CBN Done Come Again With Latest “Stamp Charge” Taxation of The Hapless Masses


I received the following email from my bank today:

“Dear Maga,

“The Central Bank of Nigeria has recently introduced a N50.00 stamp duty charge for electronic transfers and teller deposits from N1,000 and above.

“This is in compliance with the provision of the Stamp Duties Act and Federal Government Financial Regulations 2004.

“This directive takes effect immediately with the following highlights:

“1. The charge will be applicable per eligible transaction (electronic transfers and teller deposits from N1, 000 and above). 2. Charges are applicable to and only payable by receiving accounts.”

Stamp wetin? They might just as well have addressed it, “Dear Maga,” because that was what it read like.

So our dear Central Bank of Nigeria or is it, Criminal Bank of Nigeria is at it again, starting hard for 2016. “Stamp charge!” WTF! N50 per deposit received. For all the millions of deposits received across Nigeria the cabal banks on behalf of the CBN will be collecting N50 from us each and every time. Nawaoh!

I have written and written, I am tired. Nigeria unlike any other country in the world is the only place where banks tax you to collect your money. In other countries, banks appeal to you with various tasty offers including bonuses, frequent miles, gifts and what have-you for the privilege of being the one you agree to keep your money for you. But not in Nigeria. Here the irritating banks are supported by banker Godwin Emefiele and in the past by banker Sanusi Lamido Sanusi, now Emir, to rob you silly in a continuous and multi-pronged, CBN enforced ponzi scheme. If you do not keep your money with them you get fined for cash transactions so you must choose from one usurping bank or the other. Then the charges come, this and that for deposit or withdrawal. Nothing is free… and now “Stamp charge!”

You can transfer a million Naira within Nigerian banks without withdrawing a penny and in time by geometric regression, the entire million will diminish to 1 kobo. Lakulillahi!

And what do we get in return? Free hand-note authorized access to the vault by thieves like the prince of Sokoto, Sambo Dasuki, to destroy us irreparably.

This is what you get when you put a banker at the head of the nation’s apex bank: free robbery of the hapless millions by the banks he has vested interests in.

Here is a list of some of the previous charges I highlighted in my 2014 article against Godwin Emefiele and my 2013 article against Sanusi Lamido Sanusi:

Customers pay N10-50 per sms alert, even for bank error repeat texts; though bulk sms texts are offered to businesses by mobile networks at N1/sms.

atmimage3-5% on withdrawals of ₦500,000+

COT: N1 per N1,000

Hardware token for security is issued at N2000 ($12);

Bank statements are charged at about N40/page;

Renewal ATM card is issued at a charge of N1000 ($6);

N500 monthly maintenance fee for current accounts ($3);

First Bank and Keystone Bank even have a N100 monthly ATM card maintenance fee!

You also have the Value added tax, for ‘no value added.’

Even reference letters are fulfilled at a charge of up to N2000 ($12).


Dr. Peregrino Brimah @EveryNigeria also on http://Naija.Live online radio