Fifteen banks owe the federal government a total of N1, 586,662, 611 in under remittances of Stamp Duties funds.

This was part of the findings in the report of the Hon. Abubakar Ahmed-headed Ad hoc committee that investigated the Non-remittance of Trillions of naira of Stamp Duties into the federation account.

The report though was slated for consideration at the Committee of the whole of Wednesday in the Green chamber, it was however postponed till a later date.

The banks are Guaranty Trust Bank (N198,326.300); Standard Chartered Bank (N3,658.193), Citi Bank (N1,860.,850), Stanbic IBTC (N231, 094,565), Zenith Bank (N265, 635,650), Fidelity Bank (N32, 888,400), Keystone Bank (N24, 471, 050) and United Bank for Africa (N81.087,149).

Others are ECO bank (N78, 527, 004); Diamond Bank (N545,873, 950), Unity Bank (N40,099,100), Jaiz Bank (N2,436,150), Access Bank (N66,092,350), Skye Bank (N11,057,700) and Polaris Bank (N2,907,550).

The report noted all banks were found not to have made full disclosure in Stamp Duties collections and remittances and should be further investigated.

It further states: “All the Banks that had cases of delayed remittances should be penalized.

“In view of the apparent lack of transparency on the part of most financial institutions, the Central Bank of Nigeria (CBN) should strengthen its supervisory activity to ensure that Financial institutions report and remit all government revenues correctly and promptly.”

The report urged that defaulting banks “be made to pay with interests the amount they under-remitted for the period under review.”

Similarly, the lawmakers said that First Bank, First City Monument Bank, WeMA Bank and Suntrust Bank disregarded the summons of the committee and neither sent representation nor appeared at the public hearing, hence it recommended that the listed banks be further investigated.

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

Send your press release/articles to: [email protected], [email protected], Follow us on Twitter at @Nigerialawyers and Facebook @ facebook.com/thenigerialawyer

For Advert Inquiries Tele/+234 806 819 1709 E-mail: [email protected]

Order for your copy now. Call +2347065222225, +2348033334902. Email us @..[email protected], [email protected]

The Electronic Law reports of the Court of Appeal Nigeria. 

Now Available @ courtofappealreportsnigeria.com

A Report Of The Judgement Of The 16 Divisions Of The Court Of Appeal In Nigeria

Subscribe ToTheNigeriaLawyer News!