OrderPaperToday– Nigeria’s House of Representatives’ Public Accounts Committee (PAC) on Tuesday, summoned the Central Bank of Nigeria (CBN) Governor, Godwin Emiefele over non-remittance of recovered funds.

This was sequel to queries raised by the Office of the Auditor General of the Federation (OAuGF) questioning non-remittance of funds recovered by the Economic and Financial Crimes Commission (EFCC) between 2016 and 2019. 

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The Auditor General’s Office also raised eyebrows over the whereabouts of $40.52 million which was supposed to be part of the monies recovered and domiciled in a Looted Funds Recovery Account at the CBN.

In her defence, the Deputy Director, Banking Supervision, C.I. Iguadunasue said no such money was lodged with the CBN.

“Within the year under review, we have not received any complaints from EFCC. The lodgement that they did, was not recorded in their books because when you have these complaints these are the things you begin to look at. There is a process failure internally.

Within that period there is no lodgement and that is why you do not see it in our books. In terms of looking at the book and keeping records, it is the responsibility of the agency, not the bank to do reconciliation,” she stated.

“We can not give you what was not brought, if something is brought and it can not be found it becomes our issue. Based on this report there is no lodgement from EFCC.

We have to go back and check if there was a $40.52m that was logged into our account,” she requested.

Her explanation was however, not satisfactory to the PAC Committee led by Oluwole Oke (PDP, Osun). Members of the Committee thus took turns to tackle the CBN Director for saying no recovered money by the EFCC was in their custody.

In his ruling, the Committee Chairman issued a directive requesting Emiefele to appear next week Tuesday to respond to queries of 2016, 2017, 2018 and 2019 reports of the Auditor-General of the Federation.

The Committee also directed the apex bank to furnish it with documents containing the inflow of foreign reserve accounts in the country.

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