Panel of Representatives recommends suspension of Ecobank from collecting customs duties

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The Customs and Excise Committee of the House of Representatives recommended the suspension of Ecobank of the subsequent collection of customs duties, on the infringement in the collection of duties.

Committee chairman Leke Abejide said this when the committee resumed investigative hearing into some banks’ refusal to pay tariffs into federal government coffers.

He said the bank would be suspended until it was able to pay the 4.3 billion naira in tariffs that the bank refused to pay to the federal government.

Mr Abejide said the committee had been on mission for over a year, stressing that any bank that did not show the amount collected for tariffs would also be suspended.

He noted that banks like Diamond, Access, Intercontinental, GTB, City Bank and WEMA Bank had submitted complete data for their forensic examination, while data from First Bank, Union Bank, Stanbic IBTC, was still pending. review.

The lawmaker said that at the end of the investigation, all banks that refused to remit their collection of customs duties would be suspended from any further collection, until all their unpaid amounts had been settled.

Ecobank

Responding to the development, Mr. Oche Adejoh, the regional compliance officer, Ecobank, said that to date the bank has completed all of its remittances.

He said Ecobank currently has no remittances to make, adding that this was the reason the bank had employed an independent entity, KPMG, to conduct the relevant investigation.

The Nigeria News Agency (NAN) reports that other banks that appeared at the investigative hearing included: Keystone Bank, Standard Chartered Bank, Fidelity Bank, Polaris Bank.

Meanwhile, the committee praised Standard Chartered Bank for demonstrating its commitment to paying its outstanding balance to the federal government coffers.

The committee said they hoped to get the check from the bank at any time.

Mr. Olukorede Adeniran, the representative of the Managing Director of Standard Chartered Bank, congratulated the committee, promising to return accordingly by paying the amounts due.

(NAA)

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