Reps Inquiry Access Bank, Others Over N11.632 trn FG Revenue Collected

Published

10 months ago

February 20, 2024

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Reps Inquiry Access Bank, Others Over N11.632 trn FG Revenue Collected—-The House of Representatives has queried Access Bank, Citi Bank, Ecobank and Fidelity Bank over N11.632 trillion revenue collected on behalf of Federal Government through REMITA platform between 2015 and 2022 fiscal years.

Rep. Bamidele Salam, Chairman, House Committee on Public Accounts, issued the query at the resumed investigative hearing on ‘alleged revenue leakages through REMITA platform in Abuja.

The investigation also covered non-compliance with standard operating procedure and other allied service agreement.

The committee demanded for all the agreements signed between all the participating domestic banks and Systemspec/REMITA during the period under review .

According to the records obtained by the News Agency of Nigeria (NAN) Access Bank collected total sum of N2.661 trillion for 3,502,486 transactions between 2015 and 2022.

According to Access Bank record submitted to the Committee, a total sum of N2,660,974,062,151.62 revenue was collected for the period under review.

Also, the sum of N858,734,455.99 fee was earned for the service rendered.

On its part, Citi Bank collected the sum of N643,427,225,110.96 between 2016 and 2022.

According to Citi Bank record submitted to the Committee, the sum of N2,435,932.34 fee was earned for total of N34,656,636,415.24 transactions carried out in 2016.

Also, N9,134,312.05 fee earned for total of N61,023,589,404.01 transaction carried out in 2018.

The bank however, failed to disclose the fees earned for 2017, 2019, 2020, 2021 and 2022 fiscal years, respectively.

Records further showed that Ecobank collected the sum of N1,480,576,309.08 from 1,557,487 transactions carried out between 2015 and 2022.

From the amount, Ecobank earned the sum of N253,848,598.05 fees in the period under review.

Available records on the transactions carried out by Fidelity Bank showed that the sum of N6.847 trillion was collected on behalf of Federal Government in 11,696,547 transactions carried out between 2015 to 2022.

From the transactions carried out, the bank generated N789,294,408.86 fee for the period under consideration.

Addressing the banks’ Representatives, the committee requested for all the agreements signed by the Banks with Systemspec/REMITA to collect the revenue on behalf of Federal Government for the period under review.

The lawmakers also demanded for breakdown of Value Added Tax (VAT) and Withholding Tax (WHT) collected within the period and evidence of payment into relevant government coffers.

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JUST IN: Federal Lawmaker Ajang Alfred Iliya Dumps Labour Party For APC

Published

23 hours ago

December 12, 2024

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JUST IN: Federal Lawmaker Ajang Alfred Iliya Dumps Labour Party For APC—-Thecloudngr that Iliya, who represents the Jos South/Jos East Federal Constituency’s defection, was announced by Speaker Tajudeen Abass.

Abass informed the House about Alfred’s defection in a letter.

TCN reports that just two days ago, a Rep member from the Labour Party, Daniel Chollom, defected to the APC.

Chollom, in a letter read during plenary by Speaker Tajudeen, cited the Labour Party’s leadership crisis and his desire to support the President in national development as reasons for his decision.

Similarly, about a week ago, four members of the House of Representatives from the LP defected to the APC.

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JUST IN: President Tinubu Announces Fresh Key Appointments (FULL LIST)

Published

5 days ago

December 8, 2024

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JUST IN: President Tinubu Announces Fresh Key Appointments (FULL LIST)—-TCN reports that Bayo Onanuga, special adviser to the president (information and strategy) made this known in a statement on Friday evening, December 6.

Onanuga disclosed that President Tinubu appointed Professor Abdullahi Yusuf Ribadu, a visiting professor at the NUC, as the organisation’s executive secretary.

Prof. Ribadu is an expert in veterinary reproduction and has served as vice chancellor of the Federal University of Technology, Yola, Adamawa state and the Sule Lamido University, Jigawa state.

President Tinubu appointed Prof. Salisu Shehu as executive secretary of the NERDC.

Prof Shehu is a renowned academic in educational and human Psychology. He was said to be instrumental in establishing the School of Continuing Education at Bayero University, Kano, and was the vice-chancellor of Al-Istiqamah University, Kano.

The president also announced Jabiru Salisu Abdullahi Tsauri’s appointment as the National Coordinator of NEPAD.

Jabilu Tsauri holds a Master’s in International Affairs and Diplomacy from Ahmadu Bello University.

He is a seasoned administrator with expertise in legislative affairs, global affairs, and democratic governance and vast experience in public service.

Lastly, Tinubu appointed Yazid Shehu Umar Danfulani as the executive secretary of the SMDF/PAGMI.

Yazid Danfulani holds a Bachelor’s Degree in Business Administration and a Master’s in Arts and Management from the University of Hertfordshire in the United Kingdom (UK).

He has extensive experience in Banking, Computing, and Business Administration.

He once worked at the Central Bank of Nigeria (CBN) and was also a Commissioner for Commerce and Industry in Zamfara State.

According to the presidency, the Nigerian leader believes the appointees’ experience and track record will bring a new sense of commitment, progress, and positive outcomes to fulfil Nigerians’ expectations of their respective organisations.

Check out the list of the new appointees below:

Executive Secretary, National Universities Commission (NUC) – Prof. Abdullahi Yusuf Ribadu

Executive Secretary, Nigerian Educational Research and Development Council – Prof. Salisu Shehu

National Coordinator, New Partnership for Africa Development – Jabiru Salisu Abdullahi Tsauri

Executive Secretary, SMDF/PAGMI – Yazid Shehu Umar Danfulani

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