Fidelity bank card banner Emerald Energy Institute Camano banner

Presidential panel recovers looted funds hidden in 2 commercial banks

By Naomi Sharang on 01/05/2019

Gmail icon

Views: 688

•SPIP Chairman Obno Obla
•SPIP Chairman Obno Obla

The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) says it has recovered about N118 million from two commercial banks in the country. 

The panel’s Head, Media and Communication, Ms Lucie-Ann Laha, made this known in a press statement in Abuja on Tuesday.

According to her, the recoveries were made as a result of findings by the panel’s investigation into accounts of the Federal Government Agencies operated by commercial banks from 2009 to 2015.

“The panel refrains from naming the banks in question, in order to prevent panic among their customers.”

She said that the 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.

This, Laha said, was 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 January 19, 2019, issued demand notices to the banks that were found wanting, for the amounts the audit team had arrived at.

“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.

“It was also agreed that the second bank will refund N77,048,825 in three installments from May to July 2019.

“The first of the banks in question which has since paid its indebtedness being the sum of N40, 336,186 into the panel’s Recovery Account domiciled with the Central Bank of Nigeria (CBN), also agreed to refund the sum of $56,919.10, to the coffers of the Federal Government,” Laha said.

The spokesperson however, said that these recoveries were different from the $20 million earlier reported by the panel.

She further said that the panel remained resolute in its commitment to recover looted public property and bring to book all who contributed to the economic adversity of Nigeria in line with its mandate. (NAN)

Source News Express

Posted 01/05/2019 05:21:14 AM





You may also like...
El-Rufai triumphs at Kaduna Governorship Election Petition Tribunal...

U-20 World Cup: Siasia carpets Flying Eagles over...

Tinubu tried to cause trouble when he was...

PHOTOS: At least 16 children rescued from rubble...

Enugu council polls: ENSIEC clears all candidates

Benue lawmakers probe N28.5 billion bailout fund

EFCC nabs Kwara Finance Commissioner, AG, other top...

Sunny and hazy conditions expected over Abuja, Minna,...

Regional Defence Chiefs vow to flush out Boko...

Teen rescued after 49 days adrift at sea...


Diaspora bond: FG moves to raise $300m from...


Latest News Khafi evicted from #BBNaija reality show Boko Haram now stronger, well armed - New York Times Notorious Lagos cultist, rapist arrested Visiting family friend ‘drugs, rapes’ teenager 43 arrested over illegal activities in Lagos Shipwreck: Police confirms 36 people missing Akwa Ibom first lady discloses plan to expose rapists Budget 2020: Hard times beckon as oil prices drop IPOB alleges genocide plot in Kanu’s home Wonder Bank defrauds Sapele residents over N20m 95 per cent of properties in Edo don’t have C of Os – Official Nigeria’s Muhammad-Bande set to resume as president of UN General Assembly


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (540,111 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (442,766 views) Shameless Genevieve Nnaji exposes breasts in public (389,034 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,496 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,456 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,535 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,576 views) 10 cars more expensive than Jets (238,186 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,338 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,322 views) Lagos plane crash: Journalist releases victims’ names (195,727 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,337 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,443) Business Verdict (80) Columnists (1,108) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (809) Global Business Monitor (441) ICT Monitor (63) International (3,948) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (410) News (51,318) Opinion (1,357) Pidgin (17) Politics (11,439) Religion (1,102) Sports (2,166) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera