A Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services approximately N579 billion with a 10 per cent annual interest. The presiding judge, Inyang Ekwo, made the ruling on Friday in a case brought by Kasmal against the CBN and the Attorney-General of the Federation (AGF).
The amount represents the judgment sum for Kasmal’s role in stamp duty collection from January 1, 2015, to January 31, 2020. Kasmal was appointed by the Nigerian Postal Service (NIPOST) to collect a N50 fee on all receipts issued by banks for electronic transfers and teller deposits of N1,000 and above.
The plaintiff’s lawyer argued that his client had not been fully paid as agreed based on the terms of the agreement with NIPOST. The court documents revealed discrepancies in the remittances made to the Stamp Duty Collection Account, totaling N3.8 trillion. The court granted the plaintiff’s reliefs and ordered the CBN to pay the outstanding N579 billion with associated interest within the specified period.