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Banks under scrutiny over alleged $62b capital flight

Citing alleged $62.9billion capital flight between August 2009 and December 2014, the Nigerian Senate has commenced investigation into the activities of some banks and some International Oil Companies (IOCs).

Already, the Senate has directed affected banks to  submit all copies of certified Nigeria Export Proceed issued/or processed by them in respect of all crude oil and gas exported by Nigeria Agip Company Ltd, Chevron Nigeria Limited, Shell Petroleum Development Co. Nig. Ltd and their affiliates between April 1996 and December, 2016.

According to the document, the affected banks were also asked to produce all domiciliary accounts opened and /or closed within the period specified for all crude oil and gas exported.

Available information indicates that the “Investigation of the pre-shipment inspection of export activities in Nigeria” is being conducted by the Senate joint committee on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, insurance and other Financial Institutions, Judiciary, Human Rights and Legal Matters, and Customs and Excise.

A member of the committee, Senator Yusuf Yusuf (Taraba State), was quoted as saying: “It is worrisome that money comes in today, tomorrow the same amount goes out of the country. The practice runs through statement of account submitted by the banks. The oil companies bring in $20 billion today, tomorrow $20 billion is taken out of the account. “Some of the banks are colluding with multinational oil companies to defraud the country. The government relies on the banks, the banks are now colluding with the multi-national oil companies.”

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