The Senate yesterday said it has uncovered N30trillion fraud in the utilisation of Foreign Exchange (Forex), meant for importation of fuel and other products into the country.
The Senate Committee on Customs and Excise said the fraud was perpetrated between 2006 and March 2017 by importers, in connivance with commercial banks.
The committee yesterday presented documents detailing the transactions obtained from the Nigeria Customs Service (NCS) to Managing Directors of commercial banks.
The banks were given three weeks to respond to the queries raised by the committee.
Committee chairman, Senator Hope Uzodinma (PDP, Imo) said all commercial banks were involved in the forex fraud.
He said the probe was sequel to a resolution of the Senate on the need to investigate and identify areas of revenue leakages in the entire import and export circle.
The committee said the Minister of Finance, Mrs Kemi Adeosun, Minister of Budget and National Planning, Senator Udoma Udo Udoma and the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, have been invited for an investigative hearing on the fraud scheduled for next month.
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