NPA recovers $5.1m 'hidden' in Heritage Bank

The management of Nigerian Ports Authority (NPA) has reportedly recovered $5.1m out of the sum of $24.1m it said to have discovered 'hidden' in Heritage Bank after it resumed in July.

According to Shipsandports, the amount was not disclosed in the handover note the current leadership of the organization received from the past management.

While speaking with journalists in Lagos on Wednesday, NPA Managing Director, Hajia Hadiza Bala Usman confirmed the return of $5.1million by Heritage Bank into NPA's Treasury Single Account with the Central Bank of Nig to retrieve the balance from the bank.

Besides the recovered money, Usman also mentioned that the NPA was being owed about N10billion and $585million (N180billion) by some private firms and government agencies.

Nevertheless, she admitted that part of the amount could be classified as bad debt as it had been outstanding for more than 10 years. -Punch.