Panel recovers N188m from two banks

Head of Media and Communication, Special Presidential Investigation Panel for the Recovery of Public Property(SPIP), Mrs Lucie-Ann Member Laha, has said the panel recovered about N118 million for the Federal Government from two commercial banks.

Laha said the recoveries were made as a result of findings by the Panel’s investigation into accounts of Federal Government Agencies operated by commercial banks from 2009 – 2015.

“The investigation Panel had earlier assigned a team of forensic auditors the task of x-raying operations of Federal Government accounts domiciled in all commercial banks in the county 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,” she stated.

Arising from its findings, she said the Panel, in a letter dated January 19, issued demand notices to the banks that were found wanting, for the amounts the audit team had arrived at.

According to her, “the banks however disagreed with the figures quoted by the Panel’s auditors, following which the Panel and the banks held joint accounts reconciliation meetings. It was then ascertained and agreed that the first of the two banks would refund N40, 336,186.25 only.

“It was also agreed that the second bank will refund N77,048,825.32 in three installments, from May to July.

“The first of the banks in question which has since paid its indebtedness being the sum N40, 336,186.25 into the Panel’s Recovery Account domiciled with the Central Bank of Nigeria (CBN), also agreed to refund $56,919.10, to the coffers of the Federal Government.”

These recoveries are different from the $20 million earlier reported by the Panel.

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