Revenue Mobilization Allocation and Fiscal Commission (RMAFC), in conjunction with forensic audit firms, is launching a probe on Deposit Money Banks (DMBs) that collected stamp duty and withheld remittance put at N33 billion.
The probe, expected to commence soon, would involve forensic investigation of the funds collected as stamp duty by 22 banks from 2000 to 2018. RMAFC is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.
To this end, RMAFC, in a statement by its spokesperson, Ibrahim Mohammed, explained that the commercial banks had been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000.
At the moment, the total sum of N33 billion had been realised through the collection of stamp duties, which falls far below the expectation of stakeholders. It is expected that at the end of the exercise, over N100 billion would be recovered.
The commission stated that it had concluded arrangement to engage the services of reputable forensic audit firms to carry out the probe of the banks. The probe, it said, will be comprehensive as it will cover the affixed stamp used on cheque books prior to the introduction of electronic transactions. In the same vein, RMAFC observed that if NIPOST is properly repositioned through appropriate legal and regulatory framework and the introduction of appropriate technology, the agency can generate over N500 billion yearly.