Reps Committee Engages With Banks, Agencies For Assets Recovery

The House of Representatives ad hoc Committee for Identification and Recovery of Public Funds, Seized Forfeited and Abandoned in Financial Institutions and Government Agencies is engaging with commercial banks and some federal agencies.

At the resumed hearing of the committee in Abuja, the Chairman of the Strategy Sub-committee, Mr Sunday Umeha, explained that the panel discovered that some federal government funds were still trapped in commercial banks.

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Umeha was also shocked that some government agencies were still paying money into commercial banks, despite the order for all government revenues to be deposited in the Central Bank of Nigeria.

The committee has been engaging with various anti-graft agencies and stakeholders including the Independent Corrupt Practices and Other Related Cffences (ICPC) and the Nigerian Financial Intelligence Unit (NFIU) to recover the identify the funds.