The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is set to probe 22 commercial banks over stamp duty collections, which they allegedly failed to remit to the federal government.
The probe, which will commence soon, the agency said, would involve a forensic investigation of the funds that have so far been collected as stamp duty by the affected banks.
Although RMAFC said that the probe would cover from between the year 2000 and 2018, LEADERSHIP learnt that the Central Bank of Nigeria (CBN) only issued a circular in 2016, directing the banks to collect stamp duty on cheques issued by their customers,
RMAFC is the only body constitutionally vested with the powers to monitor all revenue accruals into the Federation Account.
In a press statement signed by the commission’s spokesperson, Mr. Ibrahim Mohammed, he explained that the commercial banks had been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000.
At the moment,…
