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Sterling Bank has refunded a ₦50 stamp duty charge previously deducted from a customer’s account following a failed ₦25,000 bank transfer, after the customer’s lawyers threatened legal action over the withholding of the money.
The transaction, which occurred on August 2, 2026, reportedly failed to reach the intended recipient. Although the ₦25,000 transfer was reversed the following day, the ₦50 stamp duty charge associated with the transaction was not refunded, prompting the customer to seek legal intervention.
In a letter dated September 7, 2026, addressed to the Managing Partner of Festus Ogun Legal Practitioners, the lawyers demanded the immediate reversal of what they described as the “wrongfully withheld” stamp duty. The correspondence was subsequently acknowledged by Sterling Bank in a letter dated September 8, 2026.
In its response, Sterling Bank confirmed that the ₦50 stamp duty had been reversed to the customer’s account. The bank also referred to provisions in its Banker/Customer contract contained in its Account Opening Package, noting that electronic transfers and reversals depend on telecommunications network providers and cannot be guaranteed at all times.
The refund brings to an end the dispute over the ₦50 charge, which remained outstanding despite the reversal of the underlying ₦25,000 transaction until legal action was threatened.
