The Federation Account Allocation Committee (FAAC) has initiated steps to recover about N101.17 billion from the Nigeria Customs Service (NCS) after an audit by OOM Professional Services uncovered discrepancies in revenue remittances.
According to a FAAC Post Mortem Sub-Committee report obtained by our correspondent, the audit revealed misclassified funds and delayed remittances by commercial banks, which disrupted the statutory revenue distribution formula and short-changed state and local governments.
OOM Professional Services, formerly known as Lanre Ogunwale & Co., was commissioned by the Forum of Commissioners of Finance to audit NCS remittances into the Federation Account for the 2022–2023 fiscal years.
The firm’s report was presented at the FAAC plenary on May 16, 2025, where the anomalies were brought to the attention of members by the Forum’s Chairman.
Following the revelation, the Federal Ministry of Finance instructed the FAAC Post Mortem Sub-Committee to verify the report and submit recommendations.
A follow-up meeting was held on July 10, 2025, in Abuja, with representatives from the Nigeria Customs Service, Federal Inland Revenue Service, Office of the Accountant-General of the Federation, Central Bank of Nigeria, and the FAAC Secretariat in attendance.
The consultant’s findings were represented and unanimously validated by all the agencies involved. “The FIRS and NCS representatives concurred with the consultant’s position, confirming the accuracy of the report,” the document stated.
