Senate Orders CBN To Retrieve N536bn customs Money from Banks 

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Of the over N30 trillion Customs money being investigated by the Senate, the Central Bank of Nigeria (CBN) on Tuesday got a matching order to retrieve over N536 billion from some Commercial banks which collected and refused to remit, within the next seven days.

The order came from the Committee on Customs, Excise and Tariff during an investigative meeting with the CBN, Ministry of Finance, Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC), commercial banks and other stakeholders.

Chairman of the committee, Sen. Hope Uzodinma, who gave the ultimatum also warned that the senate would timely involve the Economic and Financial Crimes Commission, should the CBN fail to recover the money; stressing that he could not understand how banks could receive and refuse to remit such whooping revenue to Government.

”There are various infractions regarding import and export duties and we have carried out detailed investigation into the matter.

”Today, we will address the non-remittance of revenue collected on behalf of Customs.

”The only bank that is free of this infraction is Zenith Bank.

”We must recover what we are able to and moving forward, we must stop this infraction that is affecting our economy negatively,” Uzodinma stated, noting that the development negatively affected the Naira, especially with the Naira exchanging almost N400 to a dollar.

He subsequently gave the banks two weeks to clarify infractions relating to utilised and un-utilised Form Ms and Simple Goods Declaration (SGD), and others, including abandoned assessment of Customs Duties and foreign exchange allocation manipulation.

On infractions regarding goods destined for free trade zones, Uzodinma said that imported goods flooded the market, competing with local products.

On ways to stop multiple registration of Tax Identification Number (TIN) by importers, he called for synergy among the FIRS, CAC and Customs.

Responding to shady deals regarding TIN, the Director of Information and Communication Technology (ICT), FIRS, Mr Kola Okunola, said that synergy among relevant organisations had started.

He added that the service has commenced automation of its system.

”Going forward, any citizen that wants to register a company would start from the registration portal of CAC.

”We have also discussed with Customs to develop their system to send their infraction list to us.

”For every name, we have the ability to do data matching with the list sent to us by Customs, ” Okunola concluded.Customs Money: Senate Orders CBN To Retrieve N536bn From Banks

Of the over N30 trillion Customs money being investigated by the Senate, the Central Bank of Nigeria (CBN) on Tuesday got a matching order to retrieve over N536 billion from some Commercial banks which collected and refused to remit, within the next seven days.

The order came from the Committee on Customs, Excise and Tariff during an investigative meeting with the CBN, Ministry of Finance, Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC), commercial banks and other stakeholders.

Chairman of the committee, Sen. Hope Uzodinma, who gave the ultimatum also warned that the senate would timely involve the Economic and Financial Crimes Commission, should the CBN fail to recover the money; stressing that he could not understand how banks could receive and refuse to remit such whooping revenue to Government.

”There are various infractions regarding import and export duties and we have carried out detailed investigation into the matter.

”Today, we will address the non-remittance of revenue collected on behalf of Customs.

”The only bank that is free of this infraction is Zenith Bank

”We must recover what we are able to and moving forward, we must stop this infraction that is affecting our economy negatively,” Uzodinma stated, noting that the development negatively affected the Naira, especially with the Naira exchanging almost N400 to a dollar.

 

He subsequently gave the banks two weeks to clarify infractions relating to utilised and un-utilised Form Ms and Simple Goods Declaration (SGD), and others, including abandoned assessment of Customs Duties and foreign exchange allocation manipulation.

 

On infractions regarding goods destined for free trade zones, Uzodinma said that imported goods flooded the market, competing with local products.

 

On ways to stop multiple registration of Tax Identification Number (TIN) by importers, he called for synergy among the FIRS, CAC and Customs.

 

Responding to shady deals regarding TIN, the Director of Information and Communication Technology (ICT), FIRS, Mr Kola Okunola, said that synergy among relevant organisations had started.

 

He added that the service has commenced automation of its system.

 

”Going forward, any citizen that wants to register a company would start from the registration portal of CAC.

 

”We have also discussed with Customs to develop their system to send their infraction list to us.

 

”For every name, we have the ability to do data matching with the list sent to us by Customs, ” Okunola concluded.


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