The Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services over N579 billion plus 10% interest per annum for its role in stamp duty collection.
Justice Inyang Ekwo ruled that the CBN must make the payment covering the period from January 1, 2015, to January 31, 2020.
Kasmal, represented by lawyer Alex Izinyon, had sued the CBN and the Attorney General of the Federation, arguing that Kasmal was appointed by NIPOST to collect a N50 fee on bank receipts, as per the Stamp Duties Act.
Despite objections from the CBN, which claimed the agreement was illegal, the court upheld that Kasmal was entitled to 15% of the total collections.
The court ordered that Kasmal’s outstanding payment be settled, affirming that previous payments of N10.3 billion had already been made to the company.
