Categories: Nigeria News

$30bn lost: Fidelity Bank, Citibank in trouble

Citibank and Fidelity bank, on Monday, appeared before the House of Representatives joint committees on finance, and banking and currency over revenue leakages.

According to the co-chairman of the panel, James Faleke, the hearing is to find the alleged $30 billion lost between 2005-2019.

Mr Faleke, who the chairman committee on finance, said the investigation will examine the revenue leakages and loopholes in the system, that have contributed to a loss of over $30 billion in annual federation tax revenue between 2005 and 2019.

He noted that the documents received from target agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportations, manufacturing and Telecommunications, show there are infractions by some entities.

Ngozi Omoke, the representative of Citibank, said the committee made errors in the system of computing the total deductions.

“The following items are not subject to VAT or withholding tax: advertisement, airline remittances, principal loan repayments. What attracts withholding tax is interest on loan repayment, not the principal itself.”

Following back and forth between Mr Faleke and Ms Omoke, the committee resolved that the bank should provide more documents to clarify.

Hassan Imam, from Fidelity bank, also appeared before the committee.

Mr Faleke also directed the banker to provide the committee with the list of customers involved in capital importation and their evidence of tax payment.

“Advertisement, airline remittances, principal loan repayments” are not

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

Recent Posts

Latest update on fuel price hike, fuel scarcity for November 22nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

4 hours ago

Full List of 80,000 delisted companies published by CAC

The Corporate Affairs Commission (CAC) has officially removed companies that failed to file their annual…

4 hours ago

Amended NDLEA Act: Senate approves life imprisonment for drug traffickers, rejects death penalty

The Senate on Thursday agreed with the House of Representatives' recommendation to replace the death…

4 hours ago

Monday Odigie steps down as Bendel Insurance coach

Monday Odigie, the coach of Bendel Insurance Football Club of Benin, has resigned from his…

5 hours ago

Lewandowski reflects on missed Manchester United transfer

Robert Lewandowski has reflected on the time he nearly joined Manchester United in 2012, only…

5 hours ago

Okoye reflects on Super Eagles return after two years

Maduka Okoye has reflected on his first appearance for the Super Eagles in two years.…

5 hours ago