Reps probe $5bn under remittance by CBN

ABUJA—THE House of Representatives ad-hoc committee constituted to probe the Central Bank of Nigeria, CBN, for alleged under remittance of over $5 billion into the federation account began work,weekend. The committee, chaired by Chairman, House Committee on Customs, James Faleke, has fashioned out a work plan and other necessary modalities necessary for the investigative hearing. The committee was constituted following the adoption of a motion promoted by  Ayo Omidiran (APC, Osun ), alleging that the CBN was guilty of not disclosing the true state of the financial inflows into the federation account on a monthly basis. She also indicted the office of the Accountant-General of the Federation for not reporting the alleged infractions by the CBN. She said: “The CBN takes advantage of this all important function of warehousing funds for the three tiers of government and preparation of the federation account statement to manipulate the system by opening various accounts not known to the three tiers of government where funds are remitted, hidden, diverted and spent without authorisation.”

C’ttee probes sugar import waiver abuse

In a related development, the House of Representatives adhoc committee investigating the alleged abuse of import duty waivers granted sugar companies has resolved to summon the Minister of Industry, Trade and Investment, Okechukwu Enelamah, and other stakeholders to shed light on how firms granted waivers by the Federal Government shortchanged the government of billions of Naira in revenue. Chairman of the adhoc committee, Olasupo Abiodun Adeola, disclosed this to journalists, weekend, in Abuja. Olasupo said the committee’s assignment was to determine the compliance by local sugar companies with the waiver granted them to import raw sugar into the country under a scheme to promote backward integration and ensure local sugar production meets demand to reducing Nigeria’s dependence on imported sugar. Sadly, he declared that companies granted the waiver abused the privilege and turned around to fleece the nation of billions of Naira. He assured that the committee wuld do a thorough job, adding that “we’ll hit the ground running and the committee will invite all stakeholders, including the minister and everybody involved with the waiver one way or the other. “Nigeria produces less than four percent of its sugar requirements locally. The backwards integration scheme that necessitated the granting of waiver was to encourage local production, reduce imports, create employment and reduce foreign exchange expenditure.”