The House of Rep committees on finance, banking and currency has stated on Monday to probe and investigate the activities of some banks and other blue chip oil companies over alleged forex deals, transactions and racketeering which is going through some banks for some time now.

The investigation which will be jointly chaired by James Faleke (Finance) and Victor Nwokolo (banking and currency) will commence next week Monday, will be an investigative hearing and so far, the panel have summoned about 24 banks and 14 oil companies according to notice and schedule obtained on Sunday.

According to the House committee, it is alleged that the racketeering is responsible for an annual loss of over $30 billion in revenue leakage from foreign currency dominated contracts in engineering, construction, procurement, installation and maritime transportation.

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