Reps probe $5bn under remittance by CBN

House of Representatives
THE House of Representatives specially appointed board of trustees constituted to test the Central Bank of Nigeria, CBN, for claimed under settlement of over $5 billion into the alliance account started work,weekend.

The advisory group, led by Chairman, House Committee on Customs, James Faleke, has molded out a work design and other fundamental modalities vital for the investigative hearing.

The board of trustees was constituted after the appropriation of a movement advanced by Ayo Omidiran (APC, Osun ), affirming that the CBN was blameworthy of not uncovering the genuine condition of the money related inflows into the league account on a month to month premise.

She additionally arraigned the workplace of the Accountant-General of the Federation for not revealing the charged 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.”