Probe of banks over stamp duties will soon commence.

Revenue Mobilization Allocation and Fiscal Commission says it will soon commence probe of banks over stamp duties collection as it expects to recover more than N100 billion from the probe.

A statement by the commission’s spokesperson in Abuja, Ibrahim Mohammed did not specify when the probe would commence.

He said the probe would involve a forensic investigation of the funds that has so far been collected as stamp duty by 22 Deposit Money Banks from year 2000 to 2018.

Mohammed added that the probe would be comprehensive as it would cover the affixed stamp used on cheque books prior to the introduction of electronic transactions. Mohammed said in a similar development, has also embarked on the reconciliation exercise of signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the commission engage other stakeholders.

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