Section 137

(1) The loan capital of a company shall be charged with ad valorem Duty on
duty, as specified in the Ninth Schedule to this Act. loan capital
(2) "loan capital" means any debenture stock, other stock or funded Ninth
debt by whatever name known or any debt raised by any corporation, company Schedule
or body of persons formed or established in Nigeria but does not include –
(a) an overdraft;
(b) loan obtained for a period not exceeding twelve months; and
(c) loan obtained for onward disbursement to any other person in an on
lending arrangement:
Provided that for the purpose of paragraph (c) of subsection (2), the Ninth
Schedule
beneficiary of the disbursement shall be responsible to pay the duty as
prescribed in the Ninth Schedule to this Act.