The Senate Committee on Customs, Excise and Tariffs, probing the N30 trillion import duty banks remittance defaults, has given the Central Bank of Nigeria (CBN) seven days to recover all monies collected by banks on behalf of the agency.
Among banks directed to make refund are Access Bank, N42bn; Diamond Bank, N75bn; GTB, N290bn; FCMB, N14bn; Stanbic IBTC, N13bn; First Bank, N27bn, even as the Committee gave Zenith Bank a clean bill of health.
The committee chairman, Sen. Hope Uzodinma, issued the directive to the apex bank at an investigative meeting with the CBN, Ministry of Finance, Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC), commercial banks and other stakeholders.
Sen. Uzodinma, threatened that the senate would involve the Economic and Financial Crimes Commission (EFCC) should the CBN fail to recover the money within the given time.
The committee had established during the hearing that of the over N30 trillion being investigated by the committee, over N536 billion was terminated at the various banks but not remitted to CBN.
The Senator averred that “There are various infractions regarding import and export duties and we have carried out detailed investigation into the matter. Today, we will address the non-remittance of revenue collected on behalf of Customs.
He made it clear that “The only bank that is free of this infraction is Zenith Bank,” stressing that “We must recover what we are able to and moving forward, we must stop this infraction that is affecting our economy negatively”.