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Unclaimed Funds: Reps give Union Bank MD ultimatum to appear or face...

Unclaimed Funds: Reps give Union Bank MD ultimatum to appear or face arrest


OrderPaperToday –
The House of Representatives has given an ultimatum to the Managing Director of Union Bank to appear unfailingly before parliament next week Wednesday or risk being arrested.

The lawmakers issued the threat when the Adhoc Committee investigating ‘Unclaimed Funds In Nigerian Commercial Banks And Infractıons By The Central Bank Of Nigeria  (CBN)’ met with some commercial banks.

In consistence with the practice of Parliament, members of the Committee had asked their guests to introduce themselves at the commencement of the hearing.

Following the roll call, the lawmakers received written communication from the Chief Executive Officer (CEO) of the bank about his absence via Anthony Iba, Abuja Business Executive, and other top management executives who he delegated to appear before the Committee.

An action that infuriated the Committee Members who felt undermined and belittled.

READ ALSO: TSA: Reps commence investigations to recover unclaimed funds in commercial banks

The lawmakers would eventually get angrier on realisation that the letter was signed by the Chief Finance Officer (CFO) instead of the Managing Director.

ln a unanimous resolution, the Committee chaired by Unyime Idem (PDP, Akwa lbom) insisted that they were not going to entertain any presentation or submission from the delegation besides the MD himself.

“Every institution or organisation has processes and procedures and the minimum we can except for any representation here should be an executive director but going by what has happened the Union Bank clearly undermined the Parliament by sending a business executive officer to represent them at this parliament. 

I don’t think my colleagues will accept this kind of representation,” he added.

READ ALSO: Senate moves for the utilisation of ‘idle’ billions

Speaking on the issue, another member of the committee who opposed the representative of the Union Bank queried, “Mr. Chairman, who even signed this letter? It is not even the managing director, it is another person. This shows total disregard and respect for the parliament.”

In his ruling, Chairman of the Committee, Idem said the MD’s failure to appear by next Wednesday, implies that they will invoke their powers.

“So your MD has till Wednesday (next week) to appear and if he does not, we will not hesitate to invoke the powers of the parliament. 

Meanwhile, by Monday next week make sure you make all your submissions unfailingly so that we can go through it,” he added.

Lizzy Chirkpi
Lizzy Chirkpi
Lizzy Chirkpi has a BA in French and is a senior reporter at OrderPaper. She has keen interest in photojournalism and video documentary. She's also a writer and author of a book, "Pourquoi Le Francais." She likes reading, traveling and watching movies.
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