Owing to the huge debt running into several millions of naira owed the Nigerian Postal Services (NIPOST) by stockbroking firms; the management has decided to appoint a settlement and collection bank.

According to source close to NIPOST, Stock broking firms have been defrauding the national postal agency over their failure to remit the 0.075 per cent contract stamp charged investors on every transaction executed on the floor of the Nigerian Stock Exchange (NSE) through the Central Securities Clearing Systems (CSCS).

It was discovered that Stock Broking firms have not in the last 10years remitted the statutory 0.075 per cent realised from deals executed on behalf of their different clients to the postal agency as required by the laws of the Federal Republic of Nigeria, particularly Sections 11, 12, 13 and 28 of the Stamp Duties Act S8 Laws of the Federation of Nigeria and the Securities and Exchange Commission circular on Contract Notes of March 19, 2007.

As part of strategy designed to recoup the long - standing debt, NIPOST is working with the banking community on the appointment of a Collection and Settlement Bank for remittance of all Contract Stamps proceeds, outstanding and current transactions.

Payment in Cheques will be drawn in favour of the appointed Bank and forwarded to NIPOST Contract Stamp Office. Also, payments for fresh transactions are to be made weekly, not later than 7 days after weekly transactions to the appointed Bank

The source noted that the continued refusal of the Stockbroking firms to make payment was an act of economic sabotage, which have deprived the postal agency of its hard earned revenues, thus contributing to the financial quagmire that had hindered it excellent operations. NIPOST had also concluded plans to commence the publishing of the names of erring Stock Broking firms in selected national dailies before instituting legal actions against them.

Meanwhile, NIPOST has simplified the stamp - fixing process as part of efforts geared towards improving the quality of its services to the different categories of stakeholders and as a reflection of its commitment to global standard.

With the new system, Stock Broking firms can now collect their stamping instruments from NIPOST Contract Stamp Office, 1st Floor, CTO Building, G.P.O Marina Lagos between 9.00 am and 5.00 pm daily on or before the 15th of December, 2008 while, we efforts are ongoing with the plan to ensure that the agency goes live on our electronic stamping platform by the first quarter of 2009.