Sterling Bank Refunds ₦50 Stamp Duty After Legal Demand Over Failed ₦25,000 Transfer

Sterling Bank has refunded a ₦50 stamp duty charge deducted from a customer’s account after the customer’s legal representative demanded the reversal of the charge following a failed ₦25,000 bank transfer.

The incident occurred on August 2, 2026, when a ₦25,000 transfer initiated by the customer failed to reach the intended recipient. The transaction was subsequently reversed the following day, with the principal amount returned to the customer’s account.

However, despite the reversal of the ₦25,000, the ₦50 stamp duty charge associated with the transaction was not initially returned. The customer subsequently sought the intervention of legal practitioners to demand a refund of the disputed charge

In a letter dated September 7, 2026, Festus Ogun Legal Practitioners, acting on behalf of the customer, wrote to Sterling Bank demanding the immediate reversal of the ₦50 stamp duty, describing it as a charge that had been wrongfully withheld after the failed transaction had already been reversed.

The legal correspondence was addressed to Sterling Bank Limited and titled, “Demand for Immediate Reversal of Wrongfully Withheld Stamp Duty on Mr. Abdulrauf Adedeji Kazeem’s Alternative Bank Account.”

Sterling Bank responded the following day, September 8, 2026, acknowledging receipt of the legal letter and confirming that the disputed amount had been refunded.

In its response, the bank stated that “the ₦50.00 stamp duty has now been reversed” to the customer’s position account.

Sterling Bank, however, explained that electronic transfers and reversals are dependent on telecommunications network providers and, under provisions contained in its Banker/Customer contract and Account Opening Package, such transactions cannot be guaranteed at all times.

The bank’s confirmation effectively brought the dispute over the ₦50 charge to an end, with the refund coming after the matter had been formally escalated through legal correspondence.

Although the amount involved was only ₦50, the case highlights how a relatively small banking charge can become the subject of a formal dispute when a customer believes the charge should have been reversed alongside a failed transaction.

The correspondence, signed on behalf of Sterling Bank’s Litigation Unit, confirmed that the stamp duty had ultimately been returned to the customer’s account.