The House of Representatives has launched an inquiry into Access Bank, Citi Bank, Ecobank, and Fidelity Bank over the collection of N11.632 trillion in revenue on behalf of the Federal Government through the REMITA platform from 2015 to 2022.
Bamidele Salam, Chairman of the House Committee on Public Accounts, addressed the banks during an investigative hearing in Abuja, focusing on alleged revenue leakages and non-compliance with operating procedures.
Access Bank disclosed that it amassed N2.661 trillion from 3,502,486 transactions, with N858,734,455.99 in fees. Citi Bank collected N643,427,225,110.96 between 2016 and 2022, however, details for subsequent years were undisclosed.
Ecobank reported N1,480,576,309.08 from 1,557,487 transactions and earned N253,848,598.05 in fees. Meanwhile, Fidelity Bank collected N6.847 trillion from 11,696,547 transactions, generating N789,294,408.86 in fees.
The committee demanded all agreements between the banks and Systemspec/REMITA, along with a breakdown of Value Added Tax (VAT) and Withholding Tax (WHT) collected during the period, including evidence of payments made to the government.
This inquiry represents a significant move towards ensuring transparency and accountability in revenue collection on behalf of the Federal Government.
