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, Hope Uzodinma, made this known at an investigative meeting with some of the commercial banks, alleged to be accomplices in the fraud.
The chairman said the committee would do everything possible to ensure that the mandate given to it by the Upper Chamber to recover and block leakages would be carried out to the latter.
“You recall Senate in plenary mandated this committee to investigate and identify areas of revenue leakages in the entire import and export circle.
“The committee has started investigation. We took time to enter into the import and export value chain and we have been able to identify areas of leakages and malpractices.
“This is ranging from unutilised Form Ms, abandoned Form Ms, partially abandoned Form Ms,
abandoned assessment of Customs Duties and foreign exchange allocation manipulation.
“We have been able to go into the database of the operating system of Nigeria Customs Service otherwise called ASCODA.
“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.