Reps Uncover N300bn Unclaimed Funds in Nigerian Banks
The House of Representatives ad hoc committee on unclaimed funds in commercial banks in Nigeria has uncovered over N300 billion in unclaimed funds in the deposit money banks.
Rep. Uyme Idem, the Chairman of the committee said this on Wednesday in Abuja, adding that the amount represented a fraction of unclaimed funds in the commercial banks today.
Idem said that the money could be described as hanging funds emanating from failed transactions by government agencies and Nigerian deposit money banks.
The chairman said that the committee was saddled with the responsibility of recovering N1.2 trillion which had been hanging in the banks. He said that about N300 billion was discovered on March 29 from banks and government agencies.
He said that the committee was still scrutinizing documents and reports sent to it by banks and government agencies, adding that this would help the committee to recover more funds.
“The commercial banks are regulated by the government and they cannot refuse us. This assignment is crucial. We will not allow any government agency or commercial bank to undermine our power.
“If the commercial banks fail to appear the next line of action will be to summon them,” he said. He said that a situation where the country would go out to borrow money to fund its budget when it has over N1 trillion hanging in banks would not augur well for the economy”, he said.
He said that if the money in the banks was recovered, it would go a long way to help the country from borrowing. READ: Refineries: Reps Summon Finance, Petroleum Ministers, Others
Recall that Citi Bank Limited earlier appeared before the committee but was told to go and reconciled its documents and report back. # Reps Uncover N300bn Unclaimed Funds in Nigerian Banks.
