Nigerians have begun raising alarm over what they describe as double stamp duty deductions by commercial banks, just days after the new tax laws took effect on January 1, 2026.
Under the new regime, banks are required to deduct a flat ₦50 stamp duty on electronic transfers of ₦10,000 and above. Customers across multiple financial institutions received emails informing them of the uniform charge, which was introduced as part of Nigeria’s newly enacted tax reforms.
However, less than two weeks into implementation, many customers say they are being debited ₦100 instead of the approved ₦50, sparking anger and accusations of overcharging.
Several bank customers who spoke to DAILY POST on condition of anonymity said the deductions do not align with what was communicated to them.
“It is ridiculous that instead of charging ₦50 per ₦10,000 transfer, my bank deducted ₦100 for stamp duty last week, despite the harsh economic realities we are facing,” one customer said.
Another customer accused his bank of multiple deductions and threatened legal action.
“I was sent an email stating ₦50, but they are collecting ₦100. I will drag my bank online or take necessary action over these multiple stamp duty charges. It’s unacceptable,” he said.
Efforts to get a response from the Bank Customers’ Association of Nigeria were unsuccessful, as its president, Dr. Uju Ogunbunka, did not respond to calls or text messages as of the time of filing this report. The Central Bank of Nigeria (CBN) has also not issued any official statement addressing the allegations.
However, a financial expert has suggested that the confusion may be due to banks combining different transaction charges.
Speaking with DAILY POST, Professor Godwin Oyedokun of Lead City University, Ibadan, explained that customers may be mistaking multiple charges for double stamp duty deductions.
“In my own case, I was debited ₦100, but that included ₦50 stamp duty and ₦50 NIP transfer charge. People should be careful not to misinterpret what they see on their statements,” he said.
According to him, banks sometimes consolidate charges and debit them at once, making it appear as though customers are being overcharged.
“They may even debit it later at night in a lump sum. So when you look at it, you think you are paying more than you should. But when you break it down, you may not have been overcharged,” he added.
Oyedokun also cautioned against using the issue to discredit the government’s tax reforms.
“This is not really about the new tax laws. The ₦50 NIP charge is different from the ₦50 stamp duty. People should understand the difference,” he said.
The controversy adds to the growing tension surrounding Nigeria’s tax reforms, which have been dogged by public skepticism since they were first presented to the National Assembly in October 2024, signed into law by President Bola Ahmed Tinubu in June 2025, and eventually implemented this year.
Concerns were recently heightened after global consultancy firm KPMG reportedly identified gaps and errors in the new laws, although the Federal Government has dismissed those claims.
For now, many Nigerians remain frustrated and confused over what they are actually being charged — and why.
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