Stamp Duties Account with the Central Bank of Nigeria and the total aggregated collection stood at Fifty- nine billion, three hundred million naira (N59.3 billion) only as at May, 2020, when it was moved to the Federation Account following the controversy with Federal Inland Revenue Service (FIRS) as to which of agency of Government has the right to collect stamp duty”.

The NIPOST helmsman maintained that their postal service is not aware of any cartel allegedly collecting and pocketing money belonging to the government on stamp duty, and no such monies as mentioned came into NIPOST’s account.