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Senate uncovers N447bn scam in import duty waivers

25 May 2016, 18:32

Abuja - The Senate said it has uncovered a N447.42 billion fraud allegedly perpetrated in the administration of import duty waivers, concessions and grants by Ministries, Departments and Agencies (MDAs) of the Federal Government, Daily Trust reports.

Presenting a report during Tuessday’s plenary, chairman of the Senate Adhoc Committee on Import Duty Waivers, Concessions and Grants, Senator Adamu Aliero bemoaned what he described as large-scale revenue leakages that robbed government of huge sums of money that would have been used for provision of infrastructural development and social services.

The report is a follow up to a motion moved on the floor Senate in January 2016.

According to the breakdown, the Federal Government lost N78, 489,941,114.74 in 2011, N128, 538,453,758.99 in 2012, N46, 056,265,355.78 in 2013 and N87, 654,744,360.22 in 2014 through waivers, concessions and grants to different private companies who were engaged in importing goods to the country.

The Senate in passing resolutions on the report according to the Sun asked the federal government to recover N24bn from Olam International Limited (a subsidiary of Stallion Group) and Millan Group for exceeding the quota system granted them on rice importation. 

It also asked the  government to recover N10.3bn from Dangote Limited, Kersuk Farms, Bua Group, Elephant Group and Golden Penny for violating the rice import quota granted them.

- News 24

Tags nigeria fraud

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