Presidential panel threatens to charge Unity Bank with economic sabotage

The Special Presidential Investigation Panel for Recovery of
Public Property said on Monday that it might charge Unity Bank with
offences of economic sabotage if the bank refused to return the
about N7bn the bank was owing the Federal Government.

A statement by SPIPRPP’s Head, Media & Communication¸
Lucie-Ann Laha, said the N7bn “Represents the sum of $15,561,769.99
and N1,488,455,810.90), being excess and arbitrary charges on
accounts of some agencies of government by the bank before the
institution of Treasury Single Account”.

The statement said the agencies from whose account the “excess
and arbitrary charges” had been deducted by the bank were the
Nigerian Ports Authority, the Nigerian National Petroleum
Corporation, the Nigeria Customs Service, the Kaduna Refinery and
the Nigerian Maritime Administration and Safety Agency.

It stated that the bank had agreed on the amount earlier in
February, this year, but “has neither proffered a payment plan nor
demonstrated good faith by actually initiating payments”.

“Instead, the bank has severed all communications with the Panel
in this regard,” the panel said.

Threatening to institute charges against the bank, the panel
stated that it “may slam a charge of economic sabotage on Unity
Bank if the bank persists in refusing to return the over seven
billion Naira it owes Federal Government, to the Federation
Account”.

The panel led by Chief Okoi Obono-Obla said it had commissioned
a team of experts including forensic auditors to look into the
operations of accounts of Ministries Department and Agencies in
commercial banks within the country prior to the commencement of
TSA.

It said the effort had unearthed some sharp practices and
elicited indictments.

“Some of the indicted banks have since agreed to a refund plan
and in fact commenced payments. Unity Bank has however not made any
move in this regard,” it stated.

Subscribe ToNairalaw News!