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Reps panel threatens to stop six banks from customs duty collection over ‘poor remittances’

Reps panel threatens to stop six banks from customs duty collection over ‘poor remittances’
October 14
12:52 2021

A house of representatives panel has threatened to exclude six banks from collecting customs duties for the federal government over discrepancies in remittances. 

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At its sitting on Wednesday, the committee on customs and excise investigating an alleged non-remittance of N10 billion duties gave the banks two weeks to reconcile their accounts and provide records of all remittances.

Speaking at the hearing, Leke Abejide, chairman of the committee, said the panel would mandate the Central Bank of Nigeria (CBN) to deduct all outstanding remittances due to the government from the affected banks.

The affected financial institutions are Guaranty Trust Bank, Wema Bank, Providus Bank, UBA, Eco Bank and Standard Chartered Bank.

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According to the committee’s interim report, Eco Bank, Standard Chartered Bank, Providence Bank, and UBA have not remitted N4.4 billion, N2.4 billion, N66.8 million and N3 billion, respectively.

The committee did not reflect the statement of Guarantee Trust Bank in the report.

The committee chairman said the essence of the investigative hearing is to boost the revenue generation of the government.

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“Failure to reconcile with our consultants and pay up the outstanding before two weeks, we will use the power of the gavel,” he said.

“Reconcile with our consultants, we are giving you 14 days to do so, anything after the said date, we will bring out the big stick against you by asking CBN to deduct from source, and we will also delete you from customs duties collection.”

Abejide added that the committee would investigate 15 more banks to ensure that all duties due to the federal government are recovered.

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