Banks, Firms Behind Forex Scarcity in Nigeria—Senate

By Dipo Olowookere

Chairman, Senate Committee on Customs, Excise and Tariffs, Mr Hope Uzodinma, has accused some banks and foreign companies of being responsible for scarcity of foreign exchange in the country.

While addressing journalists on Thursday, the lawmaker urged Federal Government to blacklist banks and companies found guilty of being involved in the abuse of forex in the country.

He also advised government to deport expatriates behind these companies to their various countries for the economic sabotage.

According to him, in his committee’s preliminary investigation into economic infractions, it was discovered that most 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 to their various countries,” he said.

“These fraudulent actions are some of the reasons why there is leakage in government’s revenue.

“Some of these foreign companies are registered with the Corporate Affairs Commission (CAC) with the status of Nigerian Companies and nothing remitted to the Federal Government.

“This is why there is scarcity of foreign exchange,” Mr Uzodinma told newsmen in Abuja yesterday.

The lawmaker explained that the essence of the fiscal policies was to subsidise production activities in Nigeria to encourage local manufacturing of products, thereby stimulating the economy.

However, he expressed sadness that these laudable policies had become drain pipes due to illegal practices by these banks and firms.

“Suddenly, people are taking advantage of that good intention of government and have abused the policies,” he said.