Nigerians have begun raising concerns over what they describe as double stamp duty deductions by commercial banks, barely weeks after the implementation of new tax laws on January 1, 2026.
Under the new framework, banks are required to deduct a flat ₦50 stamp duty on electronic transfers of ₦10,000 and above. Financial institutions notified customers of the charge via emails and in-app messages ahead of its enforcement.
However, several customers say their accounts are being debited ₦100 instead of the stipulated ₦50 per qualifying transaction, sparking complaints and threats of legal action. Some affected customers, who spoke anonymously, described the deductions as excessive and insensitive given Nigeria’s current economic challenges.
One customer of a leading commercial bank said he noticed repeated ₦100 deductions on transfers above ₦10,000, despite official communication stating otherwise. Another customer said he was considering legal and public action against his bank, alleging multiple stamp duty deductions that were not properly explained.
“I received an email stating that ₦50 would be charged, but what I see is ₦100. That is unacceptable,” one customer said.
Efforts to obtain a response from the President of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, were unsuccessful, as calls and messages were not returned as of the time of filing this report. The Central Bank of Nigeria (CBN) has also yet to issue an official statement addressing the allegations.
Reacting to the complaints, a finance expert and lecturer at Lead City University, Ibadan, Prof. Godwin Oyedokun, cautioned Nigerians against confusing stamp duty deductions with other transaction-related charges. He explained that some banks apply both the ₦50 stamp duty and additional fees such as the Nigeria Inter-Bank Settlement System (NIBSS) instant payment (NIP) charge, which can result in a total debit of ₦100 or more.
According to him, banks may also consolidate charges and debit customers at a later time, creating the impression of overcharging. Oyedokun warned against framing the issue as deliberate exploitation or using it to undermine the government’s tax reforms, noting that stamp duty and NIP charges are separate.
Nigeria’s tax reforms have remained controversial since they were first submitted to the National Assembly in October 2024 and later signed into law by President Bola Ahmed Tinubu in June 2025. While concerns have been raised by stakeholders, including global consulting firm KPMG, the Federal Government has continued to defend the reforms, insisting they are necessary to strengthen revenue generation and fiscal sustainability.