OrderPaperToday– The House of Representatives has directed Zenith Plc, Union, Jaiz, Standard Chartered, Unity and other commercial banks to furnish it with all bank statements and other documents for collection of stamp duties on behalf of government agencies.

This is just as the committee confirmed collection of N 8.788 billion stamp duties from January 2016 to November 2019 by the above mentioned banks and others on behalf of the Nigerian Postal Services (NIPOST).

The revelation was made when the banks appeared before the House of Representatives Committee on Public Accounts chaired by Mr. Oluwole Oke on Wednesday.


The committee had earlier demanded details of stamp duties collection and bank accounts of Ministries, Departments and Agencies (MDAs).

The collection was as follows: Zenith bank – N 7. 412 billion, Jaiz bank – N137.89 million, Union bank – N452.529 million and Unity bank, N616 million respectively.

However, First Bank, Heritage Bank and Sun Trust Bank could not make presentations about their collection of stamp duties and other things demanded by the Committee and appealed for another time to appear.

Chairman of the committee, Wole Oke, directed the bank executives to furnish the committee with a comprehensive list of MDAs still operating revenue collection and expenditure accounts with their banks in violation of the Treasury Single Account (TSA) policy.

The lawmakers particularly fingered agencies such as Assets Management Corporation of Nigeria (AMCON), Nigerian Deposit Insurance Corporation (NDIC), Nigeria Incentive-Based Risk-Sharing System (NIRSAL), Nigerian Financial Intelligence Unit (NFIU), Nigerian Export Import Bank (NEXIM) and Nigerian Collateral Register.

Oke stated that the Accountant General of the Federation (AGF), during an interative session with the committee, had disclosed that only Nigerian National Petroleum Corporation (NNPC) and Joint Admissions Matriculation Board (JAMB) are exempted from the TSA policy.

He also directed the banks to furnish them with details concerning their collection of 1% revenue on behalf of contracts during the period under review when they appear next week.


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