CBN Ordered To Pay N579bn For Stamp Duty Arrears

A Federal High Court in Abuja has mandated the Central Bank of Nigeria (CBN) to pay Kasmal International Services approximately N579 billion, along with a 10 percent annual interest.

This ruling, delivered by Justice Inyang Ekwo on October 12, 2024, relates to the company’s role in stamp duty collection between January 1, 2015, and January 31, 2020.

The court found in favor of Kasmal following its lawsuit against the CBN and the Attorney General of the Federation (AGF), where it claimed unpaid dues from its appointment by the Nigerian Postal Service (NIPOST) to collect a N50 fee on bank receipts for transactions over N1,000.

READ ALSO : There’ll Be Gang Up To Remove Akpabio As Senate President – Primate Ayodele

During the proceedings, Kasmal’s counsel revealed that while an initial payment of N10.367 billion was made, it fell short of the total expected based on the stamp duties collected, amounting to over N370 billion during the specified period.

The lawyer argued that the CBN was on the verge of disbursing the total N3.8 trillion in the Stamp Duty Collection Account without settling the outstanding payments owed to Kasmal.

Despite the AGF and CBN’s claims that Kasmal’s appointment was “illegal” and that the revenue should go to the Federation Account, Justice Ekwo dismissed these arguments.

He stated that the previous ruling in favor of Kasmal remains valid and that the defendants failed to adequately challenge the plaintiff’s case.

Consequently, the court granted Kasmal’s request for the payment, emphasizing that the CBN must comply within the stipulated timeframe.