From Ndubuisi Orji, Abuja

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House of Representatives, yesterday, resolved to investigate alleged under-remittance of over $5 billion by the Central Bank of Nigeria (CBN) to the Federation Account.
The House also resolved to setup an ad-hoc committee to undertake the assignment. The committee is expected to report back to the House for further legislative action in eight weeks.
This followed the adoption of a motion moved under matters of urgent public importance at yesterday’s plenary by Ayo Omidiran.
In her motion entitled: “Need to investigate the under-remittance of $5 billion to the federation account by the CBN”, Omidiran said the apex bank was taking advantage of being the banker of the government to manipulate the system. The lawmaker said the CBN has opened “various accounts not known to the three tiers of government, where funds are remitted, hidden, diverted and spent without authorisation.”
She added  that”…the CBN in 2006, opened various accounts with JP Morgan Chase Bank in New York, USA, in which International Oil Companies (IOCs) remitted all revenues for the federation.
Omidiran contended that the CBN still operates an account with Federal Reserve Bank of New York and JP Morgan Chase Bank from 2006 till date.
Besides, the lawmaker added that the apex bank’s responsibilities of receiving revenue in foreign currencies and converting to naira has led to substabtial loss in the amount remitted to the federation account.
According to her, “the CBN takes 0.25 per cent of all foreign-denominated revenue as ‘exchange commission’ (for converting dollars to naira), but even after deducting this commission, the balance credited to the Federation Account at various times have been in negative difference (against expectations), running into billions of naira per year”.
Reacting to the House of Representatives Position on the apex bank’s underremittance, its Acting Director of Corporate Communication, Mr. Isaac Okroafor said:
“It is not possible to divert any money into any account like that. Remember we keep accounts for government. When we convert forex into Nair a we have both selling rate and buying rate. And we make it known to everyone.
The CBN  has nothing to do with any secret account. I am sure if anyone requires clarification on any of our activities we will be happy to do so. Our operations are clear,  structured, professional and always in national interest.
Meanwhile the House yesterday directed security agencies to remove their multiple makeshift/security checkpoints on the roads to and from the South east, immediately to give relief to motorists and people of the zone during this festive period. The Green Chamber also urged the Federal Road Maintenance Agenct (FERMA) to remove all abandoned makeshift/security checkpoints and debris from the roads and highways leading to or from the South east to facilitate free flow of traffic on these roads.
This is sequel to a motion by Hon Obinna Chidoka on multiple roadblocks/ security check points in the South east at yesterday’s plenary.
Speaking on the motion, Chidoka said over the years, security agencies have maintained multiple check points in the South east, resulting in avoidable traffic congestion on the roads and untold hardship to motorists and other road users, especially during festivities. He urged the House to intervene in the matter, so as to save the people of the zone from untold hardship this yuletide.