The Nigerian House of Representatives’ Ad Hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and Infractions by the Central Bank of Nigeria has commenced a probe of funds stuck in commercial banks.
This followed the commercial banks’ failure to link the account holding the funds to a Bank Verification Number and the Treasury Single Account policy of the Federal Government.
On January 26, 2022, the House of Reps set up the committee in a bid to investigate “suspicious and unclaimed funds” sitting in various accounts.
The House also mandated the committee to investigate the unremitted funds collected on behalf of ministries, departments, and agencies of the Federal Government by the banks.
The House further mandated the committee to look into several alleged infractions by the Central Bank of Nigeria against the provisions of the enabling Act and Laws of the Federal Republic of Nigeria and the good people of Nigeria, especially in the area of intervention projects and programs.
The committee is to report back within eight weeks for further legislative action.
Currently, the Ad Hoc committee is particularly probing over 45 million accounts said to be holding funds amounting to over N1.2tn.
These resolutions were based on a motion moved by a member of the House, Dachung Bagos, titled ‘Need to Investigate Unclaimed Funds in Nigerian Commercial Banks and Infractions by the Central Bank of Nigeria,’ which the lawmakers unanimously adopted.
The committee was inaugurated on Monday, with several invited ministries, departments, and agencies of the Federal Government as well as banks in attendance.
While speaking at the inauguration, the Chairman of the committee, Unyime Idem, stated that for commercial banks, this resolution stipulates that they submit documents that would help the committee recover unclaimed funds in about 45 million accounts that are not linked to BVN.
According to Idem, the committee’s assignment is “enormous, crucial and sensitive, given what the country is facing economically.”
He further said he trusts that the outcome of this probe would help the country to recover a very substantial part of the unclaimed funds that have been hanging in some of the Nigerian commercial banks and other unauthorised hands.
