Reps query First Bank over N94bn Customs revenue

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The House of Representatives has queried the management of First Bank of Nigeria (FBN) Plc 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.
The Chairman, House Committee on Public Accounts, Oluwole Oke, queried the FBN 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 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 30 kobo and other commissions amounting to N1.3 billion, thereby raising the commission to N1 as against the 30 kobo originally charged.
An Executive Director of FBN, Shehu Aliyu, said that the bank ought to collect 30 kobo per N1,000 as stipulated in the Memorandum of Understanding (MoU) signed by both parties.
He said that in addition to the 30 kobo charge, there was another charge of 10 kobo for Interswitch, adding that the bank had during the last public hearing, informed the committee of its plan to tender a new report to reflect the new 10 kobo charge.
He said over the period of January to December 2019, First Bank collected the sum of N94.3 billion on behalf of the NCS, adding that it charged a total of N28.3 million on 30 kobo per N1,000.
He added that the net remittance on daily basis aggregated to N94.345 billion.

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