The Committee on Non-oil Revenue on Monitoring of Banks’ Compliance of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on Thursday revealed its recent discovery of a wide range of irregularities by some of the banks in collecting non-oil revenue for the Federation Account.
According to Chairman of RMAFC, Elias Mbam the Federation Accounts Allocation Committee (FAAC) has authorised an investigation of the activities of the banks from January 2008 to June 2012 over their receipt and remittances to the Federation Account of taxes and duties from the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).
“The commission, in line with due relevant provisions of the Public Procurement Act, has appointed a lead consultant, J.K. Consulting, led by Mr. Joseph Kayode Naiyeju, former Accountant-General of the Federation (AGF) who was also one-time chairman of the FIRS and 52 other consultants, including PriceWaterhouseCoopers Ltd, to look into the activities of the banks throughout the country,” Mbam said.
The consultants will begin their work on 3rd June and submit their report 15th August 2013.
“The consultants will supervise and coordinate the activities of other consultants; develop data capturing and reporting template; verify, reconcile and ensure that the flow of revenue from collecting agencies from January 2008 to June 2012 is in accordance with the relevant agreements between the collecting banks, FIRS and the NIS; produce a comprehensive report of all the findings and recommendations,” he said of the responsibilities of the consultants.
“On the other hand, they will cover allocated bank(s) and revenue sources as provided by the Commission; reconcile the flow of revenue from collecting banks to Lead banks; reconcile all transfers from the Lead banks to the Federation Account in the CBN.”
They will also verify that the remuneration paid to each Lead and collecting banks is in accordance with the agreement signed with FIRS and NCS, and submit comprehensive report of all findings to the Lead Consultant.
Two months ago, Central Bank of Nigeria (CBN) revealed that within one year alone, its newly established Department of Consumer Protection had recovered more than N6bn that deposit banks had overcharged customers.
