The House of Representatives at the weekend threatened to invoke parliamentary action against Chief Executive Officers of Deposit Money Banks and Heads of Federal Government Agencies and Parastatals for failing to explain their roles in the non-remittance of public funds seized and forfeited to Government so far.
Chairman, Ad-hoc Committee mandated to identify and recover public funds seized, forfeited and abandoned in financial institutions and government agencies to improve the current economic challenges in Nigeria, Hon. Munachim Alozie issued the notice via a statement issued in Abuja.
The lawmaker who expressed displeasure over the failure of the Chief Executive Officers to appear before the Ad-hoc Committee declined to receive presentation from some of the middle-career officers sent to attend the investigative hearing.
Worried by the development, members of the Committees who spoke during the exercise, unanimously resolved that the Ad-hoc Committee should invoke the full power of the House on Agencies and institutions flouting the invitations extended to them.
The lawmakers who frowned at the inability of the CBN Governor’s Representatives to provide details on the Confiscated Property Account (COPA) which was passed and signed into law since 2022, alleged that such act amounts to “illegality”.
According to the lawmakers, the Act mandated all relevant government establishments to remit proceeds generated from forfeited, seized, or other assets sold in the cause of their routine duty into the centralised account, domiciled with CBN.
According to Hon. Alozie, “It is to be noted that the Committee was set up after a resolution of the House at its sitting on the 27th of July, 2023.
“The Committee was later inaugurated on 14th of August 2023, by the speaker of the House of Representatives Hon Dr Tajudeen Abbas who was ably represented by the Deputy speaker of the House of Representatives Rt Hon. Benjamin Kalu.
“The Committee which immediately swung into action has however extended invitations to banks and other agencies of government affected by its assignment.
“The Committee observed that while some commercial banks had responded and that the engagement with them had yielded lots of revelations, some others appear to be playing hide and seek games with the committee.
“While progress is being made particularly with the mind-boggling revelations from submissions made by the responded institutions, the Committee however noted with dismay, attempts by others to dodge completely and evade demands of the Committee aimed at getting to the root of the matter.
“For instance, when the Committee requested that these institutions and agencies should appear before it with either the Chief executive officers or managing directors, some of them still prefer to send subordinates who could barely respond appropriately to the request of the committee.
“For instance, at the committee sitting, September 7, 2023, the representatives of Zenith Bank and Central Bank of Nigeria, CBN respectively, both below the ranks of Chief Executives, narrowly escaped being arrested by the committee for coming to ridicule the work of the committee.
“The representative of CBN, for instance, could not even answer questions on Proceeds of Crime Account as provided by the Proceeds of Crimes Act, p2022 (POCA), according to her, she does not know whether such accounts exist or not.
“The conduct of these agencies raises suspicion among the committee that many of these commercial banks and government agencies have skeletons in their cupboards or are trying to cover up things, as they continue to show non-commitments in responding to the very pertinent demands made by the committee.
“The demands of the Committee are all in line with the committee’s mandate which is geared towards recovering public funds to improve on the current economic challenges in Nigeria,” he noted.
To this end, Hon. Munachim Alozie who presided over the session, therefore warned that the “Committee has almost exhausted its threshold of mercy and leniency and will not hesitate to weigh in the big stick on any recalcitrant agencies.”
While noting that Nigerians are at the receiving end of the very hard economic situation, he reiterated the Committee’s resolve to “unravel and recover any public fund hidden, abandoned and or forfeited, anywhere in the country and there will be no hiding place for any institution, agencies or banks indicted in the course of its assignment.”
The chairman further reiterated that Banks, Agencies and institutions invited by the Committee must henceforth appear fully equipped and prepared to submit all requested materials and useful information needed to make the work of the committee successful or face the consequences.
Hon. Alozie who urged all the invited organisations, institutions and agencies to be wary of their conduct, stressed the need for all the affected persons to be mindful of the fact that Nigerians are watching.
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