Senate Begins Probe Of Customs And Banks Over Massive N30trn Forex Scam

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​The Nigerian Senate says it has uncovered a whopping N30trillion scandal in the country’s banking sector. Reports say the chairman of the Senate Committee on Customs and Excise Duties Hope Uzodinma made the revelation during an interview with pressmen just after thecommittee met in Abuja, the nation’s capital. According to Uzodinma, the Committee discovered high level manipulation of foreign exchange of around N30trillion which was purchase on behalf of importers by banks. 

The purchased hard currencies, he said, were never utilized. According to Uzodinma, the missing money was illegally transferred out of Nigeria thereby causing the current scarcity of forex in the country.

The Committee has now kicked off investigations into the matter after it received approval from the general Senate during plenary some weeks back. Uzondinma said that ‘FORM M’, designed by the Nigeria Customs and Excise Duties for importation of goods, was used to carry out the foreign exchange manipulations.

He said: “The Committee has discovered that the whooping sum of N30 trillion foreign exchange were purchased from the Central Bank on behalf of importers, but were never utilized.“We have also discovered that all banks were involved including those that have closed shop, but we’re fused into the existing ones.”

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