Reps query First Bank over N94bn customs service revenue | Dailytrust

Reps query First Bank over N94bn customs service revenue

House of Representatives
House of Representatives

The House of Representatives has 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 queried the management over allegations of breach of agreement on Cash on Transfer (CoT) charges to the tune of N28.3 million.

Rep Oluwole Oke, the Chairman, House Committee on Public Accounts, queried the management during the 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 with respect to the additional sum of N9.4 million.

Oke said that the Bank was invited to respond to the oAuGF audit query that the NCS was over-charged by the banks in the area of CoT.

He said that presentations made by representatives of some banks including First Bank were found to be 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 charged. (NAN)

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