Taiwo POPOOLA
Contents
Barely days after the new tax laws took off, Nigerians are decrying what they call double stamp duty charges by banks since January 1, 2026.Urban Express News reports that Nigerian banks began in January the collection of N50 stamp duties charged on senders of N10,000 and above.Consumers across financial institutions in Nigeria received emails from their banks, respectively, to effect the uniform N50 stamp duty charge as part of the new tax laws.However, less than two weeks before the implementation, several Nigerians are crying out that their accounts have been overcharged.Several bank customers who spoke to journalists in anonymity complained that they are being charged N100 per N10,000 transfer as opposed to N50.“It is ridiculous that instead of charging N50 per N10,000 transfer, I was charged by my bank N100 for stamp duties last week, despite the harsh economic realities we are faced with,” a popular commercial bank customer told Newsmen.Another customer threatened to take legal action against a Nigerian bank for multiple stamp duty deductions from his account.“I will take necessary action or drag my bank online over multiple stamp duties charged.“I was sent an email for N50, but they are collecting N100. Terrible,” he said.Dr Uju Ogunbunka, the president of the Bank Customers’ Association of Nigeria, did not respond to the call or text as of the time of filing this report.Similarly, the Central Bank of Nigeria has not officially responded to the allegations of double stamp duty deductions by Nigerian banks.Speaking with Newsmen on Monday in an interview, a don at the Lead City University in Ibadan, Prof. Godwin Oyedokun, clarified that Nigerians must be careful not to misrepresent other banks’ deductions for stamp duty or the new tax laws.He explained that he was debited a total of N100 for stamp duty and ‘NIP’ charges.“Don’t let them deceive themselves. But don’t forget that banks, at times, may not charge you a minimum that they can control.“They can consolidate it in the night and just charge you. So you just think that they charge you more than that. In fact, I’ve seen two hundred in my own case.“But if you look at what you have done, you will see that you are not charged more than that. This is not about tax. And I don’t want people to use this to discredit the government.“They say the commission on NIP transfer is N50, which is different from the N100 stamp duties,” he told Newsmen.
Barely days after the new tax laws took off, Nigerians are decrying what they call double stamp duty charges by banks since January 1, 2026.
Urban Express News reports that Nigerian banks began in January the collection of N50 stamp duties charged on senders of N10,000 and above.
Consumers across financial institutions in Nigeria received emails from their banks, respectively, to effect the uniform N50 stamp duty charge as part of the new tax laws.
However, less than two weeks before the implementation, several Nigerians are crying out that their accounts have been overcharged.
Several bank customers who spoke to journalists in anonymity complained that they are being charged N100 per N10,000 transfer as opposed to N50.
“It is ridiculous that instead of charging N50 per N10,000 transfer, I was charged by my bank N100 for stamp duties last week, despite the harsh economic realities we are faced with,” a popular commercial bank customer told Newsmen.
Another customer threatened to take legal action against a Nigerian bank for multiple stamp duty deductions from his account.
“I will take necessary action or drag my bank online over multiple stamp duties charged.
‘’Even groceries include a tax charge on every transaction on their receipt after payment has been made, which simply explains multiple taxation by using groceries as a conduit pipe, exploiting the Nigerians’’
“I was sent an email for N50, but they are collecting N100. Terrible,” he said.
Dr Uju Ogunbunka, the president of the Bank Customers’ Association of Nigeria, did not respond to the call or text as of the time of filing this report.
Similarly, the Central Bank of Nigeria has not officially responded to the allegations of double stamp duty deductions by Nigerian banks.
Speaking with Newsmen on Monday in an interview, a don at the Lead City University in Ibadan, Prof. Godwin Oyedokun, clarified that Nigerians must be careful not to misrepresent other banks’ deductions for stamp duty or the new tax laws.
He explained that he was debited a total of N100 for stamp duty and ‘NIP’ charges.
“Don’t let them deceive themselves. But don’t forget that banks, at times, may not charge you a minimum that they can control.
“They can consolidate it in the night and just charge you. So you just think that they charge you more than that. In fact, I’ve seen two hundred in my own case.
“But if you look at what you have done, you will see that you are not charged more than that. This is not about tax. And I don’t want people to use this to discredit the government.
“They say the commission on NIP transfer is N50, which is different from the N100 stamp duties,” he told Newsmen.
Urban Express News reports that from October 2024, when the Nigerian National Assembly received the tax laws, to June 2025, when President Bola Ahmed Tinubu signed them, to the present date, the tax reforms have faced multiple controversies.
