Justice Inyang Ekwo of the Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services the sum of N579.13 billion with a 10% annual interest for its involvement in stamp duty collection. The interest applies from January 1, 2015, to January 31, 2020.
Kasmal, represented by lawyer Alex Izinyon, filed the lawsuit against the CBN and the Attorney General of the Federation, arguing that the Nigerian Postal Service (NIPOST) had appointed them to collect a N50 fee on receipts issued by banks for electronic transfers and deposits of N1,000 and above, as per the Stamp Duties Act and Nigerian Financial Regulations.
The plaintiff claimed that Kasmal was entitled to N7.50 from each N50 deduction but had not received full payment. Court documents revealed that CBN initially paid N10.367 billion, but further amounts totaling over N370.7 billion were remitted to the NIPOST Stamp Duty Collection Account between January 2015 and January 2020. The plaintiff’s share, 15% of these remittances, amounts to N579.13 billion.
The CBN and AGF, through their counsel Chief Adeniyi Akintola (SAN), contested the validity of Kasmal’s contract with NIPOST, arguing that only government bodies are entitled to stamp duty revenue. They contended that NIPOST lacked the authority to appoint Kasmal as a collection agent.
Justice Ekwo, however, rejected these arguments, ruling that Kasmal had a legitimate claim based on a previous judgment in its favor. He found that CBN had already paid part of Kasmal’s share and ordered the bank to pay the remaining N579.13 billion with 10% annual interest.
