That ₦50 you saw disappear from your account… here’s the truth

Funmi Adewoju SuleoduFebruary 2, 20261 Mins read

When ₦50 goes missing from your account, you think: “Na bank dey play me.”

Truth is, it’s not the bank’s fault. From January 1st, any transfer of ₦10,000 or more attracts a ₦50 stamp duty, and it’s legal. Banks just collect it for the government.

Sharing Formula is:

Federal Government: 15%
Ogun State Government: 50%
Local Governments in Ogun: 35%

Yes… your state government takes the biggest slice, but your local government gets a substantial part too.

So what do they do with the money?

In Ogun State, the governor is busy fixing major roads, upgrading hospitals, improving schools, and other state-wide projects that affect everyone.

What about the Local Governments: Maintaining markets, paying local primary school teachers, managing waste, fixing minor roads, and other projects that directly impact your town or ward.

So that ₦50 debit you see?
It didn’t vanish—it’s being shared to fund services you use every day across Ogun State.

Quick facts:
✅ Charged on transfers of ₦10,000+
✅ Paid once per transaction
✅ Sender pays, not the receiver

❌ Doesn’t apply to transfers below ₦10,000, salaries, or moving money between your own accounts.

Yes, ₦50 seems small, but for traders, freelancers, and business owners moving money every day—it adds up.

And now you know who is benefiting and how it’s being used in Ogun State.

So let’s talk—no defending, no insults.
Do you think this ₦50 charge is fair, or just another burden on everyday transactions?

Drop your thoughts in the comments. Share and like.

Author

Funmi Adewoju Suleodu

Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs.

She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs.

She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development.

Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work.

Detailed professional history and references are available upon request.

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Written by

Funmi Adewoju Suleodu

Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs. She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs. She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development. Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work. Detailed professional history and references are available upon request.