The House also queried the First Bank management over
allegation of breach of agreement on Cash on Transfer (CoT) charges to the tune
of N28.3 million.
Rep. Oluwole Oke, the Chairman, House Committee on Public
Accounts, queried the management during the investigative hearing into the
audit queries issued by the office of the Auditor General for the Federation
(oAuGF)
The lawmaker acknowledged receipt of the amended report
submitted by First Bank with respect to the additional sum of N9.4 million.
Oke said that the Bank was invited to respond to the oAuGF
audit query that the NCS was over-charged by the banks in area of CoT.
He said that presentations made by representatives of some
banks including First Bank were found to be at variance with the agreement
signed by NCS authorities.
According to the oAuGF’s query, First back in an MoU charged
30k and other commissions amounting to N1.3 billion, thereby raising the
commission to N1 as against the 30k originally charged.
Mr. Shehu Aliyu, who led the First Bank Executive Director
said that the Bank ought to collect 30k per N1,000 as stipulated in the
Memorandum of Understanding (MoU) signed by both parties.
He said that in addition to the 30k charge, there was
another charge of 10k for Interswitch, adding that the Bank had during the last
public hearing, informed the Committee of its plan to tender a new report to
reflect the new 10k charge.
He said that over the period Jan to Dec. 2019, First Bank
collected the sum of N94.3 billion on behalf of the NCS, adding that it charged
a total of N28.3 million on 30k per N1,000.
He added that the net remittance on daily basis aggregated
to N94.345 billion.
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