Monday, October 25, 2021

House gives banks ultimatum to remit N10 billion customs duties

Some banks have failed to remit N10 billion they collected as customs duties, the house committee on customs alleged.

• October 13, 2021
House of Representatives, [PHOTO CREDIT: Official Twitter handle of Reps NGR]
House of Representatives, [PHOTO CREDIT: Official Twitter handle of Reps NGR]

The House of Representatives has given two weeks ultimatum to some financial institutions to reconcile accounts and remit all outstanding customs duties to the federal government.

The chairman of the House committee on customs Leke Abejide (ADC-Kogi), issued the ultimatum at an investigative hearing on Wednesday in Abuja.

The investigative hearing was on alleged non-remittance of N10 billion customs duty to the federal government by commercial banks.

Mr Abejide said that the banks are Polaris Bank, Providus bank, Guaranteed Trust Bank, Eco Bank, United Bank of Africa (UBA) and Standard Chartered Bank.

The lawmaker said that EcoBank is owing N4.4 billion, UBA, N3 billion and Standard Chartered Bank is owing N2.4 billion.

The chairman said that the committee wants to conclude its investigations within the period to enable members participate in the 2022 budget defence.

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

He threatened to write the Central Bank of Nigeria (CBN) to deduct all outstanding monies from source and blacklist affected banks from collecting customs duty.

He said that there are 15 other banks to be investigated and that the committee was determined to recover every single kobo back to the federal government. 

(NAN)

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