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BANKING & FINANCE

RMAFC Indicts 5 Banks over Non-Remittance of N12 Billion Revenue from FIRS, Customs

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has indicted some commercial banks over the non-remittance of over N12 billion in government revenue after the banks were engaged by the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) to collect revenue and remittances on their behalf.

The disclosure followed the verification and reconciliation of revenue collections and remittances by the collecting banks carried out by the commission.

Head of Public Relations, RMAFC, Mr Ibrahim Mohammed, in a statement, said the directive was given by the Chairman, Non-Oil Committee of the Commission, Mr Ajibola Fagboyegun.

The commission had engaged the services of consultants including JK Consulting Co. Limited being the Lead Consultant to verify and reconcile revenue collections and remittance by 19 collecting banks engaged by the NCS and FIRS  between  January 2008 and June 2012.

However, the draft report was on Wednesday presented to the Chairman, non-Oil Committee of RMAFC, Mr. Ajibola Fagboyegun, by the lead consultant.

“The purpose of the exercise, which commenced in November 2013, is to improve the public finance system and ensure all revenues collected on behalf of government are remitted accurately when due,’’ Fagboyegun was quoted as saying.

The statement said Fagboyegun commended all stakeholders and 15 of the banks which cooperated with the consultants during the exercise.

It also said he berated the remaining five banks for their uncooperative attitude, which delayed the completion of the exercise, stressing that their laxity could force the Commission into taking drastic measures against them.

The sanctions, according to the statement may include barring them from collection of government revenue and directing the CBN to enforce deduction at source from the affected banks reserve deposit.

According to the statement, the lead Consultant, Mr. James Naiyeju thanked the commission for its understanding and appreciation of the challenges involved in the exercise.

He added that “with the commission wielding the big stick, the work will be completed in the next couple of weeks’’.

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Comments (7)

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