FG moves against banks, vows to recover $7bn

The Special Presidential Panel for the Recovery of Public Property has vowed to recover the seven billion dollars bailout fund granted commercial banks between 2006 and 2008.

The panel Chairman, Mr Okoi Obono-Obla, said on Friday that the banks had yet to refund the money.

“We’re currently doing a lot of investigations to recover monies that have been taken away from the people of Nigeria”

“One of them is the almost seven billion dollars bailout fund that the Central Bank of Nigeria granted commercial banks in 2006, 2007 and 2008.

“After 13 years or so, these commercial banks haven’t returned that money to the coffers of Federal Government of Nigeria.

“When we inquired from the CBN, they told us that the money was ‘dashed’ (given free) to the commercial banks”.

Obono-Obla said the panel was also in the process of recovering a large piece of land belonging to a parastatal agency under the Federal Ministry of Agriculture and Rural Development

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“That land was encroached upon, parcelled out and sold by unpatriotic people.

“I can assure you that we are going to recover it and prosecute all those who are responsible.

“We are also investigating landed property belonging to the Nigerian Ports Authority (NPA) in Calabar, Warri, Sapele and Lagos ports.

“We’re equally doing recoveries for the Federal Mortgage Bank of Nigeria, and other FG agencies” the panel chairman said.

www.sojworld.com (c) September 7, 2018.