Forex abuses: Senate wants erring coys, banks blacklisted

The Senate Committee on Customs, Excise and Tariff s yesterday called for blacklisting of companies and banks found culpable of engaging in foreign exchange abuses by the federal government.
Chairman of the Committee, Sen.
Hope Uzodinma (PDP Imo West), made the call while speaking to newsmen in Abuja.
He said that, as part of the committee’s preliminary investigation, it found out that most of the companies were found to have abused federal government’s fiscal policies.
“The federal government will not only blacklist these companies but will also ensure that expatriates behind these companies are deported back to their various countries,” he said.
He decried that these fraudulent actions were the reasons why there was leakage in government revenue.
He decried that most automobile companies were bringing in goods as either Semi-Knocked Down (SKD) or Completely-Knocked Down (CKD).
The little revenue that government would have collected through Customs is lost by these practices just as he explained that the policies, which were meant to facilitate trade and stimulate the economy, had become “drain pipes” due to the illegal practices, he said.

 

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