TheCable

A house of representatives committee says it has uncovered N300 billion “unclaimed funds” in some banks in the country.

Unyime Idem, chairman of the ad hoc committee investigating ‘suspicious and unclaimed funds’ in various accounts in commercial banks, disclosed this on Wednesday.

The committee was inaugurated by the lower legislative chamber in February, following the adoption of a motion titled: ‘Need to Investigate Unclaimed Funds in Nigerian Commercial Banks and the Infractions by the Central Bank of Nigeria’.

Dachung Bagos, a lawmaker from Plateau who sponsored the motion, had said years after the introduction of the bank verification number (BVN), about 45 million bank accounts across the country were yet to be linked.

At its sitting on Wednesday, Idem said the committee is optimistic about reaching a target of uncovering about N1.2 trillion.

Idem said the money could be described as “hanging funds” proceeding from failed transactions by government agencies and banks.

“So far, we have discovered about N300 billion. I am sure that by the time we are done with this assignment, we might exceed the target given to us by the leadership of the house,” Idem said.

He said the committee was still inspecting documents and reports sent to it by banks and government agencies, adding that this would help in the recovery of 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,” he said.

“If the commercial banks fail to appear, the next line of action will be to summon them.”

CitiBank, which appeared before the committee on Wednesday, was told to reconcile its documents and report back to the panel.

The Nigerian Investment Promotion Commission (NIPC) also appeared before the committee, and Idem informed that the agency’s debt to the federal government was N5.2 billion.

James Akwada, the director of finance and accounts, NIPC, asked for some time to work with consultants to reconcile the accounts of the agency.