JAMB, CAC, Commercial Banks Owe FG N190.7bn In Unclaimed Funds

The House of Representatives Ad-hoc Committee has disclosed that the Joint Admissions and Matriculation Board (JAMB) and the Corporate Affairs Commission (CAC), First Bank and Stanbic IBTC Bank are allegedly owing the federal government N190.7 billion out of the total N1.2 trillion.

The Ad-hoc committee is investigating N1.2 trillion unclaimed Funds in Nigerian commercial banks and MDAs belonging to the federal government as well as infractions of the Central Bank of Nigeria (CBN).

Chairman of the Committee, Unyime Idem said: “The following organisations have the following balances they need to transfer to the federal government starting with the Corporate Affairs Commission (CAC), they have N25 billion unremitted to the federal government.

“Then we have JAMB who have N64 billion unremitted amount. Also, we have Stanbic IBTC Bank which is to remit N3.2 billion and then intervention funds of about N84 billion though we are still going through reconciliation. Lastly, First Bank of Nigeria they have about 14.7 billion they need to remit to the federal government.”

Idem said about 120 agencies are yet to submit documents or appeared before the Committee despite being invited.

It could be recalled that the Committee had disclosed at its sitting on Wednesday, that it has discovered about N300bn of such funds and is poised to ensure their recovery and remittance to government coppers.

However, in a statement by Citibank Nigeria Limited (Citi) Country Head of Public Affairs, Lola Oyeka, noted that the bank has provided extensive evidence to the House of Representatives Ad-Hoc Committee on Unclaimed Funds in Nigeria Commercial Bank and the Infractions by the Central Bank of Nigeria.

“The Committee has since acknowledged that the claim that Citi is owing N99 billion to the Federal Government of Nigeria is completely incorrect. Furthermore, the forgery allegations against Citi and any of its employees are false. The Committee has directed Citi to provide additional documents which Citi will provide.”