Deposit Money Banks (DMBs) have failed to comply with the Central Bank of Nigeria (CBN’s) order on transfer of all revenues collected on behalf of the Federal Government and its agencies to the apex bank account.
The transfer is expected to be made within 24 hours of the value date of such collections with effect from February 28, 2015.
The office of CBN Director, Banking Supervision, in a report titled ‘Re: Public Sector Revenue Accounts with Deposit Money Banks,’ said lenders violating the order will face severe financial and administrative sanctions. “We have observed with dismay that most banks are yet to comply fully with the provisions of the circular directing banks to transfer all revenue collected on behalf of the Federal Government and its agencies to CBN account within 24 hours of the value date of such collections,” it said.
The order followed earlier directive by the apex bank to Ministries, Departments and Agencies (MDAs) to close all their revenue accounts in DMBs.
The MDAs to be affected by the order include the Nigeria National Petroleum Corporation, Nigeria Customs Service, Code of Conduct Bureau, Code of Conduct Tribunal, the Economic and Financial Crimes Commission, Federal Ministry of Aviation and Federal Civil Service Commission.
Others include the Federal Inland Revenue Service, Federal Road Safety Commission, Independent National Electoral Commission, Federal Ministry of Defence, National Population Commission, National Salaries Incomes & Wages Commission, Nigerian Investment Promotion Council, Nigeria Police Force to mention but a few.
CBN Director, Banking and Payment System Unit, Dipo Fatokun who gave the directive in a circular to DMBs, said the order followed the commencement of the Federal Government’s Independent Revenue e-Collection Scheme.
He stated that banks’ branches by now, are expected to have been setup and sensitised, and their internet banking platforms configured for use by revenue payers.
This, he said, would make it possible for the banks to make transfers to the Federal Government e-Collection account, which will be transferred to the Consolidated Revenue Funds (CRF) as agreed between the CBN, Office of the Accountant General of the Federation (OAGF) and the banks.
Fatokun said the OAGF has already issued a treasury circular to all MDAs to close existing revenue accounts in banks not later than February 28, and transfer available funds to CRF.