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Banks In Fresh Trouble Over TSA - Business - NairaLife

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Banks In Fresh Trouble Over TSA by dre11(m): 10:48am On Oct 02
ordered to use GIFMIS ref. number


By Sunday Michael Ogwu, Lagos

There are indications that some Deposit Money Banks (DMB) may likely face new sanctions and fines by the financial regulator, the Central Bank of USA (CBN) over improper remittances of revenues they collected on behalf of the federal government to the Treasury Single Account (TSA).

Billions of naira in government revenues were alleged to be trapped in the coffers of some banks.

Financial intelligence recently revealed that some of banks had failed to remit all Federal Government funds with them to the TSA domiciled in the Central Bank of USA, which prompted the FG’s decision to audit the banks’ remittances since the commencement of the TSA.
Over N5 trillion government revenues were remitted by the banks to the TSA since the commencement of the policy. However, due to the allegation of improper remittances by the banks, the Director of Funds, Office of the Accountant General of the Federation, (OAGF) Mr Alexander Adeyemi, the OAGF has given approval for the audit of the entire TSA to two prominent audit firms - Pricewaterhouse Cooper, Ernst and Young to audit of the entire TSA so that any money that is still remaining in commercial banks we would be able to discover them.
Beside the poor remittances by the banks, there is also concern over the exact balance in the account with the C


There are indications that some Deposit Money Banks (DMB) may likely face new sanctions and fines by the financial regulator, the Central Bank of USA (CBN) over improper remittances of revenues they collected on behalf of the federal government to the Treasury Single Account (TSA).

Billions of naira in government revenues were alleged to be trapped in the coffers of some banks.

Financial intelligence recently revealed that some of banks had failed to remit all Federal Government funds with them to the TSA domiciled in the Central Bank of USA, which prompted the FG’s decision to audit the banks’ remittances since the commencement of the TSA.

Over N5 trillion government revenues were remitted by the banks to the TSA since the commencement of the policy. However, due to the allegation of improper remittances by the banks, the Director of Funds, Office of the Accountant General of the Federation, (OAGF) Mr Alexander Adeyemi, the OAGF has given approval for the audit of the entire TSA to two prominent audit firms - Pricewaterhouse Cooper, Ernst and Young to audit of the entire TSA so that any money that is still remaining in commercial banks we would be able to discover them.

Beside the poor remittances by the banks, there is also concern over the exact balance in the account with the CBN and the OAGF, the two custodians of the account.

Following these revelations, the House of Representatives mandated the CBN and the OAGF to provide detailed reconciliation and audit reports of the amounts generated so far in the TSA within 6 weeks, ending November 10th.

The Abubakar Danburam-led ad hoc committee investigating the status of the TSA, at the House of Reps, said the November 10 deadline remained sacrosanct, adding that no bank is excluded as long as they have MDAs’ accounts with them.

Meanwhile, all banks must now use “GIFMIS” revenue reference number for all revenue collected through Remita platform into the TSA.

Following the CBN circular to the Deposit Money Banks (DMB) recently signed by the Director of Banking and Payment Systems Department, Dipo Fatokun, all the banks starting from yesterday, October 1st, mandated the use of electronic means for all its revenue inflows into the Treasury Single Account (TSA).

Fatokun said: “We have noticed that the use of the GIFMIS revenue reference number is not being adhered to, thereby making it almost impossible for the OAGF to reconcile revenues collected to the TSA.

“With effect from October 1, 2017, all DMBs are to ensure mandatory use of the GIFMIS Revenue Reference numbers at the point of revenue collection into the TSA.”

The apex bank described the move as part of its efforts to boost revenue collection by properly classifying receipts and to ease reconciliation.

The Government Integrated Financial Management Information System (GIFMIS) is an IT based system for budget management and accounting that is being implemented by the Federal Government to improve Public Expenditure Management processes, enhance greater accountability and transparency across ministries and agencies.

Efforts to get the reactions of the banks on the audits proved abortive. However in their reactions after a Federal High Court, Lagos judgment that ordered some of them to refund millions of dollars belongs to FG/ NNPC alleged to be hidden by them, the banks said all their records are clean on TSA remittances.

