Revenue scam: Senate to send firms to EFCC for prosecution


The Senate said on Wednesday that plans have been concluded to hand over companies found culpable in its investigation into alleged N30 trillion revenue scam in the import and export value chain to the Economic and Financial Crimes Commission (EFCC) for prosecution.

The Chairman of the Joint Committee on Customs, Excise and Tariff and Marine Transport, Sen. Hope Uzodinma, stated this during chat with journalists in Abuja.

He said firms to be handed over to the EFCC were those found to have manipulated the foreign exchange procedure and those involved in money laundering, round tripping and abuse of foreign exchange manual.

He said the Committee would pass all established evidences against the companies to the EFCC for immediate prosecution.

Uzodinma also said companies with established cases of infractions within the import and export value chain would be referred to the Nigeria Customs Service for blacklisting.

He said: “We have also established another department of the investigation, which is abuse of fiscal policies from Federal Ministry of Finance.

“Most of these companies that have applied and gotten approval as manufacturers of different products, assemblers of various products but import finished goods in the name of CKD (Complete Knock-Down) will be charged for economic crime.

“We are going to follow up the prosecution with all evidences available to us.

“As we are about concluding our investigation on the 60 selected companies being currently investigated, it is very clear that so much collectable revenues are still hanging.

“These are monies that government would have used to ease governance and provide necessary infrastructure and amenities to the citizenry.

“So, this Committee will not sit back and allow the economy to crumble.  This is just 60 selected companies. We are visiting over 1,000 companies.”

The senator said of the 60 companies in its first phase of investigation, the Committee had been able to interact with 50 while 10 others were on the run.

He vowed that the Committee would ensure that those companies were fished out by the relevant security agencies.



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