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Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years - Politics - Nairaland

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Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by DaudaAbu(m): 8:02am On Apr 13, 2017

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/
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by sarrki(m): 8:03am On Apr 13, 2017
Which senate?

The corrupt senate ?

1 Like

Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by DaudaAbu(m): 8:15am On Apr 13, 2017
sarrki:
Which senate?

The corrupt senate ?

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

A thief only knows how to catch a thief

1 Like

Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by Sunnynwa: 8:16am On Apr 13, 2017
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/

Which importer fills the right cost of goods on Form M?
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by Homeboiy: 8:33am On Apr 13, 2017
Everything for this country na fraud
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by sarrki(m): 9:33am On Apr 13, 2017
DaudaAbu:


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

A thief only knows how to catch a thief

You must come with clean hand as far 7as equity is concerned
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by seunmsg(m): 9:34am On Apr 13, 2017
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.
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by Marotzke(m): 9:46am On Apr 13, 2017
sarrki:


You must come with clean hand as far 7as equity is concerned
From under which rock do some idiots creep out from?
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by DaudaAbu(m): 12:12pm On Apr 13, 2017
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.

And its still going on.

There is nothing wrong in trying to stop it now
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by DaudaAbu(m): 12:13pm On Apr 13, 2017
Homeboiy:
Everything for this country na fraud


That is Fraud with a capital "F"
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by seunmsg(m): 12:25pm On Apr 13, 2017
DaudaAbu:


And its still going on.

There is nothing wrong in trying to stop it now

The current crop of corrupt Senators cannot stop it.
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by igbosupremacist: 1:55pm On Apr 13, 2017
sarrki:
Which senate?

The corrupt senate ?

sorry the executive is more corrupt. when is buhari trying the executive grass cutter?

Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by Cekpo34(m): 7:01am On Apr 14, 2017
K
The Senate Committee on Customs and Excise said the fraud was perpetrated between 2006 and March 2017


Which subsidy again? I thought the Caliph said he has saved billions through subsidy removal? Btw, Op this report is a mischievous one from disgruntled elements to tarnish the image of this infallible administration.. Corruption ended with the ineffectual buffoon grin
Re: Senate Uncovers N30th Forex Fraud By Commercial Banks In 10 Years by Justuceleague2: 7:29am On Apr 14, 2017
Good job
But Senate itself is a den on fraudsters

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