Senate has unravelled N30 trillion foreign exchange frauds by all commercial banks in Nigeria. The alleged fraud was perpetrated by the commercial banks that collected '

foreign exchange on behalf of importers. The fraud, which the legislative body revealed, covered between 2006 and March 2017, involved both ‘living and dead’ commercial

banks. “We have been able to also go into the database of the operating system in the Nigeria Customs Service (NCS). And we identified Form M by Form M, import by

import, vessel by vessel, liabilities of importers and commercial banks that are yet to be handled. We are talking about monies in regions of over N30 trillion. “There is no

bank that is exempted. All the banks are involved. Both the banks that are dead and the ones living. The ones that are no more operating were acquired by some banks. So,

the activities of those banks that are no longer in operation we have been able to tie them to those that acquired them as part of the liabilities,” chairman, Senate

Committee on Customs and Excise, Hope Uzodinma

sarrki:
Which senate?

The corrupt senate ?

DaudaAbu:

[qute]
Senate has unravelled N30 trillion foreign exchange frauds by all commercial banks in Nigeria. The alleged fraud was perpetrated by the commercial banks that collected '

foreign exchange on behalf of importers. The fraud, which the legislative body revealed, covered between 2006 and March 2017, involved both ‘living and dead’ commercial

banks. “We have been able to also go into the database of the operating system in the Nigeria Customs Service (NCS). And we identified Form M by Form M, import by

import, vessel by vessel, liabilities of importers and commercial banks that are yet to be handled. We are talking about monies in regions of over N30 trillion. “There is no

bank that is exempted. All the banks are involved. Both the banks that are dead and the ones living. The ones that are no more operating were acquired by some banks. So,

the activities of those banks that are no longer in operation we have been able to tie them to those that acquired them as part of the liabilities,” chairman, Senate

Committee on Customs and Excise, Hope Uzodinma


https://breaking.com.ng/nigeria/senate-unravels-n30trn-forex-fraud-by-commercial-banks/

DaudaAbu:


Yes. Just becos we see them as corrupt doesnt mean they cant uncover corruption.

A thief only knows how to catch a thief

sarrki:


You must come with clean hand as far 7as equity is concerned

seunmsg:
Foreign exchange fraud by banks is not a new revelation in Nigeria. It started a long time ago and not 2006 as the Senate is insinuating. The foreign exchange fraud is a racket that involves CBN as the team leader and all our DMBs, multinationals and bureau de change. The Senators will only collect bribe and move on. They can't break that powerful racket.

Homeboiy:
Everything for this country na fraud

DaudaAbu:


And its still going on.

There is nothing wrong in trying to stop it now

sarrki:
Which senate?

The corrupt senate ?

The Senate Committee on Customs and Excise said the fraud was perpetrated between 2006 and March 2017