Nigerians are raising fresh concerns over what they describe as double stamp duty deductions by commercial banks, barely days after the country’s new tax laws took effect.
Since 1 January 2026, banks have begun enforcing a ₦50 stamp duty on electronic transfers of ₦10,000 and above, a policy customers were formally notified about via emails and in-app messages. But less than two weeks into implementation, complaints of excessive and confusing deductions are spreading across social media and banking halls.
Several customers told DAILY POST that instead of the announced ₦50 charge, their accounts were debited ₦100 per transaction, triggering anger at a time when many Nigerians are already struggling with rising living costs.
“It is unacceptable. I was clearly told ₦50, but my account was charged ₦100 for a single transfer,” one customer of a leading commercial bank said. “With the economy this hard, banks should not add to our burden.”
Another customer said he was considering legal action after noticing repeated deductions.
“They emailed us ₦50, but they are taking ₦100. That is misleading. If nothing is done, I will drag the bank online and take necessary action,” he said.
Experts urge caution over deductions
However, some financial experts say the outrage may be driven by misinterpretation of bank charges, rather than outright violation of the law.
Speaking to DAILY POST, Prof. Godwin Oyedokun, a lecturer at Lead City University, Ibadan, explained that what many customers see as double stamp duty may actually be a combination of charges.
“In my case, I was debited ₦100 — but that included ₦50 stamp duty and ₦50 NIP transfer charges,” he said.
He added that banks often bundle charges, sometimes posting them later, which can make deductions appear higher than expected.
“This is not entirely about tax, and people should be careful not to use this issue to discredit the government. The ₦50 NIP charge is different from the ₦50 stamp duty,” Oyedokun clarified.
Silence from regulators
Efforts to get comments from the Bank Customers’ Association of Nigeria (BCAN) were unsuccessful, as its president, Dr Uju Ogunbunka, did not respond to calls or messages.
The Central Bank of Nigeria (CBN) has also not issued an official statement addressing allegations of double stamp duty deductions by banks.
Tax reforms remain controversial
Nigeria’s latest tax reforms have faced intense public scrutiny since they were first submitted to the National Assembly in October 2024, signed into law by President Bola Ahmed Tinubu in June 2025, and finally implemented this year.
Concerns have ranged from implementation gaps to alleged errors flagged by consulting firm KPMG, claims the federal government has repeatedly dismissed.
For many Nigerians, however, the stamp duty controversy has become another test of trust in the banking system — and whether financial institutions are truly acting in line with the law.
