The House at its plenary session on Thursday 9,November 2017 mandated its Committee on Customs and Excise to investigate the Customs duties remitted by commercial banks to the Central Bank of Nigeria (CBN) from January 2014 till date. As part of its directive, the Committee is expected to obtain proofs of such remittances to the CBN in its report back to the Chamber for further legislative action.
Leading the debate on the motion Hon. Jerry Alagbaoso (PDP: Imo) stated that prior to 1 December 13 other “service providers” had handled remittances to the Customs Services. However, since then, the responsibility had been transferred to commercial banks that remit the monies to the CBN. Hon. Alagbaoso then drew the attention of the House to allegations that the said banks had failed to remit billions of Naira to the CBN and the need for an investigation.
Speaking further, he stated that the e-payment regime and online “Form M” for importers should ordinarily facilitate quick remittances of the customs duties as moneys are credited to the Central Bank of Nigeria almost instantly or within 24 hours. And that therefore, Banks should not delay or hold on to customs duties, in order to shore up their deposit base, liquidity, balance in their residual accounts or invest them for some quick returns on investment. The lawmaker also apportioned blame on some accounting officers in the banks who failed to process the “Form M” within the 180-day timeframe, which adversely affects the payment of full duties.
The Committee is to report back its findings in eight (8) weeks.
