Trapped Funds: Reps Direct CAC, JAMB, Banks To Remit N196bn To FG

The House of Representatives has directed the Corporate Affairs Commission (CAC), the Joint Admission Matriculation Board (JAMB), Stanbic IBTC and First Bank Plc, to remit a total of N195.9 billion trapped  funds to the government treasury.

The chairman, House Ad-hoc committee on the recovery of N1.2 trillion unclaimed funds of Ministries, Departments and Agencies ( MDAs) in commercial banks, and the Central Bank of Nigeria (CBN), Unyime Idem, gave the directive at an investigative hearing organized by the panel, yesterday, in Abuja.

He noted that after reconciling the documents presented to it by the affected organizations, it discovered that the cumulative sum to be paid into the government account by the four organizations stood at N195.9 billion.

He added:”We have taken five organizations, banks and Ministries, Departments and Agencies (MDAs) of government and we have directed them to ensure that some of those infractions, those amounts sitting in their coffers should be transferred  to government even though we still have some pending reconciliation between the secretariat and those organizations.

We have the balances that need to be transferred to the federal government, starting with Corporate Affairs Commission( CAC), they have N25 billion unremitted allowances.Then we have JAMB N64 billion unremitted allowance, then Stanbic IBTC bank, they have N3.2 billion, also intervention funds, about 84billion naira, though we are still going through reconciliation; but these amounts represent the outstanding that needs to be transferred to the federal government.

“Then lastly, First Bank of Nigeria, we have about N14.7billion that they need to remit to federal government,” Idem said.