OrderPaperToday – The House of Representatives has demanded sanctions for 16 commercial banks over alleged failure to remit over N1.6billion stamp duty money to the Treasury Single Account (TSA) of the federal government.

The House charged the Central Bank of Nigeria (CBN) to sanction the banks and ensure the banks pay the outstanding stamp duty revenue together with interests.

The big stick is part of the recommendations of the Ad Hoc Committee that investigated the N20trillion stamp duty money which was adopted by the committee of the whole on Thursday.

It would be recalled that during the hearing, CBN officials had said the total stamp duty revenue since January 2016 stands at N35.2 billion.

The committee’s report, as presented by its 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 listed include Guaranteed Trust Bank (N196.3m); Standard Chartered Bank (N3.65m); Citi Bank (N1.86m); and Providus Bank (N646,650).

Others are Fidelity Bank (N32.88m), Keystone Bank (N24.47m), United Bank of Africa (N81m), and ECO Bank (N78.52m)

Also indicted are Unity Bank (N40m), Jaiz Bank (N2.43m), Access Bank (N66m), Skye Bank (N11m), and Polaris Bank (N2.9m).

However, First Bank of Nigeria, First City Monument Bank (FCMB), Wema Bank and Suntrust Bank which did not appear before the committee will be further investigated, according to recommendation of the committee.

The House also asked CBN to strengthen its supervisory role over the stamp duty revenue to ensure they are collected promptly.

The green chamber also called for a machinery to allow for the recovery of under remittances “after further reconciliation is carried out with the banks concerned.”

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