QUICK LINKS

×
  • Business - Companies
  • Updated: April 27, 2022

First Bank Under Scrutiny Over N94.3 Billion NCS Collection

Latest News

Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

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

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

According to the News Agency of Nigeria (NAN), they were invited over issues raised by an Auditor-General for the Federation (AuGF)

According to Oke, 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 30 kobo and other commissions. The total amounted to N1.3 billion after the charges and others grew to N1, therefore the bank was asked to respond to an AuGF audit query which stated that banks overcharged the Customs on CoT.

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

He further explained that there was another charge of 10 kobo for Interswitch which was communicated to the committee at the last hearing.

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 30 kobo per N1,000.

 

Tags

Join our Telegram platform to get news update Join Now
Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

COMPANIES PROFILE

ecobank transnational incorporated Financial Services

Ecobank Transnational Incorporated (ETI), a public limited Liability Company, it...

LEARN MORE
access bank plc Financial Services

Access Bank plc, is a Nigerian multinational commercial bank, owned by Access Ba...

LEARN MORE
cornerstone insurance plc Financial Services

Cornerstone Insurance Plc was incorporated on 26th July 1991 as a private limite...

LEARN MORE
jaiz bank plc Financial Services

LEARN MORE
united capital plc Financial Services

LEARN MORE

0 Comment(s)

SPONSORED

Jun 08, 2022

Countdown To 2023 Presidential Election: Who Are You Voting For?

Countdown To 2023 Presidential Election: Who Are You Voting

Atiku Abubakar (PDP) 8.33 %

Bola Ahmed Tinubu (APC) 19.17 %

Peter Obi (LP) 72.50 %

115 days 16 hours remain

See this post in...