THE HOUSE OF REPRESENTATIVES AD-HOC COMMITTEE ON THE RECOVERY OF N1.2 TRILLION

Written by on March 31, 2022

The House of Representatives Ad-Hoc Committee on the recovery of N1.2 trillion unclaimed funds in commercial banks, Ministries, Departments and Agencies (MDAs) as well as the Central Bank of Nigeria (CBN), has disclosed that it has so far discovered over N300 billion since the start of its investigation.

Chairman of the Committee, Unyime Idem (PDP, Akwa Ibom) disclosed this after a session with Citi Bank and officials of the Nigeria Investment Promotion Council (NIPC) on Wednesday.

He disclosed that the Committee was mandated after a resolution of the House on January 26th, 2022, to investigate and recover the N1.2 trillion due to the federal government, hanging in Commercial Banks, MDAs and other places.

According to him, the funds trapped were in dormant bank accounts in domestic and foreign currencies, accounts without BVN meant for failed contracts , excess unremitted funds and others.


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