FAAC Vows To Recover N101billion From Customs After Audit Report

The Federation Account and Allocation Committee, FAAC, has vowed to recover by N101 billion missing from the Nigeria Customs Service, NCS, remittances to the Federation Account.

Aug 5, 2025 - 13:40

FAAC Vows To Recover N101billion From Customs After Audit Report

The Federation Account and Allocation Committee, FAAC, has vowed to recover by N101 billion missing from the Nigeria Customs Service, NCS, remittances to the Federation Account.
A financial audit firm, OOM Professional Services, had flagged the discrepancies totalling about N101.17bn in revenue remittances prompting the FAAC to demand the full recovery and redistribution of the funds to the appropriate beneficiaries.
A document obtained from the FAAC Post Mortem Sub-Committee on Monday, showed the misclassification of funds and delayed remittances by commercial banks significantly distorting the statutory revenue sharing formula as well as the short-changing of sub-national governments.
The audit firm commenced operations in 2008 as Lanre Ogunwale & Co before rebranding as OOM Professional Services.

The firm was engaged by the Forum of Commissioners of Finance to conduct a detailed review of Customs remittances into the Federation Account in the 2022–2023 fiscal year, hence the presentation of the report at the FAAC plenary session of 16th May, 2025,.

At the FAAC meeting, the Chairman of the Forum briefed members of the anomalies uncovered by the consultant, following which the Federal Ministry of Finance directed the FAAC Post Mortem Sub-Committee to verify and report with recommendations.
A follow-up stakeholders’ meeting was held on July 10, 2025, at Brick Wall Hotel, Asokoro, Abuja, attended by representatives of the Nigeria Customs Service, the Federal Inland Revenue Service, the Office of the Accountant-General of the Federation, the Central Bank of Nigeria, and the FAAC Secretariat.
The consultant re-presented its findings, which were unanimously agreed upon by the relevant agencies.

According to the document, "The FIRS and NCS representatives were in agreement with the position of the consultant. It was established that the findings of the consultant contained in the report were accurate."