N94Billion Customs’ Revenue Sparks Trouble for First Bank of Nigeria

N94Billion Customs' Revenue Sparks Trouble for First Bank of Nigeria (News Central TV)

Parliamentarians in Nigeria’s Lower house have queried the management of First Bank of Nigeria over N94.345 billion revenue allegedly collected on behalf of Nigeria Customs Service (NCS).

The House also requested answers from the management over allegations of breach of agreement on Cash on Transfer (CoT) charges to the tune of N28.3 million.

The Chairman of House Committee on Public Accounts, Rep. Hon. Oluwole Oke interrogated members of the management during an investigative hearing into the audit queries issued by the office of the Auditor-General for the Federation (OAuGF)

The lawmaker acknowledged receipt of the amended report submitted by First Bank on the additional sum of N9.4 million.

Your Friends Also Read:  How Nigerian Student, Deborah Samuel Accused of Blasphemy Was Murdered 

Oke stated that the bank was invited to respond to the OAuGF audit query that the NCS was overcharged by the banks in area of CoT.

He said that presentations made by representatives of some banks including First Bank were at variance with the agreement signed by NCS authorities.

According to the OAuGF’s query, First bank in an MoU charged 30k and other commissions amounting to N1.3 billion, thereby raising the commission to N1 as against the 30k originally agreed on.

He explained that over the period Jan to Dec. 2019, First Bank collected the sum of N94.3 billion on behalf of the NCS, adding that it charged a total of N28.3 million on 30k per N1,000.

Your Friends Also Read:  Business Edge | South Africa’s Post-COVID Economic Recovery

He added that the net remittance on daily basis aggregated to N94.345 billion.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng


Leave a Reply

Previous Article
Zimbabwe’s Maternal Mortality Halved - UNICEF (News Central TV)

Zimbabwe's Maternal Mortality Rate Drops –UNICEF

Next Article

Court in Myanmar Sentences Deposed Suu Kyi to Five Years in Jail

Related Posts
Powered by Live Score & Live Score App