E-Financial
Court Orders CBN to Pay Kasmal N579Bn for Role in Stamp Duty
Justice Inyang Ekwo of the Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579,130,698,440 with 10 per cent interest per annum for its role in stamp duty collection.
The interest will apply from January 1, 2015, to January 31, 2020.
Kasmal, through Alex Izinyon, their lawyer filed the suit against the CBN and the Attorney General of the Federation, arguing that the Nigerian Postal Service had appointed them to collect a N50 fee on all receipts issued by banks or financial institutions for services related to electronic transfers and teller deposits of N1,000 and above.
This appointment was in line with the Stamp Duties Act and the Nigerian Financial Regulations of 2009.
The lawyer added that the terms of the agreement between NIPOST and the plaintiff included the remuneration of N7.50 from every N50 deduction of which his client’s percentage has not been fully paid as agreed.
The court document read, “The plaintiff has become aware through public disclosures by the Governor of the CBN that after the initial payment of N10.367 billion to the plaintiff, which did not reflect the total value of all accrued deposits that ought to have been paid into the 1st Defendant NIPOST Stamp Duty Collection Account No. 3000047517 from January 1, 2015, to January 31, 2020, further remittances were made from the DMBs’ NIPOST STAMP DUTIES ACCOUNTS to the 1st Defendant NIPOST Stamp Duty Collection Account No. 3000047517 in the tune of over N370.7 billion, which were amounts that accrued within the period from January 1, 2015, to January 31, 2020.
“Currently, a total of N3.8 trillion stands in the Stamp Duty Collection Account, ready for distribution among the Federal Government, State Governments, Local Governments, the Federal Inland Revenue Service (FIRS), Coordinating Consultants, and other bodies.
“That the plaintiff’s 15%, amounting to N579,130,698,440, is part of the N3.8 trillion in the Stamp Duty Collection Account.
“The defendants/respondents have started taking steps to disburse and transfer the whole of the N3.8 trillion in the Stamp Duty Collection Account without consideration of the outstanding payments due to the plaintiff.”
The plaintiff prayed by the Court to issue “an order directing the 1st and 2nd Defendants to pay the plaintiff the sum of N579,130,698,440 or any other sum as may be adjudged by this Court upon the production of the records relating to the collection of stamp duty between January 1, 2015, and January 31, 2020, representing 15% of all accrued deposits paid into or which ought to have been paid into the CBN NIPOST Stamp Duty Collection Account No. 3000047517 by all Deposit Money Banks.
“An order directing the 1st (CBN) and 2nd Defendants to pay the plaintiff an interest payment of 10% per annum on the sum of N579,130,698,440 or any other sum as may be adjudged by this Court upon the production of the records relating to the collection of stamp duty between January 1, 2015, and January 31, 2020, representing 15% of all accrued deposits paid into or which ought to have been paid into the CBN NIPOST Stamp Duty Collection Account No. 3000047517 by all Deposit Money Banks (DMBs).”
The lawyer earlier asked the court to restrain the 1st and 2nd Defendants, either by themselves, agents, privies, assigns, or whatsoever called, from disbursing, distributing, transferring, depleting, or doing anything whatsoever with all accrued deposits paid into or which ought to have been paid into the CBN NIPOST Stamp Duty Collection Account by all DMBs pending the hearing and determination of the case.
In their preliminary objection to the suit marked FHC/ABJ/CS/335/2024, the Attorney General of the Federation and the Apex bank through Chief Adeniyi Akintola (SAN), their counsel, told the court that the agency contract the plaintiff allegedly had with NIPOST is illegal.
Akintola argued that only the Federal, State, and Local Governments are entitled to share the revenue in the Federation Account.
He said the purported appointment of the plaintiff by NIPOST was void from the onset because stamp duty charges on bank transfers and deposits are a tax that is exclusively administered by the Federal Government through the Federal Inland Revenue Service.
He contended that NIPOST is not the revenue collection agency for stamp duties and hence has no authority to appoint the plaintiff to represent it as a collection agent for the Federal Government.
Furthermore, he stated that NIPOST lacks the powers to appoint the plaintiff as a revenue-generating collector concerning stamp duty, thus rendering the legitimacy of the underlying contract faulty.
He referred the court to a subsisting judgment which did not bind the CBN to any contract deals between NIPOST and the plaintiff.
He also urged the court to dismiss the case, criticising the plaintiff for not joining NIPOST as a defendant in the matter.
The lawyer urged the court to hold that it is the responsibility of the Accountant General of the Federation to disburse, distribute, allocate, or transfer all such accrued revenues in the Federation Account.
