$30bn Revenue Loss: Reps To Engage 24 Banks, 14 Oil Coys

The joint committees of the House of Representatives on Finance and Banking and Currency will begin an investigative hearing over an alleged loss of $30 billion revenue annually due to leakages.

The committee co-chaired by Hon. James Faleke (APC, Lagos) and Hon. Victor Nwokolo (PDP, Delta), will engage 24 commercial and non-commercial banks and 14 International Oil Companies (IOCs) over their roles in the loss.

The banks and oil companies are to explain their roles in the alleged $30bn revenue leakages arising from oil revenue interest payment on account of foreign currency denominated contracts by companies in engineering, procurement, construction, installation and marine transportation.

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The investigative hearing, to be conducted based on the COVID-19 protocols, will be in phases. The first phase of the hearing will last for three weeks.

Recall the House had on March 5, 2020, passed a resolution mandating the two committees to carry out the investigation following the adoption of a motion by Faleke.

Members of the Green Chamber had expressed concern that the billions of dollars revenue leakages may have been due to tax evasion, malpractices, misuse and diversion of foreign exchange allocations by companies and other entities.

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In adopting the motion, the House said it would also investigate the disbursement of foreign exchange by the Central Bank of Nigeria (CBN) and other agencies to determine the exact amount the government may have lost in the process.

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