In what appears to be stunning, the House of Representatives has recommended that 16 commercial banks complicit for not remitting N1.6 billion stamp duties into the federation account be penalized. The House made the recommendation on Thursday when it adopted a report on non-remittance of trillions of naira of stamp duties by financial institutions into the federation account.
The report followed an ad hoc committee investigation which recommended that the financial institutions be penalized and be made to pay, with interests, the amounts under remitted for the period under review.
According to the report, the banks indicted and the amount under remitted are; Guaranty Trust Bank: N198,326,300, Standard Chartered Bank: N3,658,193, Citi Bank: N1,860,850 and Standard IBTC: N231,094,565
Other are Zenith Bank: N265,635,650, Providus Bank: N646,650, Fidelity Bank: N32,888,400, Keystone Bank: N24,471,050 and UBA: N81,087,149, ECO Bank: N78,527,004, Diamond Bank (Now Access Bank): N545,873,950, Unity Bank: N40,099,100 and Jaiz Bank: N2,436,150, Access Bank: N66,092,350, Skye Bank: N11,057,700 and Polaris Bank: N2,907,550.
