Over N300 billion from failed transactions hanging in commercial banks: Reps
The House of Representatives ad hoc committee on unclaimed funds in commercial banks in Nigeria has uncovered over N300 billion trapped in the banks.
Chairman of the committee, Uyme Idem, on Wednesday in Abuja, said that the amount represented a fraction of unclaimed funds in the commercial banks.
Mr Idem said that the money could be described as hanging funds emanating from failed transactions by government agencies and banks.
The chairman said that the committee was saddled with the responsibility of recovering N1.2 trillion which had been hanging in the banks, noting that about N300 billion was discovered on March 29.
He said that the committee was still scrutinising documents and reports sent to it by banks and government agencies, adding that this would help the committee to recover more funds.
“The commercial banks are regulated by the government and they cannot refuse us. This assignment is crucial. We will not allow any government agency or commercial bank to undermine our power.
“If the commercial banks fail to appear, the next line of action will be to summon them,” he said.
He said that a situation where the country would go out to borrow money to fund its budget when it has over N1 trillion hanging in banks would not augur well for the economy.
Earlier, CitiBank appeared before the committee but was told to go and reconcile its documents and report back.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
World
Vietnam now Southeast Asia’s largest electric-car market with 40% share
Vietnam became Southeast Asia’s largest electric-car market in 2025, with electric vehicles accounting for nearly 40 per cent of new-car sales, according to the IEA.
Anti-Corruption
Charlotte City councilwoman Tiawana Brown, two daughters sentenced for COVID-19 loan fraud
Ms Brown will spend 10 months in prison and two years of supervised release, while her daughters, Tijema Brown, 32, and Antionette Rouse, 34, were also sentenced.
Africa
Ghana: Mahama urges developing countries against dependency on foreign health aid
Mr Mahama stated this while launching the ‘Sovereign Future’ report, which aims to reshape global health governance and foster self-reliance across the Global South.
Politics
Deputy governors’ forum felicitates Akomas at 66
The Forum of Former Deputy Governors of Nigeria felicitated its national chairman, Chris Akomas, on his 66th birthday, citing his contributions to public service and governance.
World
India launches research centre for space observations
The foundation stone has been laid in Assam, a north-eastern state of India, for an advanced radar research complex for the Indian Space Research Organisation.
Politics
Oborevwori approves new salary structure for state-owned tertiary institutions
Governor Sheriff Oborevwori on Tuesday announced a new salary structure for academic and non-academic staff at the four state-owned universities and other tertiary institutions.
