Home News Commercial Banks to be Sanctioned for Failure of Remitting N1.6bn into FG’s Account — House of Reps.

Commercial Banks to be Sanctioned for Failure of Remitting N1.6bn into FG’s Account — House of Reps.

by Owhofasa Precious

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The Federal House of Representatives has given the list of 16 commercial banks to be penalized for not dispatching a total of N1.6 billion stamp duties into the federation’s account.

It stated that all banks that were discovered not to have made full unveiling of stamp duty collections and remittance should be further investigated and penalized if found guilty.

The Federal House of Representatives made this announcement on Thursday, when it came up with the report on non-dispatching of trillions of naira of stamp duties by the commercial and financial institutions into the federation’s account.

According reports gathered by the Vanguard Newspaper, the financial institutions, especially the Debt Management Bureau (DMB) should remit all collections in respect to government revenue accurately and promptly, and in a case where remittances are not accurately done, the DMBs should be sanctioned accordingly.

In the course of its investigation, where all important stakeholders were invited, the committee conducted a public hearing on May 15, 2019.

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