Nigeria To Investigate Banks Over False Remittance

The Federal Government of Nigeria has begun investigating commercial banks for irregularities in remittances of revenue by some of them engaged in the collection of … Continue reading Nigeria To Investigate Banks Over False Remittance


The Federal Government of Nigeria has begun investigating commercial banks for irregularities in remittances of revenue by some of them engaged in the collection of non- oil revenue for the federation account.

Money deposit banks across the country would be scrutinized as their activities concerning the receipt and remittances to the federation account of taxes and duties from the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) have come under question to ascertain the extent of diversion by the banks.

The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) had earlier revealed that it discovered a wide range of irregularities and will work transparently to recover every excess deduction and stop further leakages.

At a news conference in Abuja, the chairman of RMAFC, Elias Mbam said the Federation Accounts Allocation committee (FAAC) has authorized it to carry out an investigation of the bank’s activities beginning from January 2008 to June 2012.

A total of 21 banks in the country have been contracted by the FIRS and the NCS to collect taxes and duties for the country.