More than 300 billion naira in failed transactions suspended in commercial banks: Representatives

The House of Representatives Ad Hoc Committee on Unclaimed Funds in Commercial Banks in Nigeria has discovered over N300 billion trapped in banks.

The chairman of the committee, Uyme Idem, said in Abuja on Wednesday that the amount represented a fraction of unclaimed funds in commercial banks.

Mr Idem said the money could be described as suspended funds from failed transactions by government agencies and banks.

The president said the committee was tasked with recovering 1.2 trillion naira that was suspended in the banks, noting that around 300 billion naira had been discovered as of March 29.

He said the committee is still reviewing documents and reports sent to it by banks and government agencies, adding that this will help the committee recover more funds.

Commercial banks are regulated by the government and they cannot refuse us. This mission is crucial. We will not allow any government agency or commercial bank to undermine our power.

“If the commercial banks don’t show up, the next course of action will be to summon them,” he said.

He said a situation where the country borrows money to finance its budget when it has more than 1 trillion naira suspended in banks would not bode well for the economy.

Earlier, CitiBank appeared before the committee but was told to go and reconcile its documents and report.


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