22 Banks take Buruji Kashamu to Appeal Court

22 banks have dragged Senator Buruji Kashamu’s company, KASMAL International Services Ltd. before the President of Court of Appeal, Justice Zainab Bulkachuwa and she has set up special panel headed by Justice Ibrahim Saulawa to hear the banks’ appeal challenging a judgement of a Federal High Court delivered by Justice C.J Aneke ordering the banks to remit to Nigerian Postal Services via KASMAL International Services Ltd. the sum of N70 as stamp duty on every transaction from N1,000 and above.
The banks battling Buruji Kashamu’s company are; Access Bank Plc, Citibank Nigeria Limited, Diamond Bank Plc, Ecobank Plc, Enterprise Bank Plc, Fidelity Bank Plc, First Bank Nigeria Plc, First City Monument Bank Plc, Heritage Banking Company Limited, Mainstreet Bank Limited, Skye Bank Plc, Stanbic IBTC Bank Limited, Standard Chartered Bank Plc, Sterling Bank Plc, Union Bank Plc, United Bank of Nigeria Plc, Unity Bank Plc, WEMA Bank Plc and Zenith Bank Plc.
KASMAL International Services had in a 32-paragraph affidavit deposed to by Prince Buruji Kashamu, urged the court among others to order the banks to give effect to the Agency Agreement between it and the Nigerian Postal Services (23rd defendant) as well as the Cooperate Agreement between it and the School of Banking Honours (24th defendants) respectively.
Justice Aneke had in his judgement declared that upon a community reading and the construction of the provisions of the Stamp Duties Act 2004, NIPOST Act 2004, and the Federal Government of Nigeria Financial Regulations 2009, the 22 banks are obliged to deduct and remit to NIPOST (23 defendant) through the plaintiff a sum of N50 as stamp duty on all receipts by electronic transfer or teller deposit of monies from N1000 upward made into accounts operated in all their branches.

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