January 06, (THEWILL) – Amid reports of alleged fraud in stamp duty collections, the Central Bank of Nigeria (CBN) has engaged four audit firms to conduct a forensic review of the collections from 2015 to date
Stamp duty is the tax placed on legal documents, usually in the transfer of assets or property.
A member of the House of Representatives, Gudaji Kazaure, had recently alleged that N89.09 trillion purportedly realised from deductions by banks as stamp duty charges had been diverted
Although the Presidency had dismissed the allegations and described the claim as a figment of the imagination of Kazaure, the CBN also, in an earlier statement by its Director, Corporate Communication, Osita Nwanisobi, said such allegations were shocking since the assets of the entire banking industry were less than the amount being taunted.
But in an internal memo sighted by THEWILL, the apex bank directed a forensic audit of stamp duty collections since 2015.
Titled “RE: FORENSIC AUDIT OF STAMP DUTY COLLECTIONS: 2015- DATE”, the memo dated January 5, 2023, reads: “Sequel to recent media reports alleging non-remittance/ misappropriation of stamp duty collections, it has become expedient to commission a forensic review of stamp duties to determine the veracity of the claims.
“Accordingly, in line with the Governor’s instructions, we propose to request the big four audit consultancy firms to submit proposals to conduct review of stamp duty collections from 2015 to date.
The scope of the review will cover determining:
1. The applicable laws and regulations governing stamp duties during the period 2015-date.
2. The types of transactions covered by stamp duties.
3. The agencies that were statutorily tasked with collecting and remitting stamp duties over the period.
4. Expected total collections for stamp duties over the period.
5. Actual stamp duty collections and any shortfalls thereof.
6. The institutions responsible for the shortfalls, if applicable.
7. The bank accounts used for collections over the period and how the balances in the accounts were appropriated.
8. Recommendations on needed improvements to enhance transparency in stamp duty collections.
“The Governor may wish to note the proposal for the review to be conducted over a period not exceeding 4 weeks, commencing January 9, 2023.
“The proposed deadline for the submission of proposals is January 6, 2023.”
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