THE House of Representatives Ad hoc Committee for Identification and Recovery of Public Funds, Seized Forfeited and Abandoned in Financial Institutions and Government Agencies is working in league with commercial banks and a few federal agencies in the county on the recovery of assets.
According to The Chairman of the Strategy Sub-committee, Mr Sunday Umeha, some funds belonging to the federal government are still lost in these commercial banks.
Umeha made this known at the resumed hearing of the committee in Abuja.
The Chairman expressed shock that a number of government agencies were still paying cash into commercial banks, contrary to the government’s order for all its revenues to be deposited only in the Central Bank of Nigeria (CBN).
The Committee is currently working with anti-graft agencies and stakeholders including the Independent Corrupt Practices and Other Related Cffences (ICPC) and the Nigerian Financial Intelligence Unit (NFIU), in a bid to recover and identify the funds.