Reps panel queries four banks over N11.63trn revenue collected via Remita

The house of representatives has queried four commercial banks over N11.632 trillion revenue collected on behalf of the federal government through the Remita platform between the 2015 and 2022 fiscal years.

The financial institutions are Ecobank, Citi Bank, Access, and Fidelity.

Bamidele Salam, chairman of the house committee on public accounts, issued the query at the resumed investigative hearing on ‘alleged revenue leakages through Remita platform’ in Abuja.

The committee also investigated noncompliance with other allied service agreements and standard operating procedures.

The lawmakers asked for all the agreements made during the time under examination between Systemspec and REMITA and the participating domestic banks.

According to records submitted to the committee, Access Bank said it processed 3,502,486 transactions totalling N2.661 trillion between 2015 and 2022.

The records showed that a total sum of N2,660,974,062,151.62 revenue was collected during the period under review; the sum of N858,734,455.99 fee was earned for the service rendered.

On its part, Citi Bank said it received the sum of N643,427,225,110.96 between 2016 and 2022.

A total of N34,656,636,415.24 in transactions were completed in 2016; and N2,435,932.34 in fees were earned, according to a Citi Bank record that was shown to the committee.

Also, N9,134,312.05 fee was earned by the bank for a total of N61,023,589,404.01 transactions carried out in 2018.

“The bank, however, failed to disclose the fees earned for 2017, 2019, 2020, 2021, and 2022 fiscal years, respectively,” the document reads.

“Records further showed that Ecobank collected the sum of N1,480,576,309.08 from 1,557,487 transactions carried out between 2015 and 2022.

“From the amount, Ecobank earned the sum of N253,848,598.05 fees in the period under review.

“Available records on the transactions carried out by Fidelity Bank showed that the sum of N6.847 trillion was collected on behalf of Federal Government in 11,696,547 transactions carried out between 2015 to 2022.

“From the transactions carried out, the bank generated N789,294,408.86 fee for the period under consideration.”

Addressing the banks representatives, the committee demanded for a breakdown of the value-added tax (VAT) and withholding tax (WHT) collected within the period and evidence of payment into relevant government coffers.

In November 2023, the green chamber resolved to investigate alleged revenue leakages through the Remita platform.