.Commences forensic investigation into ‘missing’ N89trn
The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, put the total value collected as stamp duty through electronic transfers on behalf of the Federal Government between 2016 and 2022 at N370.686 billion.
Emefiele, who made the clarification following allegations of the diversion of over N89 trillion collected, told journalists after the Monetary Policy Committee (MPC) meeting in Abuja that the CBN is not withholding any revenues from stamp duty.
Last year, a member of the House of Representatives, Muhammed Kazaure, alleged that N89.09 trillion realised from banks as stamp duty charges had been diverted.
He further accused Emefiele of keeping another $171 billion in the apex bank’s private investors’ account as proceeds of stamp duty.
Although the Presidency had dismissed the allegations as baseless and misleading, a presidential committee on the recovery of stamp duty from 2015 to date was constituted in June 2022, following the controversy generated.
Total assets of all banks are N71 trillion; total deposit in banks is N44 trillion. From 2016 till date, stamp duty collection has amounted to N370.686 billion.
In defence, the CBN described the allegations as shocking and unfounded, as the total assets of the entire banking industry were less than the amount being touted.
Emefiele said: “Total assets of all banks are N71 trillion; total deposit in banks is N44 trillion.
“From 2016 till date, stamp duty collection has amounted to N370.686 billion,” adding that First Bank of Nigeria recorded the highest collection with N71 billion.
He said further that “The Federal Inland Revenue Service has disbursed N226.451 billion of the money to the Federation Account Allocation Committee, while the balance of N144.235 is in the CBN.”
Forensic audit
Emefiele reiterated that the apex bank will ensure that monies revenue raised from stamp duty are remitted into the Federation Account for proper accountability.
To this end, he said the CBN has appointed four world-class audit firms to look into the books of banks to verify if there was any unremitted stamp duty.
He also assured that, “If there is any uncollected stamp duty, the banks will pay to the last kobo.”
