Barely days after the new tax laws took effect, Nigerians are already crying out over double stamp duty deductions by banks since January 1, 2026.
It was Reported that since January, Nigerian banks have been charging a N50 stamp duty on transfers of N10,000 and above.
Nigerians banking with different institutions have been receiving emails alerting them to the uniform N50 stamp duty charge introduced by the new tax laws. However, less than two weeks to the implementation, several Nigerians are crying out that their accounts have been overcharged.
Several customers, speaking anonymously, told reporters they are being hit with N100 charges per N10,000 transfer, twice the uniform N50 mandated by the new tax law
“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 we are faced with,” a popular commercial bank customer said.
Another customer threatened to take legal action against a Nigerian bank for multiple stamp duty deductions from his account.
“I will take necessary action or drag my bank online over multiple stamp duties charged.
“I was sent an email for N50, but they are collecting N100. Terrible,” he said.
Dr. Uju Ogunbunka, the president of the Bank Customers’ Association of Nigeria, did not respond to reporters call or text as of the time of filing this report.
Similarly, the Central Bank of Nigeria has not officially responded to the allegations of double stamp duty deductions by Nigerian banks.
Speaking on Monday in an interview, a don at the Lead City University in Ibadan, Prof. Godwin Oyedokun, clarified that Nigerians must be careful not to misrepresent other banks’ deductions for stamp duty or the new tax laws.
He explained that he was debited a total of N100 for stamp duty and ‘NIP’ charges.
“Don’t let them deceive themselves. But don’t forget that banks at times may not charge you a minimum that they can control.
“They can consolidate it in the night and just charge you. So you just think that they charge you more than that. In fact, I’ve seen two hundred in my own case.
“But if you look at what you have done, you will see that you are not charged more than that. This is not about tax. And I don’t want people to use this to discredit the government.
“They say the commission on NIP transfer is N50 Naira, which is different from the N50 stamp duties,” he said.
Reports says that from October 2024, when the Nigerian National Assembly received the tax laws, to June 2025, when President Bola Ahmed Tinubu signed them, to the present date, the tax reforms have been faced with multiple controversies.
The latest was the alleged errors and gaps spotted by KPMG; however, the Nigerian government dismissed doubts regarding the tax laws.