Days after the implementation of Nigeria’s new tax laws, consumers are raising concerns over what they describe as double stamp duty deductions by banks since January 1, 2026.
The charges, introduced as part of the new tax framework, require banks to collect N50 stamp duty on transfers of N10,000 and above. Customers reportedly received emails from their banks notifying them of the uniform N50 charge.
However, several account holders told newsmen that they have been charged N100 per N10,000 transfer instead of the prescribed N50. One customer said, “It is ridiculous that instead of charging N50 per N10,000 transfer, I was charged N100 despite the harsh economic realities we face.” Another warned of legal action against a bank over multiple deductions.
Prof. Godwin Oyedokun of Lead City University, Ibadan, clarified that some of the apparent overcharges may result from the combination of stamp duty and NIP transaction fees, which are separate. “Don’t let them deceive themselves… banks can consolidate charges in the night, making it appear higher than the stamp duty alone,” he explained.
The Bank Customers’ Association of Nigeria and the Central Bank of Nigeria have yet to respond to the complaints. Since the tax laws were passed by the National Assembly in October 2024 and signed by President Bola Ahmed Tinubu in June 2025, they have faced multiple controversies, including alleged gaps highlighted by KPMG, though the government has defended the reforms.