Reps to indict 15 banks over non-remittance of N1.5b stamp duties

The House of Representatives may indict no fewer than 15 deposit money banks (DMBs) for alleged non-remittance of N1.5 billion to the Federation Account.

Already, the Abubakar Yunusa Ahmad-led Ad-hoc Committee, which probed the infractions, has submitted its report to the House for consideration and adoption.

In its recommendations, it enjoined the Central Bank of Nigeria (CBN) to penalise the banks found culpable of the infractions and be made to pay the amounts they failed to remit from 2015 to date with interests.

The committee noted that in view of the lack of transparency on the part of most financial institutions, the CBN should strengthen its supervisory roles to ensure that banks report and remit all government revenues correctly and promptly.

It also directed that all banks that failed to disclose full stamp duties collections and remittances when it probed the matter should be further investigated.

The committee also charged financial institutions, especially the Debt Management Bureau (DMB) to remit all collections with respect to government revenue promptly and correctly, and where remittances are not promptly done, the DMBs should be sanctioned.

It added that while emphasis has been on 011 Stamp Duty pursuant to CBN’s Circular of January 2016, other forms of Stamp Duty should be explored to increase government’s revenue base in accordance with provisions of the Stamp Duty Act 2004.

Besides, Speaker Yakubu Dogara said under his leadership, the House gave maximum support to the President Muhammadu Buhari-led administration since May 2015.

He cited speedy consideration and passage of Bills and other requests forwarded by the President that would facilitate implementation of the administration’s policies and plans to buttress his claim.

He stated this in Abuja when he received the Euro Knowledge Award in recognition of his leadership, which was conferred on him last month at the United Kingdom’s Parliament and another one by the Federal Government for his contribution to passage of Ease of Doing Business Bills in Nigeria.

Chairman, House Committee on Ethics & Privileges, Ossai Nicholas Ossai (PDP, Delta), who received the award on his behalf, stated that Dogara was found worthy of the recognitions due to the impact and the kind of laws passed that made positive impact in Nigeria.

Also, Chairman, House Committee on Media and Publicity, Abdulrazak Namdas, received an award on behalf of Dogara from the Arewa Online Publishers Forum.

He said: “The forum believes that you have done well to steer the leadership of the eighth House of Representatives. Specifically, they singled out the Legislative Agenda that you campaigned on for particular commendation, as it greatly improved the business of lawmaking in the National Assembly.”