Nigerians accuse banks of double stamp duty charges weeks after new tax laws take effect

Anger is mounting among Nigerian bank customers following allegations that commercial banks are deducting double stamp duty charges on electronic transfers, barely weeks after the country’s new tax laws came into force.

From January 1, 2026, banks began enforcing a ₦50 stamp duty on transfers of ₦10,000 and above, in line with the revised tax framework. Customers were formally notified through emails and in-app messages, assuring them of a uniform and regulated deduction.

Yet, many Nigerians say the reality on their bank statements tells a different story.

Several customers who spoke to DAILY POST, and requested anonymity, claimed they were charged ₦100 per qualifying transfer, instead of the approved ₦50, raising concerns about transparency and compliance within the banking sector.

“It is unacceptable. At a time when Nigerians are struggling with rising costs, my bank deducted ₦100 as stamp duty on a single transfer,” one customer of a leading commercial bank said.
“That is not what we were informed.”

Another customer threatened legal and public action, accusing his bank of misleading customers.

“They emailed us about a ₦50 charge, but ₦100 is being taken. If this continues, I will take action or call them out publicly,” he said.

The growing complaints have sparked calls for regulatory intervention. However, as of the time of filing this report, the President of the Bank Customers’ Association of Nigeria (BCAN), Dr Uju Ogunbunka, had not responded to requests for comment.

The Central Bank of Nigeria (CBN) has also yet to issue an official response to the allegations.

Speaking to DAILY POST, Prof. Godwin Oyedokun of Lead City University, Ibadan, urged Nigerians to carefully examine their bank statements before concluding that stamp duty is being charged twice.

According to him, what many customers see as double stamp duty may actually be a combination of stamp duty and Nigeria Inter-Bank Settlement System (NIP) transfer charges.

“In my own case, I was debited ₦100 — ₦50 for stamp duty and ₦50 for NIP charges,” he explained.
“Banks sometimes consolidate deductions and apply them later, which can make it appear like an overcharge.”

Oyedokun cautioned against framing the issue as tax abuse or government overreach.

“This is not necessarily a tax issue, and people should be careful not to use it to discredit the government,” he said, adding that the ₦50 NIP fee is distinct from the ₦50 stamp duty.

Nigeria’s tax reforms have remained contentious since October 2024, when the bills were transmitted to the National Assembly, through June 2025, when President Bola Ahmed Tinubu signed them into law.

Since then, the reforms have faced sustained criticism, with professional services firm KPMG reportedly flagging potential gaps and errors in some provisions — concerns that have further heightened public scrutiny of the new tax regime.