TSA: Reps uncover N21bn, $104.46m undeclared funds in 2 banks

The House of Representatives yesterday, said it has discovered N21 billion and $104.46 million undeclared revenue in two separate accounts outside the Treasury Single Account (TSA).

The chairman, Ad-hoc Committee investigating the management, implementation and level of compliance with the Treasury Single Account (TSA) , Abubakar Danburam, stated this while briefing journalists in Abuja.
Consequently, Danburam said the Managing Director of Heritage Bank, Ifie Sekibo, and his counterpart in Aso Savings, Hassan Usman, have been summoned to appear before the committee over the discovery.

He said the secretariat of the ad-hoc committee has been directed to write the affected bank chiefs to appear on a date to be announced later, failure of which arrest warrant will be issued against them.

“Today, we are supposed to meet with Heritage Bank and Aso Savings with regard to the Treasury Single Account (TSA).

As you can see, none of their management or staff is here. Our independent investigations have revealed that contrary to what Heritage Bank submitted to us, they also have two undisclosed accounts in the TSA.

“The one with Nigerian Export and Import (NEXIM) Bank has $104 million, while a second one with Nigerian Maritime Administration Safety Agency (NIMASA) has $46,000. Yet, there is another N21 billion, which also forms part of our enquiry. We want to know why they did not reveal those accounts to this Committee.

“We hereby give the Managing Directors of Heritage Bank and Aso Savings the opportunity to appear before this committee at a date to be announced later. If they fail, we will then issue a warrant of arrest against them.”

Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has discovered the sum of N9.8 billion secretly kept in Aso Savings.

Investigations by the commission revealed that the amount was the proceeds from the sale of Federal Government properties in the Federal Capital Territory between 2010 and 2014.

Spokesperson of the Commission, Mrs Rasheedat Okoduwa, disclosed that the discovery was made while investigating allegations contained in a petition against the activities of the Ad-hoc Committee set up in 2005 on the sales.

Investigators, according to her unearthed that the money which was deposited in Aso Savings and Loans Plc was not remitted to the federal treasury by the financial institution rather, it was used it.

The management of the bank she explained confirmed received the money, but 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 unremitted funds.

“But the Commission is committed to the recovery of the full value of the unremitted N9.8 Billion by taking the properties offered in lieu for government, subject to satisfactory valuation by the Ministry of Power, Works and Housing.
“Upon conclusion of investigation, anyone found in breach of the law will be brought to book accordingly,” she added.

Apart from the discovery of the unremitting fund, investigation of the Ad-hoc committee’s work also uncovered that some persons who were allocated government properties made only part payments.

On this, ICPC stated that it had recovered N20, 662,250 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.