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Nigerians are protesting what they refer to be double stamp duty charges by banks from January 1, 2026, just days after the new tax legislation went into effect.

According to ZINGTIE, Nigerian banks started collecting N50 stamp charges on senders of N10,000 or more in January.

Customers at Nigeria’s financial institutions received emails from their different banks informing them of the new tax rules’ standard N50 stamp duty levy.

However, a number of Nigerians are complaining that their accounts have been overcharged less than two weeks after the introduction.

Speaking anonymously to ZINGTIE, a number of bank clients expressed dissatisfaction about being charged N100 instead of N50 for each N10,000 transfer.

“It is ridiculous that instead of charging N50 per N10,000 transfer, I was charged by my bank N100 for stamp duties last week despite the harsh economic realities we are faced with,” a popular commercial bank customer told ZINGTIE.

Another client threatened to sue a Nigerian bank for repeatedly deducting stamp duty from his account.

“I will take necessary action or drag my bank online over multiple stamp duties charged.

“I was sent an email for N50, but they are collecting N100. Terrible,” he said.

As of the time this article was filed, Dr. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, had not returned calls or texts from the ZINGTIE.

In a similar vein, the claims of double stamp duty deductions by Nigerian banks have not received an official response from the Central Bank of Nigeria.

Prof. Godwin Oyedokun, a don at Lead City University in Ibadan, explained in an interview with ZINGTIE on Monday that Nigerians need to be cautious not to misrepresent other banks’ stamp duty deductions or the new tax regulations.

He clarified that stamp tax and “NIP” costs totaling N100 were deducted from his account.

“Don’t let them deceive themselves. But don’t forget that banks at times may not charge you a minimum that they can control.

“They can consolidate it in the night and just charge you. So you just think that they charge you more than that. In fact, I’ve seen two hundred in my own case.

“But if you look at what you have done, you will see that you are not charged more than that. This is not about tax. And I don’t want people to use this to discredit the government.

“They say the commission on NIP transfer is N50 Naira, which is different from the N50 stamp duties,” he told ZINGTIE.

According to ZINGTIE, there have been numerous disputes around the tax revisions since the Nigerian National Assembly received the tax laws in October 2024 and President Bola Ahmed Tinubu signed them in June 2025.

The Nigerian government dismissed concerns about the tax legislation, despite the most recent being the purported mistakes and gaps identified by KPMG.

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