The Senate Committee on Public Accounts says it has uncovered  N14.7 billion proceed of defunct Power Holding Company of Nigeria (PHCN) stashed  in some commercial banks in Nigeria

The lawmakers alleged that the Bureau of Public Enterprise (BPE), was responsible for the hidden funds.

The Senate Committee on Public Accounts chaired by Senator Matthew Urhoghide, relied on the report of 2017 Auditor General’s report to unravel the hidden proceed in commerical banks as at December 31, 2016 whereas the Privatization on PHCN has been concluded since 2013.

In its written defence to the Senate Committee, the BPE said, “two seperate sums of N3.231,984.73 (allegedly held in Fidelity Bank PLC) and N18.199,520.87 (reported as held in Stanbic Bank PLC) are unaudited bank balances that were actually no longer in existence as at the date of the audited financial statements or asked questions, the matter would have been clarified.

“With respect to the two other bank balances N4.4bn (Access Bank PLC) and N10.2bn  in FCMB -: The correct balance in Access Bank as at 31/12/16 was NIL as the bank had transfered a swelled balance of $34.1 million to the CBN domiciliary Account.

“The bank had initially been unable to make the transfer as at September 2015 as required under TSA policy, owing to the inexistence of designated USD Treasury Single Account for dollar balances

“The Balance in the FCMB Bank as at 31/12/2016 was only $36,053.55 following a transfer of $65,088,198.53.

“The residual balance remained until 18/05/17 due to inability of the bank to remit as required under the TSA policy owing to initial unavailability of designated TSA for USD balances as required under the then newly introduced policy.”

The query reads: “Audit verification and reconciliation revealed that the sum of ₦14,720,396,432.43 (Fourteen billion, seven hundred and twenty million, three hundred and ninety-six thousand, four hundred and thirty-two naira, forty-three kobo), being proceeds from the privatization exercise of Power Holding Company of Nigeria (PHCN) was reported in the Bureau’s Trial Balance to be in Commercial Bank Accounts as at 31st December 2016.

“Whereas, the privatization of Power Holding Company of Nigeria (PHCN) was concluded in 2013, the proceeds are yet to be remitted to Central Bank of Nigeria (CBN) Privatization Proceeds Accounts.

 “The issue has been communicated to the Bureau via letter reference No. OAuGF/RESAD/05/2016/07 dated 19th April, 2018 and no response has been received.

“Unauthorised funds kept in Commercial Banks may be diverted for other purposes, thereby leading to loss of revenue available for government programmes.

“The Director–General is required to recover the sum of ₦14,720,396,432.43 being proceeds of PHCN and remit same to CRF and forward evidence of remittance to my office for audit confirmation.”

 A combined team of operatives of National Agency for the Prohibition of Trafficking in Persons (NAPTIP) and the Nigeria Police have arrested a s female trafficker in company of six ladies suspected to be victims of human trafficking in Makurdi, the Benue state capital.

Mrs Gloria Bai, Head, NAPTIP Makurdi Zonal command conveyed the arrest in a statement,adding  that the command recovered from the suspect N500,000 as well as an undisclosed amount in foreign currencies.

She said: “During the early hours of Friday, 7th January, 2022 the Makurdi zonal command received a call from a concerned citizen from Duku motor park at Wurukum, Makurdi, who alerted the command of a suspected case of human trafficking involving seven ladies of which one is the suspected trafficker.

“Officers of the command arrived Duku motor park some minutes after receiving the call and met the six ladies and the suspect who said they were traveling to Lagos. The suspects were between 16 and 24 years old by facial analysis.

“At the time of arrival, the Nigeria Police were also on ground because they were also called on the matter.

“About N500,000 was found on the suspect, alongside some foreign currencies, indicating that the victims were to be moved to a destination outside the country, yet to be determined.The ladies were all moved to the office of the Nigeria Police in company of the officers of NAPTIP for further investigation and possible prosecution.

 “We would like to thank the management of Duku motor park and the concerned citizens who alerted the authorities. I want to use this opportunity to also call on everyone to be on the lookout for such indicators, especially promises of lucrative jobs outside the state and abroad.We want to serve a warning to traffickers to desist from this evil act or be prepared to face the wrath of the law.”