FIRS lied, CBN opened NIPOST’s stamp duty account – MGT

Nigerian Postal Service (NIPOST) has refuted claims that it is operating an illegal stamp duty account.

The agency on Sunday disclosed that the Central Bank of Nigeria (CBN) operates the Treasury Single Account (TSA) opened for stamp duty.

The agency described as an act of misinformation the allegation by the Director of Communications and Liaison of the Federal Inland Revenue Service (FIRS), Dr. Abdullahi Ismaila, that NIPOST operates such an account.

A statement by NIPOST’s General Manager for Corporate Communications, Mr. Franlin Alao, said the account being operated for stamp duties was done in consultation with the Office of the Accountant General of the Federation.

“We hereby state categorically that the statement is false and was made to misinform and mislead members of the public,” the statement said.

“The account the Director of Communication, FIRS, made reference to as ‘illegal’ was opened by the CBN under the TSA in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duty Collection Account when CBN gave instruction to Deposit Money Banks (DMBs) to commence the deduction of N50 stamp duty from bank customers’ accounts.

“The account belongs to the Federation, and NIPOST does not have access to whatsoever money lodged into the account. As such, the question of illegality and misappropriation does not arise.

“NIPOST wishes to restate that under the extant laws of Nigeria, to wit: NIPOST Act 2004 provides and vests solely in NIPOST the power to print adhesive postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

This comes on the heels of a protracted conflict between NIPOST and FIRS over the collation of stamp duty, with both agencies laying legal claims to it.

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