ICPC uncovers Nigerian govt’s N9.8billion hidden in bank

ICPC Head Office
ICPC Head Office

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has discovered N9.8 billion belonging to the Federal Government.

The ICPC said the money discovered was hidden in Aso Savings and Loans Plc.

According to a statement by its spokesperson, Rasheedat Okoduwa, ICPC 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.

ICPC in the statement said the Managing Director of the bank, Kunle Adedigba, had been invited and interrogated.

According to ICPC in the statement, Aso Savings and Loans Plc claimed it did not have enough funds to make refunds and was willing to hand over some of its properties to the Federal Government.

“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 N9.8bn 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.”

Meanwhile ICPC also in the statement said it was committed to the recovery of the full value of the unremitted N9.8 billion by taking the properties offered in lieu for the government, subject to satisfactory valuation by the Ministry of Power, Works and Housing.

ICPC then added that upon the conclusion of the investigation, anyone found in breach of the law would be brought to book accordingly.

Similarly, in a related development, further investigation of the ad hoc committee’s work also uncovered that some persons who were allocated government properties made only part payments.

“This fact led the ICPC to recover the sum of N20, 662,250 from the affected persons in bank drafts which it handed over to the chairman of the ad hoc committee between December 2017 and May 2018,” the statement added.

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.