Sunday , July 14 2024
Reps Seek to Suspend Ecobank from Custom Duties Collection

Reps Seek to Suspend Ecobank from Custom Duties Collection

…Accuse Bank for Withholding N4.3bn Government Revenue, Non Remittance

The House of Representatives Committee on Customs and Excise on Wednesday called for the suspension of Ecobank from further collection of customs duties over infractions amounting to under remittances.

Honourable Leke Abejide (APC, Kogi) who chairs the committee, stated this at the resumed investigative hearing on some banks’ refusal to remit customs duties to the Federal Government’s coffers.

Abejide said the bank would be suspended until it was able to pay the outstanding of N4.3 billion customs duties it has refused to remit to the Federal Government coffers.

He disclosed that his committee had been on the assignment for over a year, stressing that any bank that fails to show the amount collected for customs duties would be suspended.

He noted that some banks like the defunct Diamond bank, Access bank, defunct Intercontinental, GTB, City Bank and WEMA Bank have all submitted full data for their forensic review.

Click Here To Read: Ecobank, Access, UBA, Others Grant N20.7 Trillion Loans to Customers in Six Months

He stated that for banks such as; First Bank, Union Bank, Stanbic IBTC, their review is still ongoing.

He disclosed that at the end of the investigation, all banks that refused to remit collection of customs duties would be suspended from further collection pending the time their outstanding would be cleared.

Reacting to the development, Mr Oche Adejoh, the Regional Compliant Manager, Ecobank said that as of today, the bank had done all its remittances.
He said that Ecobank currently had no remittances to make, adding that it was the reason the bank employed an independent entity, KPMG to do the relevant investigation.

Other banks that appeared at the investigative hearing include Keystone Bank, Standard Chartered Bank, Fidelity Bank, Polaris bank among others.

Meanwhile, the committee commended Standard Chartered Bank for demonstrating a commitment to pay its outstanding balance to the Federal Government coffers.

The committee stated that it hoped to get the cheque from the bank any moment from now.





About Bukola Olanrewaju

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