FMBN: Reps approve report on non-remittance of N5.6bn revenue

The House of Representatives on Thursday considered and approved the recommendations of its joint Committee which investigated Federal Mortgage Bank of Nigeria (FMBN) on allegations bothering on non-remittance of N5.6 billion revenue to government’s coffer.

The report was laid on the 24th October, 2018 was considered at the Committee of the Whole chaired by Yusuff Lasun, Deputy Speaker of the House of Representatives.

According to the report, Federal Mortgage Bank of Nigeria is to immediately effectively settle the agreed outstanding liability of N32,806,303.63 based on its own submission.

The House also mandated Federal Inland Revenue Service (FIRS) and Federal Mortgage Bank of Nigeria (FMBN) to resume reconciliation of the disputed amount of N74,064,335.09 as claimed by Federal Inland Revenue Service.

While giving synopsis of the report, Ibrahim Babangida, chairman, House Committee on Finance stated that the investigation was conducted by the House joint Committees on Finance and Appropriation.

According to him, “After due diligence it was found out that the amount remitted was contentious and not what was the actual amount.”

He urged that “sincerity should always be used in reporting data on finances so that this sort of investigation would not be needed in future.

“The amount in dispute is over N74 million and cannot be neglected.

“Part of the recommendations is that the Federal Mortgage Bank should be held liable for about N32 million,” the adopted report seen by BusinessDay read.