COURT DRAGS SCHOOL OF BANKING HONOURS INTO LEGAL BATTLE OVER BANK DEPOSIT FEES

Banking Fee Battle Heats Up: New Player Joins the Fight!

A lawsuit challenging fees on Nigerian bank deposits has taken a surprising turn. The case, originally focused on a tax called “stamp duty,” now has a new participant: The School of Banking Honours (SBH).

The Deposit Fee Feud

A company named Kasmal International Services sued the Nigerian government, arguing that a fee applied to bank deposits (stamp duty) is unfair. Kasmal wants a cut of the fees collected instead.

Enter School of Banking Honours

SBH claims to have a special agreement with the Nigerian Postal Service (NIPOST) to collect a commission on stamp duty from electronic bank transactions. They say they deserve a seat at the legal table to protect their rights.

Courtroom Chaos Averted (For Now)

The judge agreed to include SBH in the case. This complicates things for Kasmal, who now has to argue against both the government and SBH. The judge also warned the lawyers to behave or face penalties.

What’s Next?

The case is adjourned until June. In the meantime, everyone involved will prepare their arguments.

Bonus: Stamp Duty Explained

Stamp duty is a tax applied to various financial transactions in Nigeria. In 2023, the government collected a whopping N370.686 billion in stamp duty over a six-year period!

About School of Banking Honours (SBH)

According to their website, SBH is a vocational training institution focused on equipping young people with banking skills and helping them find jobs.

Source: Nariametrics