Access, Stanbic IBTC, GT bank, others failed to remit N1.6bn stamp duty revenue – Reps

The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to sanction 16 commercial banks for under-remitting stamp duty revenue to the tune of N1.6 billion.

The lower legislative chamber also directed the apex bank must ensure the outstanding revenue were paid by the affected banks with interests.

The House reached the decision after adopting the report of the ad-hoc committee which investigated the non-remittance of the stamp duties on Thursday.

The report, presented by the committee chairman, Abubakar Ahmad, listed the indicted banks with highest under-remitted stamp duty revenues as Diamond Bank, with N545.87 million; Zenith Bank, with N265.63 million, and Stanbic IBTC, with N231 million.

The other banks indicted include Guaranteed Trust Bank (N196.3 million); Standard Chartered Bank (N3.65 million); Citi Bank (N1.86 million); and Providus Bank (N646,650).

Others are Fidelity Bank (N32.88 million), Keystone Bank (N24.47 million), United Bank of Africa (N81 million), and ECOBANK (N78.52 million)

Also indicted are Unity Bank (N40 million), Jaiz Bank (N2.43 million), Access Bank (N66 million), Skye Bank (N11 million), and Polaris Bank (N2.9 million).

The House also called for further investigation of four banks which failed to honour their invitations. The banks include First Bank of Nigeria, First City Monument Bank, Suntrust Bank and Wema Bank.

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