Court orders CBN to Pay Kasmal International Services N579 billion with 10% interest over stamp duty dispute

Oct. 11, 2024 - Nairametrics

Nairametrics previously reported that the CBN had filed a preliminary objection against a legal action instituted by Kasmal International Services, which sought a court order barring it from disbursing all accrued deposits paid into the CBN NIPOST stamp duty collection account by all commercial banks. 3000047517 from January 1, 2015, to January 31, 2020, further remittances were made from the DMBs’ NIPOST STAMP DUTIES ACCOUNTS to the 1st Defendant NIPOST Stamp Duty Collection Account No.

“Currently, a total of N3.8 trillion stands in the Stamp Duty Collection Account, ready for distribution among the Federal Government, State Governments, Local Governments, the Federal Inland Revenue Service (FIRS), Coordinating Consultants, and other bodies.

“That the plaintiff’s 15%, amounting to N579,130,698,440, is part of the N3.8 trillion in the Stamp Duty Collection Account.

He observed that the CBN had paid the plaintiff the sum of N10.3 billion, representing 15% of remitted stamp duty by all Deposit Money Banks (DMBs) between January 1, 2015, and January 31, 2020, from the CBN NIPOST Stamp Duty Collection Account No.

..