Non-Remittance: EcoBank, Access Bank, two others grilled by HoR over N11.632trn revenue collections
By Tom Okpe
Ecobank, Access Bank and two other commercial banks operating in the country have appeared before the House of Representatives (HoR) Committee on Public Account, over N11.632 trillion in revenue, collected on behalf of the Federal Government, through the REMITA platform between the 2015 and 2022 fiscal year.
The two other officials of the financial institutions who appeared before the panel are Fidelity Bank and Citi Bank, respectively.
Speaking during the resumed investigative hearing, Chairman of the House Committee on Public Accounts, Rep Bamidele Salam demanded that all agreements signed between the participating banks and Systemspec/REMITA during the period under review.
According to the records, “Access Bank collected a total sum of N2.661 trillion for 3,502,486 transactions between 2015 and 2022.
“The bank’s record submitted to the Committee, the total sum of N2,660,974,062,151.62 revenue was collected for the period under review, while the sum of N858,734,455.99 fee was earned for the service rendered.
“On its part, Citi Bank collected the sum of N643,427,225,110.96 between 2016 and 2022.”
According to Citi Bank record submitted to the Committee, “the sum of N2,435,932.34 fee was earned for a total of N34,656,636,415.24 transactions carried out in 2016, while N9,134,312.05 fee earned for a total of N61,023,589,404.01 transaction carried out in 2018.
“The bank however failed to disclose the fees earned for 2017, 2019, 2020, 2021 and 2022 fiscal years, respectively.
“Records further showed that Ecobank collected the sum of N1,480,576,309.08 from 1,557,487 transactions carried out between 2015 and 2022.
“From the amount, Ecobank earned the sum of N253,848,598.05 fees for the period under review.
“Available records on the transactions carried out by Fidelity Bank showed that the sum of N6.847 trillion was collected on behalf of the Federal Government in 11,696,547 transactions carried out between 2015 to 2022.
“From the transactions carried out, the bank generated N789,294,408.86 fee for the period under consideration.”
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While addressing the banks’ Representatives, the lawmakers requested for all the agreements signed by the Banks with Systemspec/REMITA to collect the revenue on behalf of the Federal Government for the period under review.
The lawmakers also demanded for breakdown of Value Added Tax, (VAT) and Withholding Tax, (WHT) collected within the period and evidence of payment into relevant Government coffers.
It was also noted at the resumed investigative hearing on the alleged revenue leakages through the REMITA platform and non-compliance substantively, with the standard operating procedure and other allied service agreements, held at the instance of the House Committee on PAC, chaired by Salam.
