REPS to order arrest of Zenith Ecobank,Sterling,Stanbic IBTC,Keystone,etc's CEO

LEGISREPORTS NG - The House Committee on Finance will by Wednesday issue a warrant of arrest to Chief Executive Officers (CEO) 10 banks if they fail to show up for the committee hearing by 2pm.

The erring bank CEOs who “refused to show up today” as warned by the Committee Chairman would be issued with a bench warrant arrest in the event they fail to show up before the committee by 2pm on Wednesday. Amongst those that will face the wrath of the reps  are, Zenith Bank, Ecobank, Sterling Bank, Stanbic IBTC, Keystone Bank, Heritage Bank, First City Monument Bank, CitiBank and Enterprise Bank.

“We don’t take this lightly, no individual is taller than the laws of this country, these CEOs talk about global best practices at every turn and corner yet they fail to honour a call to the parliament’s invitations to such an all-important exercise.”

On the committees zero tolerance to non-compliance of parliamentary engagement with the banks, Rep. Jibrin insisted the committee will not recognise representatives of banks below the office of an Executive Director, even at that a formal explanation for nonappearance of any CEO  has to be transmitted to the committee.

“We will take nothing less than the rank of Executive Director, if they feel their jobs are more important than a call to parliament, then they must explain.” the lawmaker from Kano charged.

However, In his opening remarks, Hon. Jibrin declared that the committee is out on a routine oversight function to “improve the revenue drive of the government. Specifically, to open up new revenue and block leakages and wastes.”
“We are here today in line with oversight mandate of the committee on the FIRS and tax matters.” Outlining the committtee’s vision he continued that “it is to strengthen the FIRS and optimize the potentials of our tax system.”

The committee chairman also, promised to engage other sectors in the exercise. ” To this end, he said “the committee is embarking on a sector review of tax compliances and remittances. We will gradually but steadily look into different sectors to include aviation, construction, oil and gas, communication among others.”

In her contributing remarks, Hon. Nnnena Ukieje (PDP, Abia) assured the appearing banks of the committees well intended gestures towards a sector of the economy that is contributing to national growth.

“This is an oversight function that is meant to check the Federal Inland Revenue Service (FIRS), and to this effect we have to call on you to collaborate with us in order to check leakages and plug them. For us as a country what we do right, must be done the right way”. She said.

Hinting on what Nigerians should expect at the end of the exercise “the end result of the exercise, he said, “will be an amendment or repeal and re-enactment of existing laws and where necessary to achieve all above mentioned.”

Out of the 21 banks invited, 12 appeared and 9 abstained. The banks present are expected to make their submission in a form of a template produced by the committee on Monday next week.

-legisreport