A top director in the commission, who craved anonymity, said the affected organisations had been reported to the Central Bank of Nigeria (CBN) and regulators for disciplinary action though doubted if any of the DMBs had been sanctioned. He said: “When we began the verification exercise, they were not cooperating until we invited the Economic and Financial Crimes Commission (EFCC). The provision empowers the commission to, among others, monitor the accruals to and disbursements of revenue from the Federation Account. The revenue streams that accrue into the public purse under the watch of the RMAFC include taxes (withholding and VAT), royalties, signature bonuses, duties and tariffs. “The clarification became necessary following media reports that challenged the legality of the exercise by vested interest.

Source: The Guardian June 24, 2019 03:56 UTC