He said, “The non-joinder of NIPOST, which purportedly appointed the plaintiff as a collection agent, robs the Honorable Court of the requisite jurisdiction to entertain the claims as presently constituted;
“The purported agency contract between NIPOST and the plaintiff, which is the basis for the plaintiff’s authority, is not placed before the court; hence the court cannot give effect to the said agency contract merely because it was mentioned in passing in paragraph 5(e) of the plaintiff’s affidavit in support of the originating summons.”
“The revenue being challenged belongs to the entire Federation, the collection and remittance of which goes to the Federation Account, and any amount standing to the credit of the Federation Account can only be distributed among the Federal, State, and Local Government Councils in each State. The court lacks jurisdiction to entertain this suit in relation to sharing the said money in the Federation Account.”
“The Stamp Duties Act makes no provision for the delegation of the collection of stamp duties by any other body other than NIPOST under the NIPOST Act, and subsequently, the said stamp duties relate only.”
Justice Ekwo while delivering judgment in the suit, held that the submission of the CBN and AGF that NIPOST lacks the statutory power to collect stamp duties and that the agency agreement entered into with the plaintiff does not hold water.
The judge noted that a previous judgment concerning stamp duty that favoured the plaintiff is still subsisting and has not been overturned by a higher court.
Ekwo held that the submission of the CBN and the AGF that the reliefs sought by the plaintiff in the suit cannot be granted, as all revenues accruing to the Federation, including the stamp duties, the subject of this matter, are remitted into the Federation Account, which can only be distributed among the tiers of government as provided in the Constitution, is incorrect.
He held that the CBN had paid the plaintiff the sum of N10.3 billion, representing 15% of remitted stamp duty by all Deposit Money Banks between January 1, 2015, and January 31, 2020, from the CBN NIPOST Stamp Duty Collection Account No. 3000047517.
“I find at the end that the CBN and AGF have not effectively controverted the case of the plaintiff, and the plaintiff, having made a credible case, ought to succeed on the merit, and I so hold.
“It is my opinion that this case is predicated on the fact that the 1st and 2nd Defendants have had transactions with the plaintiff before by paying the plaintiff the sum of N10.3 billion, being 15% of remitted stamp duty,” he said.
Justice Ekwo proceeded to grant the reliefs of the plaintiff, while he ordered the Apex bank to pay over N579bn with associated interest within the stipulated period.
Mastercard and TeamApt Ltd., a subsidiary of Moniepoint Inc. and a provider of financial infrastructure and payment solutions, have entered a strategic collaboration to strengthen digital payment capabilities for businesses and financial institutions across Africa.
As part of this collaboration, TeamApt will operate directly on Mastercard’s global payments network as a non-bank acquirer, enhancing its ability to onboard credible and licensed entities to deliver seamless payment acceptance, transaction processing and acquiring services. This will further expand its card acceptance infrastructure, allowing more merchants to accept Mastercard payments across in-store, online and mobile channels.
The collaboration integrates TeamApt’s switching infrastructure with Mastercard’s network to facilitate secure, high-volume transactions across online and in-store channels. With Nigeria being home to more than 40 million micro, small, and medium-sized enterprises (MSMEs), and small businesses identifying digital solutions as vital to scaling, according to Mastercard’s 2026 SME Confidence Index, expanding payment acceptance remains an important opportunity for growth.
By combining TeamApt’s deep local market expertise with Mastercard’s global scale, businesses and individuals will benefit from more reliable transactions, stronger security and faster, safer and more accessible digital payment experiences.
“Expanding digital payment acceptance is one of the fastest ways to support small businesses across Africa to compete, grow, and reach more customers. By working with TeamApt, we are equipping MSMEs and informal sector businesses in Nigeria with robust, secure infrastructure to seamlessly process transactions across multiple channels. This collaboration brings more businesses into the digital economy, unlocking vital new opportunities for growth, credit access, and cross-border trade,” said Folasade Femi-Lawal, country manager, West Africa at Mastercard
“This collaboration with Mastercard represents an important step forward in our commitment to removing barriers within the payments ecosystem. For years, TeamApt has focused on building infrastructure that helps financial institutions and businesses grow with confidence. By working closely with Mastercard, we are extending those capabilities, enabling businesses to accept payments more seamlessly and giving users the freedom to transact securely both locally and internationally,” said Dennis Ajalie, Chief Executive Officer of TeamApt.
The collaboration also delivers international value, enabling Mastercard cards supported by TeamApt’s infrastructure to be used across millions of merchant locations worldwide. Customers gain the convenience of secure global payments, while merchants can more easily serve both local and international customers.
A Central Bank of Nigeria (CBN)-licensed switching and processing company, TeamApt has, for over a decade, built and operated critical financial infrastructure that powers banks, fintechs and other institutions. The company’s technology supports secure and reliable transaction processing across multiple payment channels, enabling businesses and consumers to participate more easily in the digital economy.
