FEDERAL HIGH COURT DECLARES CBN STAMP DUTY ILLEGAL

The Federal High Court sitting in Lagos has declared the controversial stamp duty imposed by the Central Bank of Nigeria a nullity.

The court in a ten page judgement stated that the act of the central bank in imposing stamp duties on current accounts was illegal and not recognized by any statute particularly the Stamp Duties Act.

The Judgement which was read on the 13th of march this year was delivered by Hon Justice Chuka Augustinbe Obiazor.

The learned judge in his Judgement also stated that he was bound by the decision of the Court of Appeal in Standard Chartered Bank (Nig) Ltd. V. Kasmal International Service Ltd Suit No: CA/L/437A/2014, a Judgment of delivered on the 21st of April 2016 .
According to the Hon Judge

“It is mandatory on me to recognize, apply and give effect to it. To do otherwise would amount to gross insubordination, which would transform this Court into a misfit in the Judiciary. I decline to follow such inglorious trajectory.”

A. Tunde-OIowu and Winifred Igbokwe (Miss) appeared for the Plaintiff. O. Taiwo (Miss)appeared for the 1st Defendant while
Bolaji Ola appeared for the 2nd Defendant.

Lawyard.Ng

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