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EFCC and RMAFC uncovers oil firms’ $205m unremitted funds
According to the statement, this was revealed recently in Abuja when the Chairman of the EFCC, Abdulrasheed Bawa, made a courtesy…
Through collaboration with the Economic and Financial Crimes Commission, the Revenue Mobilisation Allocation and Fiscal Commission claims to have found $205.01 million that oil and gas corporations had failed to deposit into the federation account.
It stated that it has been working together with the EFCC to monitor and track every accruable income from income-generating organizations going into the federation account.
The RMAFC also stated that it recovered over N192 billion with the assistance of the EFCC, including N74 billion between 2008 and 2015 and N118 billion between 2016 and 2019. This information was included in a statement released on Tuesday by the RMAFC’s PRO, Nwachukwu Christian.
According to the statement, this was revealed recently in Abuja when the Chairman of the EFCC, Abdulrasheed Bawa, made a courtesy visit to the Chairman of the RMAFC, Mohammed Shehu.
The statement read in part, “Bello recalled that collaborations between the two agencies over the years led to the recovery of more than one hundred and ninety-two billion naira into the Federation account. This is made up of N74bn covering 2008 – 2015 and N118bn covering 2016 – 2019 monitoring and recovery exercises on revenue-generating agencies, including banks and companies.
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“Shehu informed that this is in addition to the discoveries of over two hundred and five million dollars ($205,013,760) from some companies in the oil and gas sector who refused to remit same to government coffers but rather sued RMAFC and EFCC with the claim that both agencies have no right by law to request for such huge sum belonging to Federal government to be remitted into the Federation account.”
RMAFC reaffirmed its dedication to enhancing its partnership with the EFCC. The EFCC chairman responded by expressing the agency’s willingness to fortify connections with the RMAFC in order to boost national revenue while stopping leaks.
Bawa called for a re-examination of the delay in revenue remittance for on-time payments from agencies while highlighting the necessity to penalize defaulting revenue-generating entities.