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Reps probe alleged misuse of N25b import tariff

By Otei Oham, Abuja   |   07 February 2017   |   4:31 am

Members of the House of Representatives during a plenary

• To again summon CBN, FMBN, BoI, BoA, NERFUND
The House of Representatives has commenced investigations into alleged misappropriation of N25 billion import tariff by the Nigerian Export-Import Bank (NEXIM) Bank.

The amount, according to member, House Ad hoc Committee on Development Finance Institutions (DFIs), Agboola Emmanuel Kehinde said yesterday was the accumulated seven per cent customs taxes on goods for three years. The three years, he said were 1999, 2000 and 2001.

Adopting a motion on the floor of the House, the Speaker Yakubu Dogara had set up the ad hoc committee headed by Emeka Anohu, PDP, Anambra, to investigate activities of DFIs and report back to the House.


Explaining the progress of the committee, after members’ meeting with heads of the finance institutions, which include NEXIM Bank, Kehinde, who represents Ikole/Oye Federal Constituency of Ekiti State, said lawmakers decided to probe DFIs, following allegations of impropriety and non-remittances made against them.

He maintained that the committee was not satisfied with the explanations by Central Bank of Nigeria (CBN), Federal Mortgage Bank (FMB), Bank of Industry (BOI), Bank of Agriculture (BOA) and NERFUND.

Kehinde, who disclosed that the agencies made oral and written submissions to the committee, said for the committee to be seen as carrying out thorough investigation, it had resolved to again invite the heads of the institutions at a future date.

At the appearance of NERFUND a few weeks back, members queried it for failing to recover over N17 billion loans it granted small and medium scale enterprises (SMEs).

The committee asked the agency to furnish members the names of the debtors, its 2013-2014 audited accounts, names of organisations the fund claimed it had forwarded to the Economic and Financial Crimes Commission (EFCC) over default payments and actual figure of funds received from multinationals, how it was disbursed and the names of beneficiaries.

According to the lawmaker, “I can confirm to you that CBN still has case to answer concerning certain activities in DFIs. Many of the DFIs are going against their mandates, especially as it concerns matters of loans and collaterals.




  • Oluwole

    Can the House of Representatives or the House of Assembly whose members are facing serious criminal charges be trusted to successfully probe any one or any organisation in Nigeria for fraudulent practice when none of the two Houses considered it necessary to probe false declaration of assets and diversion of public funds charged by Code of Conduct Tribunal and EFCC against the incumbent Senate President, Olusola Saraki and budget padding offences against some top leaders of the two Houses ?

    In Nigeria today, political leaders hide under the cover of ‘immunity clause’ in the Constitution to commit financial crimes and mismanage public funds, yet the same political leaders are quick at pointing accusing fingers at others. Is there any moral justification in doing this ? The two Houses should cleanse their fingers first before using the same fingers to remove the specks from other people’s eyes.

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