Forex: Reps probe CBN, FIRS, others over $30bn leakage

The House of Representatives has resolved to investigate the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Service (FIRS) over alleged racketeering in the allocation of foreign exchange to companies.

The House, which said the leakages were causing the Federal Government to lose revenue worth over $30bn, would also probe commercial banks, forex dealers, importers and beneficiary companies.

Chairman of the House Committee on Finance, Mr James Faleke, at the plenary on Thursday, moved a motion of urgent public importance, calling for a probe into the forex allocation process.

While unanimously adopting the motion, the House directed the committees of Finance; and Banking and Currency to “conduct public hearing by looking into the various originating documents maintained by the CBN, banks, forex dealers, FIRS, importers and other beneficiary companies.”

The committees are also to identify the ‘perpetrators and the atrocities’ committed based on verifiable documents obtained from the valuable records.


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