Revenue Commission to probe excessive charges by banks
(Nigeria) Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, on Thursday alleged irregularities in the remittances of revenue by some collecting banks. The RMAFC said in Abuja while addressing newsmen on the commission's decision on illegalities being perpetrated by some banks in the remittance of FIRS and NCS revenues. He said that most of the banks were engaged by the Federal Inland Revenue Service, FIRS, and Nigerian Customs Service, NCS. The Chairman of the commission, Mr Elias Mbam, said some of the irregularities were excessive bank charges like Commission On Turnover, COT, on revenue accounts of the FIRS and NCS. Mbam said the commission launched a verification and reconciliation of revenue remittances by the banks to block any leakage to the Federation Account. He said that 53 consulting firms had been appointed to carry out the exercise covering January 2008 to June 2012. He said that they were given three months to submit their rep