Edit Content

RMAFC To Probe 22 Deposit Banks Over Non-Remittance Of Stamp Duty Revenue


The Revenue Mobilisation Allocation and Fiscal commission (RMAFC), through a statement issued on Sunday in Abuja, has said that it is ready with its set plans to probe about 22 commercial banks nationwide over non-remittance of stamp duty: about ₦100 billion.

According to the statement issued by the commission’s spokesperson, Mr Ibrahim Mohammed, the RMAFC is the only constitutional body entrusted with the powers to monitor all revenue accumulations into the federation account. He cited that the probe would involve forensic investigations into the total revenue collected between year 2000 to 2018 by the 22 commercial banks.

It was reported that a total sum of ₦33 billion, which falls below shareholders’ expectations, has been realized by the commission from the collection of stamp duties for the period in review. This is through the deductions of ₦50 from every deposit value of ₦1,000 and above by the banks since the January of 2000. The commission hinted that at the end of the investigation exercise, the sum of over ₦100 billion will be recovered.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

RMAFC appeals to NIPOST and other Stakeholders

The RMAFC said that the commission could generate an annual revenue of ₦500 billion if NIPOST, who is the operator of the Stamp Duty act, is repositioned appropriately with the right legal and regulatory framework coupled with the introduction of technology. 

The body therefore appeal to the Federal Government and the National assembly to initiate actions for the amendment of the NIPOST Act which will go a long way in helping it to expand the economy and also generate more revenue into the federation account.

 It also solicits for the backing of stakeholders particularly the Department of Petroleum Resources, the Federal Inland Revenue Services and the Central Bank of Nigeria to enable it succeed in the exercise.

Nigerian are expectant to see the banks involved and how the whole investigation goes. This is soft spot for Nigerians as the bank deductions from bank accounts is getting alarming.

Entrepreneurship is a lonely journey, let us help you get through it with our services.



Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Types of small business insurance

Types of Small Business Insurance Every Business Should Know

Starting a new business is a big deal. It’s exciting and full of possibilities. To move forward confidently, it’s crucial to know about the types of small business insurance that protect your work from costs that unexpected events, like legal issues, damage, or business interruptions, might cause. This article will

Why Entrepreneurs Embrace Business Education

Why African Entrepreneurs Embrace Business Education

Why do African entrepreneurs embrace business education? Entrepreneurs are the lifeblood of economic progress, with small and medium-sized enterprises (SMEs) making up 90% of all businesses. These SMEs are more than just companies; they are the engines of job creation, contributing “up to 40% of national income (GDP) in emerging

Incorporating Mindfulness into Your Business Routine

Disclaimer- Presented by BetterHelp. Incorporating mindfulness into your business routine has many benefits. In the often chaotic world of business ownership, finding moments of calm and focus can be incredibly difficult. However, integrating mindfulness practices into your daily routine can offer numerous benefits, both for your personal well-being and your

How to Manage Anxiety in High-Stakes Business

Disclaimer- Presented by BetterHelp. How do you manage anxiety in high-stakes business? From client presentations to high-dollar sales calls, there’s no shortage of anxiety-inducing situations in high-stakes businesses. However, when your business’s success relies on your self-confidence and ability to perform, there’s no room for anxiety. So, what can you

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up