MD Invited by ICPC Over 9.8bn Federal Government Money Hidden in Bank

MD Invited by ICPC Over 9.8bn Federal Government Money Hidden in Bank


The Ad Hoc Committee on the Sale of Federal Government Houses set up to investigate the sale of government assets have found N9.8bn belonging to the Federal Government was hidden in Aso Savings and Loans Plc.

The sum was from the sales of government assets which was deposited in the bank instead of the federal treasury according to a statement by Mrs. Rasheedat Okoduwa, spokesperson for the Independent Corrupt Practices and Other Related Offences Commission.

The commission said the Managing Director of the bank, Mr. Kunle Adedigba, had been invited and interrogated.

The bank has claimed it is experiencing ‘paucity of funds’ and is willing to hand over its properties in lieu of the sum to the Federal Government.


The statement read in part, ‘In 2005, the Federal Government set up a committee, the Ad Hoc Committee on the Sale of Federal Government Houses, to sell some of its properties in the Federal Capital Territory.


‘The ICPC received a petition on the work of the committee and commenced investigation, in the course of which it unearthed the fact that the sum of N9.8bn realized by the committee between 2010 and 2014 from the sale of government properties which was deposited in Aso Savings and Loans Plc., was not remitted to the federal treasury by the financial institution rather, it was used.

ALSO READ: Microsoft’s Bing Search Results Spotlights ‘Content’ Management Discussion for Tech Companies

‘Amongst the several officials invited for investigation, the current Managing Director of Aso Savings and Loans, revealed that the bank is currently experiencing paucity of funds, therefore, it is willing to swap some of its properties located in Abuja and Lagos in exchange for the unremitted funds.’

The properties will be valued by the Ministry of Power, Works, and Housing so as to expedite the recovery of government funds to the tune of N9.8bn, the actual sum to be realized. The anti-graft agency has expressed its commitment to realizing the sum.

It said upon the conclusion of the investigation, anyone found in breach of the law would be brought to book accordingly.

The ICPC has also uncovered persons who were allocated government properties but made only partial payments.

‘This fact led the ICPC to recover the sum of N20, 662,250 from the affected persons in bank drafts which it handed over to the chairman of the ad hoc committee between December 2017 and May 2018,’ the statement added.

We think you'd love these too...

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *