We’ve Refunded $300m NNPC Deposit — Polaris Bank

The Managing Director of Polaris Bank, Mr Innocent Ike, has said
that the bank has refunded the $300 million lodged with the bank by
the Nigerian National Petroleum Corporation (NNPC) in 2012.

Ike said this while appearing before the House of
Representatives ad hoc committee on the assessment and status of
all recovered loots from 2002-2020.

He said that the money deposited with the bank by NNPC was at no
time hidden from any government agencies, adding that the money
should not be classified as a looted fund.

The managing director explained that part of the strategy
adopted in payment of the deposit was to remit it to the Central
Bank of Nigeria (CBN) and gave the apex bank instruction to credit
the NNPC.

He said that the NNPC was yet to confirm the receipt of the
money paid into the apex bank’s account, while urging the NNPC to
write and confirm payment, stressing that Polarise bank had written
to the CBN to that effect.

Ike stressed that there was never a time the money was not
disclosed in writing or was there any time it was hidden from the
public or government agencies.

The managing director also disclosed that the interest of the
sum kept with the bank since 2012 was dully paid.

The committee however queried the motive of NNPC keeping the sum
with the bank without having an initial account with the bank
before the $300 dollars was lodged with it.

Rep. Adejoro Adeogun, the Chairman of the committee, said that
such motive was suspicious, adding that money was also hurriedly
paid to NNPC when the bank received a letter from it to appear
before the committee for an explanation.

He stated that the money had spent seven years with the bank
without any action, adding that the bank must have thought the
money had been forgotten.

“You have about six years when this deposit was in your custody.
It is impossible to forget 300 million U.S dollars; were you
thinking it is has been forgotten?” he asked.

He accused the bank of exhibiting carelessness when it comes to
money deposited by the Federal Government.

However, one of the petitioners, Tosin Ojomo, a lawyer who
appeared before the committee, faulted the managing director’s
claim, stating that Polarise bank was arrested before it confessed
that the money was truly in its custody.

The committee then summoned the NNPC and CBN for further
clarifications on the status of the money but asked Polarise to
furnish it with documents relating to cash movements in the account
from 2012 to 2020. (NAN)

The Managing Director of Polaris Bank, Mr Innocent Ike, has said
that the bank has refunded the $300 million lodged with the bank by
the Nigerian National Petroleum Corporation (NNPC) in 2012.

Ike said this while appearing before the House of
Representatives ad hoc committee on the assessment and status of
all recovered loots from 2002-2020.

He said that the money deposited with the bank by NNPC was at no
time hidden from any government agencies, adding that the money
should not be classified as a looted fund.

The managing director explained that part of the strategy
adopted in payment of the deposit was to remit it to the Central
Bank of Nigeria (CBN) and gave the apex bank instruction to credit
the NNPC.

He said that the NNPC was yet to confirm the receipt of the
money paid into the apex bank’s account, while urging the NNPC to
write and confirm payment, stressing that Polarise bank had written
to the CBN to that effect.

Ike stressed that there was never a time the money was not
disclosed in writing or was there any time it was hidden from the
public or government agencies.

The managing director also disclosed that the interest of the
sum kept with the bank since 2012 was dully paid.

The committee however queried the motive of NNPC keeping the sum
with the bank without having an initial account with the bank
before the $300 dollars was lodged with it.

Rep. Adejoro Adeogun, the Chairman of the committee, said that
such motive was suspicious, adding that money was also hurriedly
paid to NNPC when the bank received a letter from it to appear
before the committee for an explanation.

He stated that the money had spent seven years with the bank
without any action, adding that the bank must have thought the
money had been forgotten.

“You have about six years when this deposit was in your custody.
It is impossible to forget 300 million U.S dollars; were you
thinking it is has been forgotten?” he asked.

He accused the bank of exhibiting carelessness when it comes to
money deposited by the Federal Government.

However, one of the petitioners, Tosin Ojomo, a lawyer who
appeared before the committee, faulted the managing director’s
claim, stating that Polarise bank was arrested before it confessed
that the money was truly in its custody.

The committee then summoned the NNPC and CBN for further
clarifications on the status of the money but asked Polarise to
furnish it with documents relating to cash movements in the account
from 2012 to 2020. (NAN)