Comply with stamp duty ruling, NECA tells CBN

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NECA, DG Mr. Segun Oshinowo

The Nigeria Employers Consultative Association has expressed concern over the failure of the Central Bank of Nigeria to comply with the Court of Appeal’s ruling directing all Deposit Money Banks to discontinue charging N50 on every deposit into current accounts above N1,000.

The employers’ group, in a statement, stated that the banks had failed to obey the court ruling in a case between Kasmal International Services Limited and Access Bank and 23 others.

NECA recalled that the CBN had directed the banks to commence the deductions, which did not only affect corporate bodies but all Nigerians, including the very vulnerable ones. The Director-General, NECA, Mr. Segun Oshinowo, said organised businesses in the country had opposed attempts by the Nigeria Postal Service to compel companies to affix N50 postal stamp on all receipts, invoices and documents evidencing transactions of N1,000 and above.

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