Nigerians Report Double Stamp Duty Charges on Bank Transfers

Nigerians are reporting double stamp duty charges on bank transfers since new tax laws took effect January 1, 2026. Banks are supposed to charge N50 on transfers of N10,000 and above, but customers across multiple financial institutions say they're being debited N100 instead. Many affected customers are threatening legal action against their banks. One customer told DAILY POST: "I was sent an email for N50, but they are collecting N100. Terrible." Another said: "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." The Central Bank of Nigeria has not officially responded to the allegations. Bank Customers' Association of Nigeria president Dr. Uju Ogunbunka was unavailable for comment. However, Prof. Godwin Oyedokun of Lead City University clarified that some N100 charges include both stamp duty (N50) and NIP transfer commission (N50). He warned: "Don't let them deceive themselves. Banks may consolidate charges overnight, making it appear as one deduction. But if you look at what you have done, you will see that you are not charged more than that." The tax reforms, which President Tinubu signed in June 2025, have faced multiple controversies including alleged errors spotted by KPMG. Are you experiencing double charges, or is this a misunderstanding of separate fees being combined?

SOURCE: https://dailypost.ng/2026/01/13/tax-laws-nigerians-grumble-over-double-stamp-duty-charges-by-banks/