Presidential Panel Recovers Over N10 Billion Dollars From Heritage Bank

The Special Presidential Investigation Panel For The Recovery Of Public Property (SPIP) has netted in the sums of one billion, three hundred and sixty million, seven hundred and thirty six thousand, eight hundred and sixty five Naira, (N1,360,736,865.00) and ten million, two hundred and eighty six thousand, three hundred and sixty eight dollars, ten cents ($10,286,368.10), from Heritage Bank Plc, for NEXIM Bank.

The over ten million dollars is part refund of funds illegally placed in fixed deposit by the previous management of NEXIM Bank with Heritage Bank.

Upon maturity of the fixed deposit term however, Heritage Bank failed to return both the capital and accrued interest which cumulatively stands at over twenty two million dollars to NEXIM Bank.

The over one billion, three hundred million Naira on the other hand, is a refund Heritage Bank is making on behalf of Paytech Technology Limited, for which the bank had provided crystallized bank guarantee, on a loan Paytech had taken from NEXIM Bank and failed to pay back.

These figures are cumulative refunds Heritage Bank has been making to NEXIM Bank since 2017 following the intervention and investigation by the Presidential Panel. The Panel found the bank culpable and caused it to refund its indebtedness to NEXIM Bank.

All recoveries so far made by the SPIP have been remitted to NEXIM Bank. More insight soon