16 Commercial Banks Fail to Remit N1.6bn to FG —Reps

16 Commercial Banks Fail to Remit N1.6bn to FG —Reps

The House of Representatives has recommended that 16 commercial banks be penalised for not remitting N1.6 billion stamp duties into the federation account.

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.

It stated that all banks that were found not to have made full disclosure on stamp duty collections and remittances should be further investigated.

According to report, financial institutions especially the Debt Management Bureau should remit all collections with respect to government revenue promptly and correctly, and where remittances are not promptly done, the DMBs should be sanctioned.

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

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