Banks get 14-day ultimatum to remit N10bn Customs Duty

The House of Representatives Committee on Customs have given two-week ultimatum to some financial institutions to reconcile accounts and remit all outstanding Customs Duties to the Federal Government.

The Chairman of the Committee, Rep. Leke Abejide (ADC-Kogi) issued the ultimatum at an investigative hearing on Wednesday in Abuja.

The investigative hearing was on alleged non-remittance of N10 billion customs duty to the Federal Government by commercial banks.

Leke said that the banks are Polaris Bank, Providus bank, Guaranteed Trust Bank, Eco Bank, United Bank of Africa (UBA) and Standard Charted Bank.

The lawmaker said that EcoBank is owing N4.4 billion, UBA, N3 billion and Standard Charted Bank is owing N2.4 billion.

The chairman said that the committee want to conclude its investigations within the period to enable members participate in the 2022 budget defence.

“Failure to reconcile with our consultants and pay up the outstandings before two weeks, we will use the power of the gavel,” he said.

He threatened to write the Central Bank of Nigeria (CBN) to deduct all outstanding from source and blacklist affected banks from collecting customs duty.

He said that there are 15 other banks to be investigated and that the committee was determined to recovered every single kobo back to the Federal Government.