October 22, 2021

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Reps grill Citibank over $30bn revenue leakages

The House of Representatives joint committees on Finance, Banking and Currency on Monday grilled the management of Citibank Nigeria Limited for an inquiry into over $30 billion annual revenue leakages.

They said the leakages are from payments on account of foreign currency-denominated contracts by companies in engineering, procurement, transportation, construction and payments of foreign service vendors, among others.

Chairman of the Finance Committee, Rep James Abiodun Faleke, who chaired the investigative hearing, said the House at its sitting on March 5, 2020, resolved to conduct an investigative hearing on revenue leakages in excess of $30bn in annual federation tax revenues between 2005 and 2019.

Representative of Citibank, Mrs Ngozi, told the committee that her organisation committed no infraction, saying the bank followed the required guidelines as stipulated in the Foreign Exchange Manual.