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BANKING & FINANCECOVER

RMAFC Instructs Commercial Banks to Return N12billion Government Revenue

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The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, has instructed commercial banks still in possession of government money to return such monies with immediate effect.

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

RMAFC disclosed that some banks are still holding some collected revenue amounting to over N12billion.

The commercial banks were said to have been engaged by the Nigeria Customs Service, NCS and the Federal Inland Revenue Service, FIRS, to collect revenue and remittances on their behalf.

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

The statement revealed that he gave the order when he received a draft report of the exercise presented to him by the Lead Consultant, JK Consulting Company Limited, which was hired by the Commission for the exercise.

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

 

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