Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • UK to cut aid to Nigeria, other African countries by more than 50%

  • All you need to know about the side effects of COVID-19 vaccine

  • Ghanaian footballer faces life jail over death of policeman

  • Ghana receives additional 50k doses of covid-19 vaccines from India

  • Confidence in covid-19 vaccines grows as medical doctor gets first jab in Nigeria

AfricaBusinessNews Now
Home›Africa›Nigeria: Panel recovers another N118 million hidden in two Commercial Banks

Nigeria: Panel recovers another N118 million hidden in two Commercial Banks

By alternativeafrica
May 1, 2019
449
0
Share:

London, May 1, 2019 (AltAfrica)-The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) says it has recovered about N118 million from two commercial banks in the country.

The latest recoveries according to the panel’s Head, Media and Communication, Lucie-Ann Laha, were different from the $20 million earlier reported by the panel

According to her, the recoveries were made as a result of findings by the panel’s investigation into accounts of the federal government agencies operated by commercial banks from 2009 to 2015.

“The panel refrains from naming the banks in question, in order to prevent panic among their customers.”

Mr. Okoi Obono-Obla, Chairman, Special Presidential Investigation Panel on the Recovery of Public Property

She said the panel had earlier assigned a team of forensic auditors, the task of x-raying operations of federal government accounts domiciled in all commercial banks in the county within that period.

This, Ms Laha said, was with a view to establishing whether or not such accounts had been subjected to arbitrary or excessive charges, interest shortfalls, accrued interests or other illegal dealings.

“Arising from its findings, the panel, in a letter dated January 19, 2019, issued demand notices to the banks that were found wanting, for the amounts the audit team had arrived at.

“The banks however, disagreed with the figures quoted by the panel’s auditors, following which the panel and the banks held joint accounts reconciliation meetings.

“It was then ascertained and agreed that the first of the two banks would refund N40, 336,186.

“It was also agreed that the second bank will refund N77,048,825 in three instalments from May to July 2019.

“The first of the banks in question which has since paid its indebtedness being the sum of N40, 336,186 into the panel’s Recovery Account domiciled with the Central Bank of Nigeria (CBN), also agreed to refund the sum of $56,919.10, to the coffers of the Federal Government,” Ms Laha said.

She further said the panel remained resolute in its commitment to recover looted public property and bring to book all who contributed to the economic adversity of Nigeria in line with its mandate.

(NAN)

SHARE ON:
TagsNigeriaRecoveriesSPIP
Previous Article

Nigerian, UK firms sign £56m deal on ...

Next Article

South Africa rescues all 1,800 miners trapped ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • BusinessNews Now

    Nigeria: Osun Pays 4-month Workers’ Salary Arrears

    September 12, 2018
    By alternativeafrica
  • BusinessHealthNews Now

    Nigeria: Rotten tomatoes cause cancer-NAFDAC

    September 30, 2018
    By alternativeafrica
  • AfricaHealthNews Now

    Nigeria: Civil defence rescues teenager chained, locked by mother

    February 23, 2021
    By alternativeafrica
  • AfricaNews Now

    Nigeria, 12 other African countries face sanctions over visa overstay in U.S

    May 5, 2019
    By alternativeafrica
  • AfricaBusinessHealthNews Now

    Nigeria records success in pilot programme to reduce hazardous exposures in small scale mining

    January 14, 2019
    By alternativeafrica
  • News Now

    Group raises alarm over 350 million illegal fire arms in Nigeria

    October 26, 2018
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • News NowPolitics

    Nigeria: Fayemi’s Supreme Court Victory, Triumph of Law, Says S/West APC

  • News NowPolitics

    Congo: Voting machines raise worries ahead of elections

  • AfricaBusinessNews Now

    Nigerian government begins negotiations for Port Harcourt-Maiduguri rail project

Timeline

  • March 6, 2021

    UK to cut aid to Nigeria, other African countries by more than 50%

  • March 6, 2021

    All you need to know about the side effects of COVID-19 vaccine

  • March 6, 2021

    Ghanaian footballer faces life jail over death of policeman

  • March 5, 2021

    Ghana receives additional 50k doses of covid-19 vaccines from India

  • March 5, 2021

    Confidence in covid-19 vaccines grows as medical doctor gets first jab in Nigeria

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack followed a ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • UK to cut aid to Nigeria, other African countries by more than 50%

    By alternativeafrica
    March 6, 2021
  • All you need to know about the side effects of COVID-19 vaccine

    By alternativeafrica
    March 6, 2021
  • Ghanaian footballer faces life jail over death of policeman

    By alternativeafrica
    March 6, 2021
  • Ghana receives additional 50k doses of covid-19 vaccines from India

    By alternativeafrica
    March 5, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.