The House of Representatives ad hoc committee on unclaimed funds in commercial banks in Nigeria, has uncovered over N300 billion unclaimed funds in banks.
Mr Uyme Idem, the Chairman of the committee said this on Wednesday in Abuja, adding that the amount represented a fraction of unclaimed funds in Nigerian commercial banks.
Idem said that the money could be described as hanging funds emanating from failed transactions by government agencies and banks.
The chairman said the committee was saddled with the responsibility of recovering N1.2 trillion which had been hanging in several banks,
He said that about N300 billion was discovered on March 29, from banks and government agencies adding that the committee was still scrutinising documents and reports sent to it by banks and government agencies, to help it recover more funds.
“The commercial banks are regulated by government and they cannot deny us. This assignment is crucial. We will not allow any government agency or commercial bank to undermine our power.
“If the commercial banks fail to appear, the next line of action will be to summon them,” he said.
He said that a situation where the government would go out to borrow money to fund its budget when it has over N1 trillion hanging in banks does not augur well for the economy.
Idem also said that if the money in the banks was recovered, it would go a long way to help the country from borrowing.
Earlier, the management of Citi Bank had appeared before the committee but was told to go and reconcile its documents and report back.