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Central Bank of Nigeria

…..Urges CBN, Finance Ministry to suspend remittances


‎Senate yesterday started an investigation into alleged payment of N25 billion Commission by Central Bank of Nigeria for a private consultancy firm from N2.5 trillion moped up into Treasury Single Account(TSA).

Upper Chamber also urged the Federal Ministry of Finance and Central Bank of Nigeria (CBN) to suspend further payments into the TSA.

This was sequel to a motion sponsored by Senator Dino Melaye (APC, Kogi West) and co-sponsored by 35 other senators.

Senator Dino who sponsored the motion‎ described the 1% charges by REMITA – as an attempt to rip Nigerians of task payer’s moneys, it alleged that the company realised over N25billion in one day as one per cent of monies transferred.

Dino in the motion recalled that in pursuance of the TSA, the Federal Government on 15th September directed all its MDAs to close their various accounts with commercial banks and pay all revenues into its account with the CBN under the policy of Treasury Single Account.

Dino said by the policy directive, all revenue generating agencies of the Federal Government such as the Nigerian Customs Service, Federal Inland Revenue Service, Nigeria National Petroleum Corporation, Bureau of Public Enterprises etc, are to pay all revenues collected for and on behalf of the Federal Government into the Consolidated Revenue Fund.

He observed that in the course of the operations of the TSA, the Federal Government on 15 September, 2015 mopped up the sum of N2.5trillion through its e-collection agent called REMITA who charges 1% of all monies passing through it, amounting to N25billion.

Some of the senators who contributed to the motion insisted that a third party like REMITA was not needed to ensure compliance with the TSA policy, let alone realising N25billion in one day.

Senate Leader, Senator Ali Ndume ( APC Borno South) expressed surprise that a company could have been paid that much just to transfer money to the CBN.

He said that no matter the platform utilised, the amount was too much and as such must be investigated.

He said: “Let us take this seriously and I hope that after investigation, if it is true that somebody is involved in this then he is a sabotage trying to do things like it was done in the past”.

Senator Bassey Akpan ( PDP Akwa Ibom North East) a banker of over 12 years, wondered why such amount would go to private pockets when there is total collapse of road network and other infrastructure in the country.

On his part, Senator Eyinanya Abaraibe ( PDP Abia South) alleged that over N60 billion was realised by the company, urging senators to go beyond party lines to handle such issues bordering on corruption and ripping off the common wealth of Nigerians

It therefore mandated the Committees of Finance, Banking and Other Financial Institutions and Public Account to carry out a holistic investigation on the matter and report back in four weeks.

Fidelity Bank Plc has continued on its robust dividend payment policy as it records a 10 year unbroken record of paying dividends to its shareholders.
.The enviable record was set in Lagos yesterday when shareholders unanimously approved the 18 kobo per ordinary share of 50 kobo dividend payable to shareholders whose names appeared on the bank’s register of members as at the close of business on April 17, 2015. The directors had earlier proposed the dividend for the financial year ended December 31, 2014. With this, Fidelity Bank has, for 10 years, consistently paid out dividends to its shareholders.

Nweke Chukwunonso, Abuja



The Nigerian National Petroleum Corporation has reacted to the latest claims of the former Governor of the Central Bank of Nigeria and the current Emir of Kano, Muhammadu Sanusi II, that the issues surrounding the missing $20 billion oil money have not been adequately addressed by the Federal Government.

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