The Delta State Government Tuesday said it had blacklisted two banks for failure to remit N1.1billion tax revenue paid into its accounts several days after a multinational oil giant, Chevron Nigeria Limited, allegedly paid the money through the banks.

It was gathered that the multinational oil company mandated its bank, Union Bank of Nigeria Plc (UBN) and Diamond Bank Plc to credit N1.1 billion into the Delta State Government account through its collecting bank but was shocked that the amount said to have been paid since December 27, 2012 , has not been credited.

The Executive Chairman, Delta State Board of Internal Revenue, Hon. Joel-Onowakpo Thomoas, while briefing the journalists on the development yesterday said the banks were to pay the said amount into Delta State Government account managed by the Union Bank and Diamond Bank respectively, but as at last Friday, the Board was yet to receive confirmation from the banks.

He said while Chevron strongly held to her claims that the money had been successfully transferred into DBIR account, the two banks had insisted that the fund has not been received, which prompted the two banks to trade blame.

He said this warranted the board to hold series of meetings and exchanged correspondence with the banks to locate the fund.

He said at a point, Union Bank acknowledged receiving the money from Chevron and that the said money had been remitted to the state's Diamond Bank account while Diamond Bank denied receipt of such fund.

He said both banks "played smart" by holding on to the money since December 27, 2012, more than the Central Bank of Nigeria (CBN) stipulated period of time before remitting the fund into Delta State Government's coffers on January 7, 2013.

Thomas further stated that the actions of both banks constitute lack of transparency in revenue collection, as a lot of funds were being lost with the sharp practices, saying he was convinced beyond doubt that the action of the banks was deliberately to improve their cash position for their year end.