✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters

‘Re-introduction of ATM charges is illegal’

The Acting Rector of SBH and the Project Consultant for collection of N50 stamp duty on financial transactions, Mr. Tola Adekoya (FCA), at a press…

The Acting Rector of SBH and the Project Consultant for collection of N50 stamp duty on financial transactions, Mr. Tola Adekoya (FCA), at a press conference in Lagos, said the new ATM charges have to stop until a public hearing is conducted on the status of N50 stamp duty project assigned to SBH since 2012.
According to him, the way in which the new Central Bank of Nigeria (CBN)’s governor intended to re-introduce charges on ATM transactions is fraudulent compared to undue delay in issuing a circular directing banks to comply with remittance of the N50 stamp duty to the Federal Government.
He explained that the Federal Government had signed an agreement with SBH to coordinate remittances of N50 stamp duty charges on behalf of the Nigerian Postal Services (NIPOST) with 20 per cent commission to cover bank charges, project consultancy and the Nigerian Interbank Settlement System (NIBSS) commission.
Adekoya informed that SBH as the project coordinator plans to create over 300, 000 jobs for the Nigerian youths.
Adekoya while describing CBN’s attitude towards the initiative as unfair, stressed the need for banks to publicly account for N50 stamp proceeds on electronic banking receipts into Federal Government accounts.