The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) has, again, recovered about N118 million for the Federal Government, from two commercial banks in the country.
Recall that The panel had earlier recovered $20 million from a commercial bank which short-changed government to the tune of $232 million.
It was part of money deposited into the bank by a Government agency which failed to transfer same to the Government TSA account.
The $20 million was initial part refund of the sum of $232 million, and added the bank had committed to refunding $10 million monthly until the refund was completed.
The fresh N118 million 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, a statement by its spokesperson, Ms. Lucie-ann Member Laha said.
According to the statement, 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 the seven-year 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.
The statement adds: “Arising from its findings, the Panel, in a letter dated 19th January 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 forty million, three hundred and thirty six thousand, one hundred and eighty six Naira twenty five kobo (N40, 336,186.25) only.
“It was also agreed that the second bank will refund seventy seven million and forty eight thousand, eight hundred and twenty five Naira, thirty two kobo (77,048,825.32) in three installments, from May – July 2019.
“The first of the banks in question which has since paid its indebtedness being the sum of forty million, thirty three thousand, one hundred and eighty six Naira, twenty five kobo (40, 336,186.25) into the Panel’s Recovery Account domiciled with the Central Bank of Nigeria (CBN), also agreed to refund the sum of fifty six thousand, nine hundred and nineteen Dollars, ten cents ($56,919.10), to the coffers of the Federal Government….
“As in the earlier case (of $22 million), the Panel refrains from naming the banks in question, in order to prevent panic among their customers.
“SPIP however remains resolute in its commitment to recover looted public property and bring to book all who contribute to the economic adversity of Nigeria in line with its mandate”.