This collaboration further underscores the strength of Moniepoint’s ecosystem. With operations and agent coverage across all 774 local government areas in Nigeria, Moniepoint has established one of the nation’s most extensive financial services networks, positioning the group to drive meaningful scale and adoption of digital payment solutions.
Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorism financiers by the Nigeria Sanctions Committee.
The directive was contained in a circular signed by the SEC management on June 26, 2026, and published on the commission’s website on Wednesday.
The SEC said the Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA), 2022, and subsequently added them to the Nigeria Sanctions List.
The designated individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The commission directed all capital market-regulated entities to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee,” the commission said.
The SEC also directed operators to report all frozen assets and other actions taken in compliance with the sanctions, including attempted transactions involving the designated individuals and entities.
The commission further instructed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for analysis.
Operators were specifically directed to report “all cases of name matching in financial transactions prior to or after receipt of this Sanctions List” as suspicious transaction reports to the NFIU.
The commission prohibited capital market operators from dealing with the designated individuals and entities and ordered them to maintain continuous monitoring of transactions involving them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” the SEC said.
The directive takes immediate effect.
The commission warned that failure to comply with the directive would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the SEC said.
The commission said Hammajam was listed on June 18 for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
It said Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim was listed over alleged involvement in terrorism financing and membership of ISWAP.
According to the SEC, Chiroma was allegedly involved in terrorism financing through the use of bureau de change and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The commission said Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ogirima Ibrahim, according to the SEC, was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.
The three bureau de change companies were also listed on June 15 over their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC said the directive formed part of broader measures by Nigerian and international authorities to disrupt suspected terrorism-financing networks.
On June 23, the United States announced sanctions against three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators.
Two days later, the Central Bank of Nigeria also directed banks to freeze accounts belonging to customers linked to terrorism financing.
The latest SEC directive reinforces the regulatory focus on preventing Nigeria’s capital market and financial system from being exploited to finance terrorism and other illicit activities.
Securities and Exchange Commission (SEC) has issued an urgent directive requiring all capital market-regulated entities (CMREs) to immediately subscribe to Nigeria’s Sanctions (NigSac) Alerts system.
Effective immediately, failure to comply with this, or other AML/CFT regulations, may result in severe fines, suspension of operations, or revocation of registration.
This follows fresh designations by both local and international authorities of individuals and Bureau de Change operators for alleged direct involvement in terrorism financing and material support to the Islamic State West Africa Province (ISWAP).
The directive, according to three circulars issued by the apex capital market regulator, requires a mandatory compliance measure with threats of fines, operational suspension, or outright registration revocation for non-compliance.
The directive, pursuant to the implementation of Financial Action Task Force (FATF) statements on high-risk jurisdictions, signals an escalation in Nigeria’s anti-money laundering and counter-terrorism financing regime.
The SEC’s broader circular implementing FATF high-risk jurisdiction statements reflects Nigeria’s heightened exposure to international scrutiny. SEC, in line with directives from Central Bank of Nigeria (CBN), now requires CMREs to terminate all correspondent banking relationships with listed high-risk jurisdictions, business entities and individuals.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” SEC stated in circular to all market operators.
The circular mandated all capital market regulated entities and individuals to do the following:
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities in their possession and report same to the Secretariat of the Nigeria Sanctions Committee;
“Report to the Secretariat of the Nigeria Sanctions Committee any assets frozen or actions taken in compliance with the designation, including attempted transactions;
“Immediately file a suspicious transactions report to the Nigerian Financial Intelligence Unit (NFIU) for further analysis on the financial activities;
“Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List;
“Subsequently prohibit dealings with the designated persons and entities; and continue to check for transactions relating to the designated persons and entities and report findings to the Nigeria Sanctions Committee through [email protected]”, SEC stated.
“Take Note that at all times, any unusual or suspicious transactions shall be promptly reported to the NFIU,” SEC warned.
According to the capital market apex regulator, the circular takes immediate effect and failure to comply with the directives constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations and such failure would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration.
The directive implies that capital market operators should immediately audit their AML/CFT technology stacks to ensure NigSac Alerts subscription and automated flagging capability.
CMREs are required to file suspicious transactions reports with the Nigerian Financial Intelligence Unit (NFIU) for any name matching with designated individuals and entities, whether such matches occur pre- or post-transaction.
The obligation extends to reporting all funds frozen and actions taken in compliance with designations to the NSC Secretariat via [email protected].
The designations also create secondary compliance obligations: CMREs must now maintain watchlists that incorporate designations from both the NSC and US Treasury, as regulatory expectations implicitly track international sanctions coordination.
For institutional investors and fund managers, this translates to enhanced due diligence on counterparty relationships, particularly where transactions flow through informal financial infrastructure or jurisdictions flagged under FATF increased monitoring status.
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