Barely weeks after the commencement of Nigeria’s new tax laws, bank customers across the country have expressed concerns over what they describe as double stamp duty deductions on electronic transfers.
Reports from customers indicate that while banks notified account holders of a uniform ₦50 stamp duty charge on transfers of ₦10,000 and above with effect from Jan. 1, 2026, some customers have allegedly been debited ₦100 per transaction.
Several customers, who spoke anonymously, complained that the deductions were excessive and imposed at a time of mounting economic hardship.
One customer said he noticed multiple deductions on his account despite official communication from his bank stating that only ₦50 would be charged per qualifying transfer.
Another customer warned that he might seek legal redress or publicly call out his bank over what he described as unjustified multiple deductions.
Efforts to obtain a reaction from the Bank Customers’ Association of Nigeria (BCAN) proved unsuccessful, as its President, Dr. Uju Ogunbunka, did not respond to calls or messages as of the time of filing this report.
Similarly, the Central Bank of Nigeria (CBN) has yet to issue an official statement addressing the allegations of double stamp duty charges by banks.
However, a professor of accounting at Lead City University, Ibadan, Prof. Godwin Oyedokun, urged Nigerians to properly understand the nature of bank charges before attributing them solely to stamp duty or the new tax laws.
Oyedokun explained that in addition to the ₦50 stamp duty, customers are also charged ₦50 as Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) transfer fees.
According to him, the combined deductions may give the impression of double stamp duty charges.
“People should not misrepresent bank charges. The ₦50 stamp duty is different from the ₦50 NIP transfer fee.
Sometimes, banks may consolidate these charges and debit customers later, which can make it appear as if more was deducted at once,” he said.
He cautioned against using the issue to discredit government tax reforms, adding that customers should carefully review their transaction histories to understand the deductions applied.
The stamp duty charge forms part of the broader tax reform laws introduced by the Federal Government to enhance revenue generation. The reforms, presented to the National Assembly in October 2024 and signed into law by President Bola Ahmed Tinubu in June 2025, have continued to generate debate and public scrutiny.
While concerns have been raised by stakeholders, including reported observations by international consultancy firm KPMG on possible gaps in the laws, the Federal Government has consistently dismissed claims that the reforms are flawed.