E-Financial
Court Declares Banks’ Stamp Duty Charges Illegal
A Federal High Court in Asaba has declared as unlawful, illegal, null and void the deduction of the sum of N50 as Stamp Duty charges from the accounts of commercial bank customers in the country.
The court in addition made an order restraining the Central Bank of Nigeria (CBN) and banks from making further deductions unless authorised by law.
Justice Nnamdi Dimgba made the declaration in a judgment he delivered in a suit filed by Mr. Rupert Irikefe, a bank customer, challenging the continued deduction of Stamp Duty charges from his current bank account domiciled with Zenith Bank in Asaba, Delta State.
Irikefe had in 2019 instituted a legal action against the CBN, Zenith Bank PLC and the Attorney General of the Federation as 1st, 2nd and 3rd defendants respectively over the continued deduction of Stamp Duty charges from his current account in Zenith, despite a subsisting court order preventing banks in the country from making such charges.
In the suit he filed and argued by himself, Irikefe prayed the court to hold the CBN and Zenith Bank liable for acting in flagrant disobedience of a valid could order.
According to the plaintiff upon noticing several deductions of N50 and N100 from his bank account with the 2nd defendant being Stamp Duty charges, he had paid two visits to the bank branch in Asaba on September 14, 2018 and October 11, 2018 and told them their action contravened the judgment of the competent courts in the country including the Court of Appeal.
He lamented that rather than refund the monies so far collected the 2nd defendant continued to make further deductions on claims that they were following lawful directives of the first defendant.
Among the reliefs plaintiff sought before the court are whether by the decision of the Court of Appeal in appeal number : CA/L/437A/2014 between Standard Chartered Bank Nigeria limited versus Kasmil International Services Limited and 22 others delivered on April 21, 2016 and suit number: FHC/L/CS/126/2016 between Retail Supermarket Nigeria Limited versus Citibank Nigeria Limited and the CBN delivered on March 13, 2017 which found that “there was no express provision in the Stamp Duty Act or any law authorising the deduction or imposing any obligation to deduct or remit N50 as Stamp Duty on tellers, deposits or electronic transfers of monies from N1000 upwards and accordingly nullified same, the conduct of the 1st defendant and 2nd defendant by continuing to impose, direct the imposition, receive and or charge, deduct or remit the said sum of N50 as Stamp Duty…. from the account of the plaintiff is not wrong in law, dismissive and contemptuous of the law, orders of superior courts of competent jurisdiction, condemnable, null and void and of no effect.
He further asked the court to hold that the conduct of the first and second defendants to continue to make deduction in the name of Stamp Duty despite the subsistence and or awareness or the court of Appeal judgment is arbitrary, unlawful, illegal etc.
He accordingly prayed the court to make “ an order setting aside the imposition, deduction and or remittance or Stamp Duty charges.
“An order directing or mandating the first and second defendants to refund to the plaintiff the total cumulative sum illegally deducted from the commencement of deductions on January 31, 2016 to the date of filing the suit”.
Plaintiff also prayed for the sum of N50 million as general damages and another N50 million as exemplary damages.
“An order of injunction restraining the defendants from further deducting the sum of N50 Stamp Duty on teller’s deposits and or electronic transfers on Money transaction… unless authorised by law”.
Delivering judgment, Justice Dimgba who noted that the first defendant “acted in bad faith”, said, “I have never ceased to wonder, the practice that is very much exacerbated in current climes, where agencies of the government treat decisions of Court of law with disdain and to carry on as if those decisions were not in existence”.
The judge also noted that the second defendant willingly disobey the judgment of court when it acted recklessly and at its own peril to continue to deduct Stamp Duty charges from the plaintiff’s account in the face of clear and binding judicial decisions arising from judicial proceedings which the second defendant itself participated.
“All things considered, it is trite that a judgment not appealed against or set aside by a higher court is valid, subsisting and binding on all parties”.
While upholding the argument of the plaintiff, Justice Dimgba further held that the defendants did not place before the court any judgment or order of superior courts overriding the ones plaintiff anchored his case on.
He further held that the defendants failed to present to the court any amendment to the Stamp Duty Act empowering them to continue to make the deductions.
“In the absence of the above, it is irresistible to say that the suit has merit and should succeed.
“I hereby resolve the questions posed in the Originating Summons in favour of plaintiff.
“I enter judgment in favour of plaintiff on the following terms. Reliefs 1,2,3,4,5 and 8 are hereby granted.
“Relief 6 is refused. 7 is granted but limited to the sum of N2 million.
“Cost of N500,000 in favour of plaintiff jointly and severally”.
The judge added that, “This relief is granted to set an example that it is reprehensible conduct to willfully disobey decisions of competent court of law”.
Proparco and Ecobank Group have signed a €10m trade finance guarantee for Small and Medium-sized Enterprises (SMEs) in Africa
The €10m trade finance guarantee facility was signed for Ecobank Chad to facilitate imports of raw materials essential for creating added value in the country.
