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Court Orders CBN To Pay Kasmal N579Bn For Stamp Duty Arrears

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A federal high court sitting in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services about N579 billion with a 10 percent annual interest.

The amount comprises the judgment sum from January 1, 2015, to January 31, 2020, for Kasmal’s role in stamp duty collection.

Inyang Ekwo, the presiding judge, made the ruling on Friday, in a case instituted by Kasmal against the CBN and the attorney-general of the federation (AGF).

The interest will apply from January 1, 2015, to January 31, 2020.

HOW IT STARTED

During the hearing, Kasmal’s lawyer said it was appointed by the Nigerian Postal Service (NIPOST) to collect a N50 fee on all receipts issued by banks or financial institutions for services related to electronic transfers and teller deposits of N1,000 and above.

The appointment was in line with the Stamp Duties Act and the Nigerian Financial Regulations of 2009, court document said.

The lawyer argued that the terms of the agreement between NIPOST and the plaintiff included the remuneration of N7.5 from every N50 deduction of which his client’s percentage has not been fully paid as agreed.

“The plaintiff has become aware through public disclosures by the Governor of the CBN that after the initial payment of N10.367 billion to the plaintiff, which did not reflect the total value of all accrued deposits that ought to have been paid into the 1st Defendant NIPOST Stamp Duty Collection Account No. 3000047517 from January 1, 2015, to January 31, 2020,,” The court document reads.

“Further remittances were made from the DMBs’ NIPOST stamp duties accounts to the 1st Defendant NIPOST Stamp Duty Collection Account No. 3000047517 in the tune of over N370.7 billion, which were amounts that accrued within the period from January 1, 2015, to January 31, 2020.

“Currently, a total of N3.8 trillion stands in the Stamp Duty Collection Account, ready for distribution among the Federal Government, State Governments, Local Governments, the Federal Inland Revenue Service (FIRS), Coordinating Consultants, and other bodies.

“That the plaintiff’s 15%, amounting to N579,130,698,440, is part of the N3.8 trillion in the Stamp Duty Collection Account.

“The defendants/respondents have started taking steps to disburse and transfer the whole of the N3.8 trillion in the Stamp Duty Collection Account without consideration of the outstanding payments due to the plaintiff.”

The lawyer then prayed the court to issue “an order directing the 1st and 2nd Defendants to pay the plaintiff the sum of N579,130,698,440 or any other sum as may be adjudged by this court upon the production of the records relating to the collection of stamp duty between January 1, 2015, and January 31, 2020, representing 15% of all accrued deposits paid into or which ought to have been paid into the CBN NIPOST Stamp Duty Collection Account No. 3000047517 by all Deposit Money Banks”.

The plaintiff’s counsel also asked the court to restrain the first and second defendants from disbursing, transferring, “or doing anything whatsoever with all accrued deposits paid into or which ought to have been paid into the CBN NIPOST stamp duty collection account by all DMBs pending the hearing and determination of the case”.

‘ILLEGAL CONTRACT’

In their preliminary objection to the suit marked FHC/ABJ/CS/335/2024, the AGF and the apex bank through their counsel, Adeniyi Akintola, told the court that the agency contract the plaintiff allegedly had with NIPOST was “illegal”.

Akintola argued that only the federal, state, and local governments are entitled to share the revenue in the federation account.

“The non-joinder of NIPOST, which purportedly appointed the plaintiff as a collection agent, robs the Honorable Court of the requisite jurisdiction to entertain the claims as presently constituted,” Akintola said.

“The purported agency contract between NIPOST and the plaintiff, which is the basis for the plaintiff’s authority, is not placed before the court; hence the court cannot give effect to the said agency contract merely because it was mentioned in passing in paragraph 5(e) of the plaintiff’s affidavit in support of the originating summons.

“The revenue being challenged belongs to the entire Federation, the collection and remittance of which goes to the Federation Account, and any amount standing to the credit of the Federation Account can only be distributed among the Federal, State, and Local Government Councils in each State. The court lacks jurisdiction to entertain this suit in relation to sharing the said money in the Federation Account.”

Delivering his judgment, Ekwo said the submission of the CBN and AGF that NIPOST lacks the statutory power to collect stamp duties “does not hold water”.

The judge said a previous judgment concerning stamp duty in favour of the plaintiff is still subsisting and has not been overturned by a higher court.

Ekwo said the submission of the CBN and the AGF that the reliefs sought by the plaintiff cannot be granted because all revenues accruing to the federation, including the stamp duties, are remitted into the federation account and can only be distributed among the tiers of government as provided in the constitution, is incorrect.

“I find at the end that the CBN and AGF have not effectively controverted the case of the plaintiff, and the plaintiff, having made a credible case, ought to succeed on the merit, and I so hold,” the judge said.

“It is my opinion that this case is predicated on the fact that the 1st and 2nd Defendants have had transactions with the plaintiff before by paying the plaintiff the sum of N10.3 billion, being 15% of remitted stamp duty.”

Ekwo, therefore, granted the reliefs of the plaintiff and ordered the CBN to pay over N579 billion with associated interest within the stipulated period.

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Couple Kidnapped, One Shot In Ondo Estate Attack

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Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

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Brake Failure Leaves One Dead, Four Rescued At Abule-Egba

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One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.

The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.

According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.

LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.

The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.

“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.

The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.

“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.

It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.

According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.

The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.

“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.

“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.

According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.

“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.

He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.

Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.

The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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