File Photo

The Independent Corrupt Practices and other related Offences Commission has uncovered N9.8 billion belonging to the Federal Government in Aso Savings and Loans Plc.

The ICPC made this known in a statement by its spokesperson, Rasheedat Okoduwa, on Thursday.

The commission said the money, which was realised from the sale of government assets, was deposited in Aso Savings and Loans Plc instead of the federal treasury.

It said the Managing Director of the bank, Kunle Adedigba, had been invited and interrogated.

The anti-graft agency said the bank claimed it did not have enough funds and was willing to hand over some of its properties to the Federal Government.

The statement said: “In 2005, the Federal Government set up a committee, the Ad Hoc Committee on the Sale of Federal Government Houses, to sell some of its properties in the Federal Capital Territory.

“The ICPC received a petition on the work of the committee and commenced investigation, in the course of which it unearthed the fact that the sum of N9.8 billion realised by the committee between 2010 and 2014 from the sale of government properties which was deposited in Aso Savings and Loans Plc., was not remitted to the federal treasury by the financial institution rather, it was used.

“Amongst the several officials invited for investigation, the current Managing Director of Aso Savings and Loans, revealed that the bank is currently experiencing paucity of funds, therefore, it is willing to swap some of its properties located in Abuja and Lagos in exchange for the unremitted funds.”

ICPC said it will recover the full value of the unremitted N9.8 billion through acquiring of the properties offered in lieu for the government, subject to satisfactory valuation by the Ministry of Power, Works and Housing.

It said upon the conclusion of the investigation, anyone found in breach of the law would be brought to book accordingly.

Get more stories like this on Twitter & Facebook

AD: To get thousands of free final year project topics and other project materials sorted by subject to help with your research [click here]