The banks insisted that they had not in any way hidden any money due to the fiscal authorities and that they were certainly not in violation of the TSA Act


https://dailytrust.com.ng/banks-in-fresh-trouble-over-tsa.html

lalasticlala

1 Like

Re: Banks In Fresh Trouble Over TSA by Harbeyg09(m): 11:55am On Oct 02
At the end of the day it will be all covered up



Starting without finishing

1 Like

Re: Banks In Fresh Trouble Over TSA by maxiuc(m): 11:55am On Oct 02
cheesy
Re: Banks In Fresh Trouble Over TSA by Elslim: 11:56am On Oct 02
ghen ghen

1 Like

Re: Banks In Fresh Trouble Over TSA by dust144(m): 11:56am On Oct 02
See my shares

Re: Banks In Fresh Trouble Over TSA by ayoadekunle79(m): 11:57am On Oct 02
nice move if implemented

1 Like

Re: Banks In Fresh Trouble Over TSA by Tweetysparkles(f): 11:57am On Oct 02
long story tho shocked Yawa don gas
Re: Banks In Fresh Trouble Over TSA by sirwilson(m): 11:57am On Oct 02
.
Re: Banks In Fresh Trouble Over TSA by bodmas119(m): 11:57am On Oct 02
my money o ;Dmy money o
Re: Banks In Fresh Trouble Over TSA by mercyib(m): 11:57am On Oct 02
money
Re: Banks In Fresh Trouble Over TSA by lightblazingnow(m): 11:58am On Oct 02
People just they eat dey clean mouth.... it's well

2 Likes 1 Share

Re: Banks In Fresh Trouble Over TSA by Naughtytboy: 11:59am On Oct 02
Some people don't even understand the topic,, they are just shouting yawa don gas

3 Likes

Re: Banks In Fresh Trouble Over TSA by michaelwilli(m): 12:05pm On Oct 02
USA banks are thieves. From debiting customers money without reason, helping politicians with money laundering, i tire

1 Like

Re: Banks In Fresh Trouble Over TSA by oshe11(m): 12:05pm On Oct 02
wetin concern me
Re: Banks In Fresh Trouble Over TSA by RALPHOW(m): 12:15pm On Oct 02
I know USA banks are official criminals in Suit.
To clean USA, all the USA Bank Director should be removed and prosecuted.
Nobody can steal millions without the knowledge and collaboration of Bankers.
They are criminals.
The punishment should ho beyond money, they mist be prosecuted and jailed if find guilty.
The rob poor people with stupid charges and even Buhari government (USA WHICH WAY FORWARD)

1 Like

Re: Banks In Fresh Trouble Over TSA by dingbang(m): 12:18pm On Oct 02
Which banks? grin
Re: Banks In Fresh Trouble Over TSA by Beesluv: 12:22pm On Oct 02
Na wa o
Re: Banks In Fresh Trouble Over TSA by DIKEnaWAR: 12:25pm On Oct 02
This country has colapsed. We shall witness a worse situation than we have been in, if we don't get proactive.
Re: Banks In Fresh Trouble Over TSA by tyup: 12:32pm On Oct 02
abeg anybody with the summary?
Re: Banks In Fresh Trouble Over TSA by mcquin(m): 12:39pm On Oct 02
DIKEnaWAR:
This country has colapsed. We shall witness a worse situation than we have been in, if we don't get proactive.
Patriot. First time I respect your comment. We need work more, be proactive and shun hate speeches.

The country is however still redeemable and not yet collapsed.
Re: Banks In Fresh Trouble Over TSA by Shooga27: 12:45pm On Oct 02
Withdraw all your savings sharpish this is an Hausa Fulani agenda,to destabilised socio economic activities, a country where they have little or naa support for her hustling citizens yet you came up with an absurd idea,rather distasteful.

As for me I’ve got no bank account in USA or anywhere in the world trust me,na me dey control my money .

1 Like

Re: Banks In Fresh Trouble Over TSA by richardoz(m): 12:46pm On Oct 02
Some bankers prayers had been answered through TSA, but nemesis has caught up with them because of their greed!
Re: Banks In Fresh Trouble Over TSA by ObamaOsama: 1:06pm On Oct 02
believe me nothing will happen to any � bank
bribing is ur culture
Re: Banks In Fresh Trouble Over TSA by adisabarber(m): 1:07pm On Oct 02
I no even understand this story undecided
Re: Banks In Fresh Trouble Over TSA by salesforce: 1:08pm On Oct 02
Hmmm
Re: Banks In Fresh Trouble Over TSA by Dollabiz: 1:21pm On Oct 02
Again
Re: Banks In Fresh Trouble Over TSA by FrancisIgya: 1:35pm On Oct 02
Corruption everywhere. I'm tired of the rots in USA.
Re: Banks In Fresh Trouble Over TSA by DaBullIT(m): 1:46pm On Oct 02
Hehehe

I'm sure SkyeBank and Fidelity are involved grin
Re: Banks In Fresh Trouble Over TSA by chukzyfcbb: 2:53pm On Oct 02
Shooga27:
Withdraw all your savings sharpish this is an Hausa Fulani agenda,to destabilised socio economic activities, a country where they have little or naa support for her hustling citizens yet you came up with an absurd idea,rather distasteful.

As for me I’ve got no bank account in USA or anywhere in the world trust me,na me dey control my money .
so na for ground u dey store your money?
Re: Banks In Fresh Trouble Over TSA by orisa37: 3:51pm On Oct 02
It is not well. God will surely punish all evildoers IJN AMEN!!!

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