Nigeria's House of Representatives in Session Photo: File

$30bn Loss: Federal legislators engage 24 Nigerian banks, 14 IOCs

*Banks, oil companies to explain roles in alleged $30billion missing revenue

*Investigative hearing to be conducted in phases, following COVID-19 protocols

Isola Moses | ConsumerConnect

Following an alleged loss of over $30billion annual revenue accruable to the Federal Government of Nigeria attributed to leakages, the House of Representatives’ Joint Committee on Finance plus Banking and Currency is set to engage 24 commercial and non-commercial banks as well as 14 International Oil Companies (IOCs).

It was learnt that the Joint Committee, chaired by Rep. Abiodun James Faleke (Lagos) and Rep. Victor Nwokolo (Delta), will interrogate the officials of the banks and the IOCs during an investigative hearing, starting Monday, July 6.

Banks to be engaged by the Joint Committee starting from Monday include Unity Bank, Stanbic IBTC, UBA, Polaris Bank, FCMB, Fidelity Bank, Keystone Bank, FBN Merchant, Access Bank and Bank of Industry (BoI).

Other banks are Jaiz Bank, Coronation Bank, SunTrust Bank, Union Bank, Citi Bank, GTBank, Ecobank, First Bank, FSDH Merchant, Sterling Bank, Zenith Bank, Wema Bank, Standard Chartered Bank and Heritage Bank.

Oil companies listed for engagement by the lawmakers include Nigeria Agip Exploration (NAE), Nigeria Agip Oil Company (NAOC), PAN Ocean Oil Nigeria Limited, Shell Nigeria Exploration & Producing Company Limited, Esso Exploration & Producing Nigeria Limited and Mobile Producing Nigeria Limited.

Other are Statoil Company Limited, Shell Petroleum Development Company, Star Deep Water Petroleum Nigeria Limited and Total E&P Nigeria Limited, Total Upstream Nigeria Limited, Sterling Oil Exploration Energy Limited, Addax Petroleum Development Company Limited and Addax Exploration Limited.

The House noted that the leakages arose from various malpractices in foreign exchange allocation to companies from sources such as CBN, interbank, domiciliary, and over-the-counter (OTC) purchases for importation of physical goods, payments of foreign service vendors, dividend repatriation and foreign loans.

“There is the urgent need to rescue the country from over $30billion dollars annual revenue leakages arising from tax evasion, malpractices, misuse and diversion of foreign exchange allocations by companies and other entities,” Hon. Faleke said of the matter  while leading  a debate on the motion March 2020.

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