Reps begin probe into ‘N1.2trn unremitted government funds’ in commercial banks

The house of representatives has commenced an investigation into “unclaimed and unremitted funds” said to be in various accounts in commercial banks in Nigeria.

The ad hoc committee on unclaimed funds in Nigerian commercial banks and infractions by the Central Bank of Nigeria (CBN), which was inaugurated on Monday, is specifically probing several accounts allegedly holding about N1.2 trillion.

The committee was set up in January 2022, following the adoption of a motion sponsored by Dachung Bagos, a Peoples Democratic Party (PDP) lawmaker from Plateau state.

Speaking during the inauguration of the committee, Femi Gbajabiamila, speaker of the house, said the legislators are empowered by the constitution to conduct investigations to expose corruption or waste.

Gbajabiamila who was represented by Idris Wase, deputy speaker, said the investigation will add value to the government’s revenue.

“From the body of the motion, about N1.2 trillion has not been paid into the consolidated revenue,” he said.

“It will be interesting to have these monies into the funds of the federation, so that we can improve the infrastructural deficit and other challenges in our nation. I believe it is important; if it is true, it means then we have a lot to do.

“Firstly, to expose the corruption aspect of it. Secondly, to come out with interventions that would improve and mitigate the situation.”

Unyime Idem, chairman of the committee, said the investigation will help to recover funds and boost revenue for the federal government.