Home NewsNational News AuGF audit: Reps grill First Bank over N94.3bn Customs revenue

AuGF audit: Reps grill First Bank over N94.3bn Customs revenue

by OtownGist
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The House of Representatives has questioned First Bank management over N94.345billion collected on behalf of the Nigeria Customs Service (NCS).

The Green Chamber also queried the alleged breach of agreement on Cash on Transfer (CoT) of N28.3million.

Rep. Oluwole Oke, Public Accounts Committee Chairman, interviewed the officials during the investigative hearing on Tuesday.

They were invited over issues raised by an Auditor-General for the Federation (AuGF) report, NAN reports.

First Bank was asked to respond to an oAuGF audit query which stated that banks overcharged the Customs on CoT.

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Oke said presentations by some financial institutions, including First Bank, did not align with the agreement signed with the NCS.

The AuGF’s query noted that First Bank charged 30kobo and other commissions. The total amounted to N1.3 billion after the charges and others grew to N1.

Shehu Aliyu, an Executive Director, said the Bank ought to collect 30kobo per N1,000 as stipulated in the Memorandum of Understanding (MoU).

Aliyu explained that there was another charge of 10kobo for Interswitch which was communicated to the Committee at the last hearing.

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The official said from January to December 2019, First Bank collected N94.345 billion on behalf of the Customs and charged a total of N28.3 million on 30kobo per N1,000.

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