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