The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) said it has recovered over N40 million for the Federal Government from an unnamed commercial bank in the country.
SPIP said its decided to withhold the bank’s name to avoid causing panic among its customers.
The panel’s spokesperson, Lucie-Ann Member Laha said, in a statement, that the new recovery was different from the $20 million earlier recovered by the panel.
SPIP said it discovered the money while investigating accounts of Federal Government agencies operated by commercial banks from 2009 – 2015.
Part of the statement reads: “The recovery (the N40m) was made as a result of findings by a team of the panel’s investigation into accounts of Federal Government agencies operated by commercial banks from 2009 – 2015.
“The investigation panel has earlier assigned a team of forensic auditors with the task of x-raying the operations of Federal Government accounts domiciled in commercial banks within that period, with a view to establishing whether or not such accounts had been subjected to arbitrary or excessive charges, interest shortfalls, accrued interests or other illegal dealings.
“Arising from its findings, the panel, in a letter dated 19th January 2019, issued a demand notice to the bank for the sun of N230, 144,784.34k, comprising of N180, 932,793.39k and $161, 350, 79, to which the bank objected.
“Following the objection therefore, the Panel and the bank held a joint reconciliation meeting and agreed that the amount actually due for refund was N40, 336.186.25k.
“The money has since been paid into the Panel’s TSA Recovery Account domiciled with the Central Bank of Nigeria (CBN).
“The reconciliation team also agreed that the sum of $56,919.10 should equally return to the coffers of the Federal Government.
“This recovery is different from the $20 million earlier reported by the panel. It may be recalled that the panel recently informed Nigerians that it had recovered $20 million from a commercial bank, being part of money deposited into the bank by a government agency which failed to transfer same to the government’s TSA account.
“That report had said the $20 million was initial part refund of the sum of $232 million, and added that the bank had committed to refunding $10 million monthly until the refund was completed.
“As in the earlier case, the panel refrains from naming the bank in question, in order to prevent panic by its customers.
“SPIP however remains resolute in its commitment to recover looted public property and bringing to book all who contribute to the economic adversity of Nigeria.”