Skip to main content

Heritage bank to remit NPA’s $21.3m with it, MD tells Reps

Heritage bank fears it will collapse if it remits NPA’s $21.3m with it, MD tells RepsOfficials of the Nigerian Ports Authority on Wednesday explained to the House of Reps ad hoc committee that Heritage Bank has refused to remit about $21.3 million belonging to the agency to the Treasury Single Account (TSA) on the excuse that withdrawal of such a huge amount of money will stress the bank.
NPA managing director, Hadiza Usman, who made this disclosure said that the money has been trapped in the bank’s vault since 2016 and that all efforts to get the bank to remit the money into the TSA had been unsuccessful.
She stated this when she appeared before the House of Reps ad hoc committee led by Mr. Danburam Abubakar-Nuhu. The committee is probing compliance with the TSA policy by government agencies.
According to Usman, series of interventions by the Central Bank of Nigeria (CBN) to retrieve the money had failed as Heritage Bank has continued to plead that “if such a huge withdrawal is allowed, it will have stress on the bank,” she said.
She added, “We wrote the CBN a number of letters and they promised to provide a guarantee. Up till date, they have not given us the guarantee.”
She also told the committee that there is another €6 million kept by First City Monument Bank for the NPA, which she said was suddenly seized by the Economic and Financial Crimes Commission (EFCC).
According to her, the bank was operating the account for the NPA on its cargo tracking services operations before EFCC seize the money.
She said, “The EFCC suddenly moved the €6m from FCMB to their own account; they just unilaterally swept the money.”
Asked why the anti-graft agency seized the money, Usman said that EFCC failed to give any clear reason for its action.
She meanwhile said that it might be connected to investigations being carried out by the EFCC, which the NPA did not have the details of.
Subsequently, the committee summoned the acting chairman of the EFCC, Mr. Ibrahim Magu, to appear before it to explain why the money was confiscated.
The NPA boss was also interrogated on the relationship between the NPA and Intels.
In her explanation she said that NPA and Intels have resolved their differences after the latter accepted to comply with the TSA policy.

Comments

Post a Comment

Popular post(s)

Obaze reverses self, hails Obiano as APC accepts result

The national leadership of the All Progressives Congress and the governorship candidate of the Peoples Democratic Party  in the November 18 poll in Anambra State, Mr. Oseloka Obaze, have accepted the outcome of the election. Consequently, they have congratulated Governor Willie Obiano, who has been declared the winner of the election. The APC in a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, also congratulated the party’s candidate, Dr. Tony Nwoye, for his impressive performance at the election and his graciousness in conceding defeat. The party said, “We commend the Independent National Electoral Commission for conducting what is regarded as a credible election, which passes the integrity test. “Similarly, we praise the high level of dedication and professionalism displayed by the security agencies and other ad-hoc members of staff mobilised for the election.” “As a party, we believe the smooth conduct of the election, irrespective o...
1 comment
Read more

Looking for Funding for your business?

For many entrepreneurs around the world, access to financing is a major concern. Amongst the top issues discussed, was finding methods to reduce the costs associated with doing business in Nigeria and the need for competitive interest rates on loan products. Many young entrepreneurs in Nigeria feel that they cannot start a business because they do not have access to the capital required, and those who have started a business feel that there is little to no access to capital to expand or move on to the next level. It is important to highlight the grants, competitions, and prizes available to entrepreneurs around the world. Some of these funding programs are annual, while others are a one-time event. This article aims to inform entrepreneurs living in Nigeria about funding programs to know. Some of these government programs and private organizations seek to increase accessibility, equality, and transparency by supporting the growth, development, and sustainability of businesses in ...
1 comment
Read more

The Price of Partnerships

“On the entry into force of this Agreement, all prohibitions or restrictions on imports or exports affecting trade between the two Parties shall be eliminated, with the exception of the customs duties and taxes and the fees and other charges…implemented through quotas, import or export licensing or other measures. No new measures shall be introduced.” ― Article 34, West Africa-EU EPA, December 3, 2014 With one million Africans estimated to be on their way to Europe via the Sahara-Mediterranean corridor, awareness is growing that curbing migration will only be possible if Africans can see a future for themselves where they were born. For too many, that is not the case. Both African and European leaders share the responsibility and might be on the brink of repeating the mistakes of the past, once more. Paul Immanuel, 24, shivers while staring into the meagre bonfire that is being fed stolen pallets. The West African is one of the remaining men in Ghetto Ghana, a hidden community ...
Post a Comment
Read more