Senate Commends Zenith Bank For Full Remittance Of Customs Collections

Zenith Bank Plc

Committee probing the Nigeria Customs Service N30 trillion banks remittance infractions has given the Central Bank of Nigeria seven days to recover all monies collected by banks on behalf of the agency.
Among banks directed to make refund are Access Bank, N42 billion; Diamond Bank, N75 billion; FCMB, N14 billion; and Stanbic IBTC, N13 billion.
Zenith Bank was given a clean  of health.
The Committee Chairman, Senator Hope Uzodinma, noted that following its investigations, the committee found that only Zenith Bank had complied with 100 per cent remittance.
The Senate Committee on Customs, Excise and Tariff, which recently completed a successful work on the review of Customs Act, gave the marching order to the apex bank at an investigative meeting with the CBN, Ministry of Finance, Federal Inland Revenue Service, Corporate Affairs Commission, commercial banks and other stakeholders.
Uzodinma threatened that the Senate would involve the Economic and Financial Crimes Commission should the CBN fail to recover the money within the given time.
The committee had established during the hearing that of the over N30 trillion being investigated by the committee, over N536 billion was terminated at the various banks, but not remitted to CBN.
The Senator representing Orlu Zone of Imo State averred: “There are various infractions regarding import and export duties and we have carried out detailed investigation into the matter. Today, we will address the non-remittance of revenue collected on behalf of Customs.
“The only bank that is free of this infraction is Zenith Bank. We must recover what we are able to and moving forward, we must stop this infraction that is affecting our economy negatively.”
However, the Committee gave the banks two weeks to clarify the observed infractions relating to utilised and unutilised ‘Form M’ and Simple Goods Declaration and others, including abandoned assessment of Customs Duties and foreign exchange allocation manipulation.

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