The joint committee on Finance and Banking & Currency has directed FSDH Merchant Bank and the United Bank for Africa (UBA) to provide more details over alleged Withholding Tax (WHT) underpayment, Foreign Exchange inflows and outflows infractions running into billions of Naira.

The joint committee gave the directive at their sitting on Monday when officials of the two banks appeared before the committee.

The committee is investigating an alleged $30 billion revenue leakage between 2010 and 2019.

FSDH Merchant bank management appeared based on an alleged underpayment of $2.698 million in Withholding Tax and Value Added Tax and foreign exchange leakages amounting to $7.264m.

The committee had in a letter to FSDH in March 2021 said it has completed its first phase of its investigations and made some findings.

FSDH Executive Director, Taiwo Otiti explained to the committee that, the bank has records of all the transactions and have presented them to the committee in hard and soft copies.

Chairman, House Committee on Finance, James Faleke who chaired the session directed that, the bank should provide the details in two weeks.

Officials of United Bank for Africa (UBA) also appeared before the committee over alleged breaches running into over $2bn within the same period.

UBA Head of Trade, Chidi Okpara said some of the withholding taxes allegedly underpaid by the bank did not qualify as withholding tax as adduced by the committee.

Chairman, House Committee on Banking and Currency, Victor Nwokolo who presided over the second session said, the bank must produce hard copies of all the documents presented in soft copies to the committee.

Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English