Six banks risk been delisted from collecting customs duties on the Federal Government’s behalf following discrepancies in remittances.
The warning was issued by the House of Representatives committee on customs and excise on Wednesday, following its probe of an alleged non-remittance of N10 billion duties, in which it gave the banks two weeks to reconcile their accounts and provide records of all remittances.
The Chairman of the committee, Leke Abejide, stated that the panel would direct the Central Bank of Nigeria (CBN) to deduct all outstanding remittances due to the government from the affected banks.
The banks involved are Guaranty Trust Bank, Wema Bank, Providus Bank, UBA, Eco Bank and Standard Chartered Bank.
In the committee’s interim report, Eco Bank, Standard Chartered Bank, Providence Bank, and UBA are yet to remit N4.4 billion, N2.4 billion, N66.8 million and N3 billion, respectively.
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The committee did not reflect the statement of Guarantee Trust Bank in the report.
The chairman of the committee stated that the essence of the investigative hearing is to improve the revenue generation of the government.
“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.
