Panel recovers N120 million arbitrary bank charges from a commercial bank

The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) says it has recovered N120.60 million from a commercial bank.

The Panel’s Head, Media and Communication, Lucie-Ann Laha, indicated this in a declaration in Abuja on Thursday.

The retrieved cash is the refund of what the bank owes to the federal government, according to the declaration.

“This is as a result of excess and arbitrary charges imposed by the bank on accounts operated by some government agencies with the said bank before the introduction of Treasury Single Account (TSA).

“The affected agencies include NNPC, NPA and NIMASA.

“The money has since been paid into the Panel’s TSA Recovery Account domiciled with Central Bank of Nigeria (CBN),” it stated.

The panel added that $18, 910.79 had been reimbursed by the same bank.

“In line with the Panel’s resolve to ensure that these recoveries do not create panic among bank customers, we again refrain from naming the bank in question.”

The committee allocated a team of economic specialists to explore the activities of government-owned accounts with commercial banks between 2009 and 2015, including forensic auditors.

The inquiry disclosed some of the banks ‘ irregularities on these accounts, including surplus and arbitrary fees.

The committee ensured it stayed committed to ensuring the recovery and return to government of all stolen or misappropriated assets, including cash belonging to Nigerians.