Senate changes gear in trailing trapped N30tn revenue, links EFCC
Considering observed foot-dragging displayed by mega firms that were alleged to have been milking the economy to the tune of over N30 trillion in infractions bordering on abuse of waivers and tax scams, the Senate rose from its plenary on Wednesday to announced plans to hand over companies found culpable in its investigation to the Economic and Financial Crimes Commission (EFCC) for prosecution.
The companies numbering about 60 were discovered to have allegedly indulged in N30 trillion revenue scams in import and export value chain over time.
The lawmakers handling the matter said out of the 60 companies in its first phase of the investigation, the committee had been able to interact with 50 while 10 of the companies were on the run.
Chairman of the Joint Committee on Customs, Excise and Tariff and Marine Transport handling the matter, Senator Hope Uzodinma, gave the hint during an interview with Business Hilights Northern Nigeria Bureau Chief shortly after plenary.
In his words, “Those to be handed over to the EFCC were those found to have manipulated the foreign exchange procedure and those involved in money laundering, round tripping and abuse of foreign exchange manual”.
“The committee would pass all established evidence against the companies to the commission for immediate prosecution. The companies with established cases of infractions within the import, export value chain, would be referred to the Nigeria Customs Service for blacklisting.
Continuing, the Senator representing Orlu Senatorial Zone of Imo State averred that “We have also established another department of the investigation, which is an abuse of fiscal policies from Federal Ministry of Finance.
“Most of these companies that have applied and gotten approval as manufacturers of different products, assemblers of various products but import finished goods in the name of CKD will be charged for an economic crime.”
He added further that “We are going to follow up the prosecution with all evidence available to us. As we are about concluding our investigation on the 60 selected companies being currently investigated, it is very clear that so many collectable revenues are still hanging.
“These are monies that government would have used to ease governance and provide necessary infrastructure and amenities to the citizenry.
“So, this committee will not sit back and allow the economy to crumble. This is just 60 selected companies. We are visiting over 1000 companies,” Senator Uzodinma revealed.
