Reps Urge Efcc To Probe ‘movement’ Of N4bn From Keystone Bank


BEVERLY HILLS, January 30, (THEWILL) – The House of Representatives on Monday urged the Economic and Financial Crimes Commission (EFCC) to commence investigation into an alleged illegal movement of N4 billion from Industrial Trust Fund's (ITF) account domiciled in Keystone Bank.

The Vice Chairman, Public Accounts Committee, House of Representatives, Ibrahim Baba, made the call following a query issued by the Office of the Auditor-General of the Federation, the News Agency of Nigeria (NAN) reports.

According to the query dated December 2010, a total sum of N4.2 billion was illegally moved three times in November from ITF account to other accounts, all belonging to same agency.

The OAGF questioned the propriety of moving the money without remitting N23.5 million interest accruing from the transactions to the agency's account.

It also sought to ascertain who authorised the transactions and for what purpose.

Responding to the query, the Director-General and Executive Chai ITF, Mr. Joseph Ari, said the transactions were made without the authorisation of the agency.

Ari said the bank in its response to the query in May 2012 said the withdrawal from ITF's remital control account was done in error.

According to Ari, Keystone's position was that it was a wrong posting but was later corrected.

“However within the days the money was moved, ITF wrote Keystone Bank to remit the interest to the account accordingly but the bank didn't reply.

“We reported the matter to the Central Bank of Nigeria (CBN) and the CBN advised that parties should sit down and discuss the matter.

“However, we sat down with keystone officials without finding solution,'' Ari said.