Our stamp duty account opened by CBN, NIPOST replies FIRS

The Nigeria Postal Service on Sunday said contrary to a publication by the Federal Inland Revenue Service (FIRS) that it (NIPOST) operated an illegal stamp duty account, the account was opened by the Central Bank of Nigeria.

NIPOST General Manager, Corporate Communications, Mr Franklin Alao. in a statement said, the NIPOST account with the CBN was duly opened for the purpose of stamp duty and was not illegal.

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“Nigerian Postal Service attention has been drawn to a publication by the Federal Inland Revenue Service that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.

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

He said the account the Director of Communication of FIRS made reference to as “illegal” was opened by the CBN under the Treasury Single Account in consultation with the Office of the Accountant-General of the Federation, in the name of NIPOST Stamp Duties Collection Account when the CBN gave instruction to deposit money banks to commence the deduction of N50 stamp duties from bank customers’ accounts.

He said: “The account belongs to the Federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise.”

He reinstated that the 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.