Illegality CBN N50 Stamp Duties – Notice to Public
Letter to the Governor, Central Bank of Nigeria
On 12 February 2016, Pentagon Partners LP wrote to the Governor of the Central Bank of Nigeria drawing his attention to the fact that the collection of N50 Stamp Duties as regards “Teller Deposits” and “Electronic Transfers” is illegal and not supported by any law in Nigeria. The Firm further drew the Governor’s attention to the fact that the issue as to whether “Teller Deposits” and “Electronic Transfers” are liable for stamp duties is currently the subject of litigation at the Court of Appeal wherein all the Banks are involved and the actions of the Apex Bank may render a fait accompli on the Appeal. The overall aim is to ensure that this illegal fee is scraped and monies refunded to those who were charged.