The programme addresses supply needs not covered by the local market and is part of the Food & Agriculture Resilience Mission (FARM) initiative launched in 2022 by France, together with the European Union, the G7, and the African Union.
Its objective is to strengthen food security in the most vulnerable countries.
This guarantee is also part of the Choose Africa programme run by the AFD Group (Agence Française de Développement, Proparco, and Expertise France), which provides financing solutions to small African businesses, start-ups, micro-enterprises, and MSMEs, supporting them through the various stages of their growth via local partners backed by the AFD Group.
Speaking on the agreement, Jeremy Awori, group chief executive officer, Ecobank, said, “This renewed partnership with Proparco reflects our shared commitment to strengthening the economic resilience of Chad and the wider region, contributing to the implementation of Chad’s new National Development Plan.
“By facilitating access to essential raw materials, we are supporting local industrialisation, food security, and value creation on the continent. Using the combined expertise of our pan-African network and Ecobank International in France, we will continue to support our customers by facilitating trade and strengthening risk management to build sustainable growth.”
Djalal Khimdjee, deputy chief executive officer, Proparco, commented, “We are very pleased to welcome Ecobank Chad to the Trade Finance programme that we have co-developed with the Ecobank Group since 2018.
This new partnership will benefit local businesses, enabling them to import raw materials and become part of the international value chain to better meet the needs of local communities.
This transaction brings the total volume of trade finance guarantees granted to the Ecobank Group since 2018 to €125m.
Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to seek clarification from the corporation on status of suspicious financial institutions and report banking-related infractions to secure their funds.
Thompson Sunday, managing director/chief executive, NDIC, gave the advice on Tuesday at an event to mark NDIC special day at the ongoing Lagos International Trade Fair.
Sunday who was represented by Wale Sule, director of the Claims Resolution Department, said one of the mandates of NDIC is banking supervision.
He added that, the corporation is available to handle any bank customer’s complaints unresolved by banks within two week.
He explained that the mandate of NDIC is to guarantee depositors funds, supervise banks, resolve distressed insured institutions and liquidate failed banks.
He also explained the collaborative role with the Central Bank of Nigeria (CBN) to maintain banking sector stability, enforce regulatory compliance and ensure effective oversight taking institutions
The NDIC boss urged depositors to escalate unresolved complaints to NDIC through its official channels, social media handles, help lines, website, email, offices nationwide, among others.
e also advised the public to watch out for NDIC protection logo towards escaping gimmicks of wonder banks.
“A Wonder Bank cannot have a logo that says protected by NDIC,” he said.
He said if any bank is soliciting for funds, customers should walk into any NDIC offices to complain or verify their authenticity through all NDIC official help lines.
He said the theme of the 2025 fair: “Connecting Business, Creating Value”aligned closely with the public policy objectives and mandate of NDIC.
Sunday said that the fair provided a valuable platform to showcase the ingenuity of the nation’s entrepreneurs, capacity of manufacturers and the creativity of small, medium, and micro enterprises (SMEs).
He added that the fair also highlighted the critical role of the organisation’s financial system as a vehicle that connects economic activities for sustainability and growth
Mastercard has launched a new suite of premium lifestyle benefits dubbed The Mastercard Collection, aimed at enhancing the experiences of its high-tier cardholders across Eastern Europe, the Middle East, and Africa (EEMEA).
The offering, which complements existing bank-issued rewards, is available to holders of World, World Elite, and the newly introduced World Legend and World Legend Exclusive Mastercards — the company’s most exclusive credit card tiers to date.
Speaking on the launch, Prakriti Singh, Executive Vice President, Core Payments, EEMEA, Mastercard, said the initiative is designed to transform everyday transactions into memorable experiences.
“Consumers today don’t just want access to benefits; they want moments that make memories,” Singh said. “Through this launch we are turning everyday payments into extraordinary possibilities.”
The Mastercard Collection includes priority access to curated dining, entertainment, and travel experiences in over 45 destinations. Cardholders can enjoy exclusive menus at top restaurants such as Aelia, Andaliman, and La Dame de Pic in Dubai and Istanbul, among others.
In partnership with Live Nation, Mastercard is also offering pre-sale tickets, premium seating, and VIP access to over 75 concerts annually in the region and more than 2,500 events globally.
Travel benefits include complimentary access to 1,350 airport lounges worldwide, discounts on terminal services, and fast-track security lanes at over 30 airports — including an exclusive lane at Istanbul Airport.
Ahmed Abdel-Karim Hussein, Executive Vice President, Integrated Marketing and Communications, EEMEA, Mastercard, said the initiative reflects the company’s commitment to connecting people to their passions.
“Our research shows that nearly 75 per cent of cardholders feel their best when pursuing passions like culinary exploration and cultural immersion,” Hussein said.
The World Legend Mastercard is currently available to banks in the region and will be rolled out to cardholders in the UAE, Saudi Arabia, and Türkiye in Q4 2025.
Eligible cardholders can access the benefits via priceless.com/themastercardcollection.
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