The Central Bank of Nigeria (CBN) has been directed to provide details of the $40million recovered by the Economic and Financial Crimes Commission (EFCC) in its recovery account domiciled in the apex bank.
The House of Representatives’ Public Accounts Committee (PAC) on Tuesday launched an investigation into the allegedly missing funds based on an audit query from the office of the Auditor-General of the Federation (AuGF) to the CBN.
Governor of the Central Bank of Nigeria, Godwin Emefiele.
Chris J. Ratcliffe/Bloomberg
According to the query, for four years starting from 2016, the funds have not been remitted into the account from the EFCC recoveries.
The chairman of the committee, Oluwole Oke while speaking during the committee’s public hearing sitting said the CBN governor, Godwin Emeifiele, had failed to tender relevant documents before the committee that would help ascertain the status of funds in the recovery account.
Oke asserted that the CBN must bring all the relevant documents demanded by the committee to ease their investigation towards recovering the funds for the government.
The CBN governor was represented by the Deputy Director, Banking Supervision, Mrs Iguaduna Due, whom the committee said could not provide satisfactory explanation answers on the status of the funds being investigated by the committee.
The committee, therefore, ordered that the CBN should provide all the needed documents required by the committee on all recovered funds within seven days.