Recession: Senate threatens to expose importers, banks behind N30trn forex scam

The senate has vowed to publish names of importers and banks found culpable in the ongoing investigation into over N30 trillion alleged foreign exchange frauds perpetrated between 2006 and 2017. Hope Uzodinma, chairman, senate committee on customs, made this known on Thursday, which was the second day of meeting with representatives of all commercial banks,……

Senate to publish names of importers, banks involved N30trn forex fraud

​Nigerian ​Senate has vowed to publish names of importers and banks ​involved in ​over N30 trillion alleged foreign exchange frauds perpetrated between 2006 and 2017. Chairman, Senate Committee on Customs, Sen. Hope Uzodinma, stated this Thursday ​on the second day of meeting with representatives of all commercial banks, the Central Bank of Nigeria and Ministry…

Alleged N30tn Forex fraud: Senate vows to publish names of importers, banks

Senate has vowed to publish names of importers and banks found culpable in ongoing investigation into over N30 trillion alleged foreign exchange frauds perpetrated between 2006 and 2017. The Chairman, Senate Committee on Customs, Sen. Hope Uzodinma, made this known on the second day of meeting with representatives of all commercial banks, the Central Bank……

Committee denies Senate’s rejection of Southern Kaduna crisis report

Chairman, Senate Ad-Hoc Committee on Southern Kaduna crisis, Sen. Kabiru Gaya, on Thursday said that the Senate did not reject the committee’s report as reported by some media. The Senate had on Tuesday, rejected the committee’s report over non reflection of details and serious issues affecting the area. However, Gaya, while briefing newsmen said ,……

Recession: Senate to launch probe into N30trn forex scam

The Upper House (Senate)  has launched a probe into an alleged N30 trillion foreign exchange racketeering (forex scam) by commercial banks and importers. The upper legislative chamber claims that the country lost over N30 trillion to the alleged diversion of forex between 2006 and 2017. Senate Committee on Customs, Excise and Tariff, on Wednesday, told……

Buhari Forwards Names Of 5 Nominees For CBN’s Non-Executive Directors To Senate

Following the president, Muhammadu Buhari’s absence at the yesterday’s Federal Executive Council, FEC meeting which was presided over by the vice president, Yemi Osinbajo, President Buhari has forwarded five names of nominees for the non-executive directors of the CBN to the National Assembly. Recall that the Information Minister, Lai Mohammed had revealed that the president……

FOREX: Senate unravels alleged N30tn fraud by banks

The Senate, on Wednesday, declared that over N30 trillion has been round tripped by virtually all the commercial banks in the country from 2006 till date in their management of foreign exchange earnings for importers. This disclosure was made by the Chairman, Senate Committee on Customs, Excise and Tariffs, Senator Hope Uzodinma, after an investigative…

Senate probes Customs, banks, importers over N30 tn alleged fraud in 11 years

The Senate Committee on Customs, Exercise and Tariff has commenced investigation into the more than N30 trillion fraud allegedly carried out in the import, export value chain between 2006 and 2017. The Chairman of the committee, Sen. Hope Uzodinma made this known at an investigative meeting with some of the commercial banks, alleged to be……

Nigeria Banks in trouble as Senate uncovers N30 trillion FOREX diversion

Chairman, Senate Committee on Customs and Excise Duties, Hope Uzodinma, has stated that its Committee has discovered high level manipulation of foreign exchange to the tune of N30 trillion purchase on behalf of importers by Nigeria Banks. He revealed this while granting interview to correspondents after his Committee meeting in Abuja, noting that all banks…

We Won’t Make Laws That Will Interfere With Religion

Sanni Onogu, Abuja: Senate President, Dr. Abubakar Bukola Saraki, has said that the Senate will not make laws that interfere with the religious creeds of Nigerians. Saraki, according to a statement by his Chief Press Secretary, Sanni Onogu, disclosed this when the Council of Ulama (Muslim clerics) in Nigeria visited him in Abuja. “I say…

Deploy helicopters, naval boats to Lagos – Senate urges Buhari

The Senate has urged President Muhammadu Buhari to authorize the deployment of military helicopters and naval boats in Lagos State to shore up security lapses in the areas. The Senate made the demand during Tuesday plenary following a motion moved by Senator Gbenga Ashafa in reaction to the recent attacks by militants on communities in…

Senate wants FG to withdraw constitution from circulation

The Senate, on Tuesday, mandated its Committee on Judiciary, Human Rights and Legal Matters to liaise with the National Judicial Council, (NJC) Office of the Attorney General of the Federation (AGF) and the Law Reform Commission to constitute a law review committee to withdraw copies of different versions of the constitution in circulation in the…