The School of Banking Honours (SBH) Ltd/Gte has declared that the judgment by a Federal High Court, last Friday, which awarded the sum of ₦579.1 billion as commission on Stamp Duty revenue collection to Kasmal International Services Limited, owned by the late Senator Buruji Kashamu, was a violation of a 2016 judgment of the Court of Appeal.
It maintained that Kasmal, in total disregard for a 2016 Appeal that dismissed it from Stamp Duty revenue collection, approached a lower court (the Federal High Court) in 2024 to ask for the payment of ₦579.1 billion which is 15 per cent of the sum of ₦3.860 yrillion due to be shared by government, lawyers, consultants and SBH (who has Copyright No. LW1023 thereon).
It described as competent its appeal (as the 3rd defendant) before an Appeal Court currently reviewing the judgment which mandated the Central Bank of Nigeria and the Attorney-General of the Federation (1st and 2nd defendants, respectively) to pay the sum to Kasmal.
SBH insisted that, based on the appeal, a Motion on Notice for permission to file a separate appeal on the interlocutory decision of the Federal High Court was unnecessary.
These were disclosed by an insider who is in the know about the ongoing legal tussle before the Court of Appeal, Abuja over Stamp Duty revenue collection and distribution.
“From records filed, Attorney-Generals of 36 states of the federation had initiated an Originating Summons at the Supreme Court in 2021 against the Attorney-General of the Federation for ₦176.07 billion as their share of Stamp Duties from banks from 2015 to 2020.
“However, by a Memorandum of Understanding filed in 2023, the money expected had increased to ₦3.860 trillion for sharing by government, lawyers, consultants, and School of Banking Honours “SBH” on its Copyright No. LW1023 thereon.
“SBH exhibited to Court that ₦3.860 Trillion of Stamp Duties targeted by Kasmal was 50 per cent of its own (SBH) work for ₦7.720 Trillion Demand Notice served on bank agent (NIBSS) for 2013/2014, and was vetted by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Federal Finance Ministry and EFCC.
“These years (2013/2014) are outside of the 2016 CBN Circular which Kasmal is claiming.
“Hence, SBH joined the suit because the actions commenced with Kasmal Financial Service Ltd (a fake company), and by court rules, such claims must not be revisited, hence a judge described these as a ‘carefully crafted scam’.
“SBH exhibited ₦10.367 Billion collected by Kasmal from the Accountant-General as “full and final” on its claim (with a written undertaking on its commitment to SBH, by Copyright) but the money collected proved to be false pretenses, as SBH was not aware, and Kasmal has broken the written undertaking to FGN.
“SBH also exhibited crimes in two earlier judgments: in Suit Ref. FHC/L/CS/1462/2013 against banks, in which Kasmal claimed to have a NIPOST contract ended October 2018* .
“But in Suit Ref. FHC/L/CS/1710/2013 against CBN, the same NIPOST contract ended in October 2015; and in Suit ref. FHC/ABJ/CS/335/2024, those dates later ended on *January 2020,” the source disclosed.
He further said that a 5 per cent commission granted to Kasmal in two earlier judgments suddenly jumped to 15 per cent . He noted that the EFCC has been on the trail of the company since April 2016 and up to May 2024.
“To cover its tracks, Kasmal lured a lawyer into its team for undue influences. However, the entire nation now awaits how crimes “suppressed” on the public funds will pan out,” the source added.
SBH, a recognised Innovation Enterprise Institution (IEI), is the first banking skills member of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI).
The Federal Government, on 12 October, 2017, appointed SBH as the sole agent (by copyright) to recover over ₦20 Trillion Stamp Duty for the government, as invited by the Nigeria Inter-Bank Settlement System (NIBSS).
By the appointment, the Federal Government, on 19 October, 2017, directed the Central Bank of Nigeria (CBN) to open a Stamp Duty Central Account for SBH recoveries and collections to ensure monitoring of the revenue by the Presidency.
The then CBN Management, however, did not comply with the directive and the acts and actions of the apex bank in respect of Stamp Duty revenue collection has since then been a subject of court litigation.
