NIPOST Reveals CBN Opened "Illegal" Stamp Duty Account

Nigerian Postal Service (NIPOST) has responded to Allegation that the postal service is operating an illegal account of which it is receiving stamp duty charges. The Federal Inland Revenue Service (FIRS) made the accusation following a series of Tweets made against the tax agency in the fight for stamp duty collection.

AllNews had reported last week that the Director of Communication of FIRS, AbdullahI Ahmad, had accused NIPOST of running an illegal account for stamp duty as FIRS is the only government agency authorized to collect stamp duty, and the FIRS would ensure NIPOST remit every penny collected into the Treasury Single Account (TSA).

CBN Opened The Account For NIPOST

AllNews gathered from a statement released by NIPOST that the Central Bank of Nigeria (CBN) opened the account NIPOST is using to collect stamp duty charges. It was revealed that NIPOST has been using the same account for years, but the account belongs to the Federal Government and the funds in it can't be accessed by NIPOST.

It also stated that FIRS's recent fight for the stamp duty charge contravene the 2013 meeting between FIRS and NIPOST where it was concluded that NIPOST is the government agency authorized to collect stamp duty.

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Here's NIPOST's Reaction To Accusation

"Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.

"We hereby state categorically that the statement is false and made to misinform and mislead members of the public. The account the Director of Communication of FIRS made reference to as “illegal” was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of #50 stamp duties from bank customers accounts.

"The account belongs to the Federation NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise. NIPOST wishes to restate that under the extant laws of Nigeria with NIPOST Act 2004 provides and vests solely in NIPOST the power to print adhesive postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

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"Historically, the Post in Nigeria, just like in the comity of nations, has at different times produced adhesive postage stamps and revenue stamps for the Federal Government. It is to this end that NIPOST seeks the proper implementation of the Finance Act.

"NIPOST is therefore taken aback when FIRS took to the tweeter to call out the Chairman, NIPOST Board, Barrister Maimuna Yaya Abubakar, who only tried to bring the attention of the Service and public that NIPOST would be emasculated if the Act is not properly implemented.

"This is more so when there was a meeting between FIRS and NIPOST in July 2013 in the office of the Executive Chairman of FIRS and resolution reached that “NIPOST is statutory duty-bound to provide the stamps to be used by FIRS at both federal and state levels.

"We wish to reassure members of the public that NIPOST as a responsible government institution has always operated within the ambit of the law. We therefore urge the general public to disregard the statement credited to the Director, Communication and Liaison, FIRS on the issue."