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Access Bank To Refund 3 Months Stamp Duty Deductions To Customers

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Access bank Stamp Duty

Access Bank To Refund 3 Months Stamp Duty Deductions To Customers

Access bank trends on Twitter over the weekend for deducting Stamp Duty from its customers’ accounts, Access Bank Plc yesterday said it will be paying stamp duty fees on behalf of its customers for the period of February to April 2020.

Access Bank had last week notified its customers that it would be deducting the Stamp Duty charge which had accumulated between February and April this year in line with the Finance Act 2020 but the deductions had not gone down well with the customers of the bank.

Customers had taken to social media to vent accusing the bank of illegally making deductions from their account making the bank the top trending topic on Twitter from Friday till Sunday. In response to the multiple complaints, Access Bank had offered to pay the Stamp Duty charge for its customers.

In a statement that it issued on its twitter handle, Access Bank said “Earlier this week, we informed all our customers that we had inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government.

“Stamp Duty Charge collection is in compliance with the mandate of the ‘Finance Act. 2019 (Stamp Duty Act. Cap 58). We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.

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“However we have heard our customers‘ feedback that this charge is unwelcome, especially at this time against a challenging economic backdrop. We have considered your feedback and have decided to pay the Stamp Duty on our customers‘ behalf for the affected period only; This means all individual and SMEs who were debited for the accumulated Stamp Duty charge for February to April 2020 will be refunded.

“While we still have to remit these funds via the CBN to the federal government we realise that we got it wrong by debiting our customers late, and we are refunding the affected stamp duty charge today to all affected customers.

“We hope this gesture goes some way to make thls better and we would like to thank all our customers who reached out to us to share their views.”

An official of the bank told leadership.ng that the bank unlike its peers had held off the deduction of stamp duty and had wanted to make it easier for the customers by doing s one-off deduction. “It is not an illegal charge. The only thing on our part is that we did not do it like other banks, because ordinarily when you do a transaction we just charge you immediately but in our own case we push it till the end of the month.”

The official noted that henceforth, the bank would deduct charges for Stamp Duty alongside transactions.

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Labour Force

Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

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Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.

 

The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja

 

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She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.

 

The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.

Read Also: FCTA Set to Implement Minimum Wage for FCT Workers

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Finance

CBN to End Forex Sales to Commercial Banks in 2022

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Author: Eunice Johnson, Abuja 

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

 

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Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.

 

Read Also: CBN Encourages Nigerians to Accept E-Naira

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Customs Corner

Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

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Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

Author: Gift Wada, Abuja

The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.

This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.

Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.

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Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.

 

Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.

Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.

Read Also:

Customs Raises Concerns over Finance Act as Senate Sets N3trn Target for Revenue Agencies

Comptroller Ali Ibrahim Assumes Duty as New Customs FOU Zone ‘C’ Boss

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