By Collins Nweze

Entry Financial institution Plc on Sunday concluded cost for a three-month Stamp Obligation Cost for all its clients debited from February to April this yr.

The affected clients had requested the financial institution to refund the fees to them, which the lender obliged.

In a press release, the financial institution mentioned it determined to remit these funds through the Central Financial institution of Nigeria to the Federal Authorities on behalf of the affected clients due to the lateness in debiting the shoppers’ accounts for the cost.

Entry Financial institution mentioned Stamp Obligation Cost Assortment is backed by legislation, and in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Obligation Act, Cap S8).

The financial institution mentioned: “We’re required by legislation to use this cost as relevant and remit all funds collected to the Federal Authorities.”

The financial institution disclosed that it had inadvertently not charged stamp obligation on some accounts from February to April 2020 as mandated by the Federal Authorities.

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It mentioned: “Nevertheless, we’ve got heard our clients’ suggestions that this cost is unwelcome, particularly at the moment towards a difficult financial backdrop.

“We have now thought of your suggestions and have determined to pay the Stamp Obligation on our clients’ behalf for the affected interval solely.”

The financial institution additional defined that every one particular person and Small and Medium Enterprises (SMEs) who had been debited for the accrued Stamp Obligation Cost for February to April 2020, shall be refunded.

Persevering with, it mentioned: “Whereas we nonetheless need to remit these funds through the CBN to the Federal Authorities, we realise that we obtained it unsuitable by debiting our clients late, and we’re refunding the affected Stamp Obligation Cost as we speak to all affected clients.”

The financial institution suggested clients with additional enquiries on the problem to ship e mail to it, thanking them for sharing their views on the matter.

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