Home Business ICPC unearths unremitted N9.8 bn FG funds in Aso savings and loans

ICPC unearths unremitted N9.8 bn FG funds in Aso savings and loans

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Dr. Musa Usman Abubakar, Ag. Chairman of EFCC

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced the discovery of a N9.8 Billion hidden in Aso Savings and Loans Plc by an Ad-hoc Committee set up between 2010 and 2014 on the sale of government properties.

The ICPC, in a statement issued on Thursday by its spokesperson, Rasheedat Okoduwa, said the money was not remitted to the federal treasury by the financial institution.

In 2005, the Federal Government set up a committee, the Ad-hoc Committee on the Sale of Federal Government Houses, to sell some of its properties in the Federal Capital Territory.

The ICPC subsequently received a petition on the work of the committee and commenced investigation, in the course of which it unearthed the fact that the sum of N9.8 Billion realised by the Ad-hoc Committee between 2010 and 2014 from the sale of government properties which was deposited in Aso Savings and Loans Plc. was not remitted to the federal treasury by the financial institution rather, it was used.

Amongst the several officials invited for investigation, the current Managing Director of Aso Savings and Loans, revealed 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.

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.

In a related development, further investigation of the Ad-hoc committee’s work also uncovered that some persons who were allocated government properties made only part payments. This fact led ICPC to recover the sum of N20, 662,250m (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.