Nigeria: How N9.8 billion unremitted govt fund disappeared from Aso Savings and Loans Plc
By Adetokunbo Fakeye
London, October 12, 2018 (AltAfrica)-A Nigerian anti-graft agency, Independent Corrupt Practices and Other Related Offences Commission, ICPC has uncovered the sum of N9.8 Billion realised by the Ad-hoc Committee on the sale of Federal Government Houses between 2010 and 2014 deposited in Aso Savings and Loans Plc.
Alternativeafrica.com can authoritatively reveal that the money has disappeared with ICPC taking over some property of the bank to recover the money
Alternativeafrica.com learnt that In 2005, the Federal Government set up an Ad-hoc Committee to sell some of its properties in the Federal Capital Territory.
The sale yielded N9.8 Billion between 2010 and 2014 and the money was deposited with Aso Savings and Loans Plc. But rather than remit the fund to the treasury, the bank took advantage of a change in government and converted the money to personal use
However, the lead was blown open after an anonymous petition was received by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which promptly instituted investigation into the crime
In the course of the investigation it was discovered that the sum of N9.8 Billion realised by the Ad-hoc Committee between 2010 and 2014 from the sale of government properties was deposited in Aso Savings and Loans Plc. but was not remitted to the federal treasury by the financial institution
AltAfrica.com learnt that amongst the several officials invited for investigation, is the current Managing Director of Aso Savings and Loans, who after confirming the deposit of the money into the bank, 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 funds.
Confirming the report, ICPC spokesperson, Mrs Rasheedat Okoduwa said that the Commission was committed to the recovery of the full value of the money by taking the properties offered in lieu , subject to satisfactory valuation by the Ministry of Power, Works and Housing.
Okoduwa siad “upon conclusion of investigation, anyone found in breach of the law will be brought to book accordingly”,
She added that further investigation revealed that some persons who were allocated government properties only made part payments but refused to balance up as a result of change of government
This fact, Okoduwa said led ICPC to recover the sum of N20, 662, 250 (Twenty million, six hundred and sixty-two thousand, two hundred and fifty Naira only) 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.