Looted Fund: Reps, Polaris Bank disagrees over $32m paid NNPC

Members of the House of Representatives Ad-hoc Committee on Recovery of Looted Funds and Assets and Managing Director, Polaris Bank Ltd; Innocent Ike on Thursday, disagreed over payment of $32 million said to have been paid by the bank into accounts of the Nigerian National Petroleum Corporation, (NNPC).

While the MD, Ike said the contentious amount of money had been paid into the coffers of the Central Bank of Nigeria, (CBN) owed by NNPC, Chairman of the Committee, Adejoro Adeogun in his remark said there is an outstanding payment of the said sum.

The House probe panel had invited the Polaris Bank MD and other banks chief executives officers, (CEOs) over their bank's custody of looted funds by the NNPC on the strength of a petition written to the lawmakers by a member of the Presidential Panel on the Recovery of Public Properties, Tosin Ojawu.

But the Polaris Bank CEO disappointed the committee when he said that the bank does not have any outstanding payment to the Central Bank of Nigeria account of the NNPC on looted funds having paid the money with interests.

He further said that the bank had made a total payment of N224 million to the agency through the repayment system adding that delays in the payment which occured on some occasions was due to liquidity challenges.

The MD told the Ad-hoc Committee that the Federal Government had instituted a law suit on the matter in December 2018 and in February 2019, the bank officials commenced a repayment of the said money in which it had paid $20 million to the NNPC through the CBN.

He added that the huge sum of money paid by the defunct Skye Bank and now Polaris Bank therefore in all standards cannot qualify as looted funds.

Chairman of the Ad-hoc Committee, Adejoro however, said there is an outstanding payment of $32 million due to the NNPC.

The lawmaker further stated that on June 10, 2021 the Polaris Bank MD has left over $300 million in the bank's account and the money had been there all these years.

Another member of the Committee Isiaka Ibrahim (Ogun, APC) had asked the bank chief executive if there was any account being operated by the NNPC before the deposits, but, submitted that in the absence of it such payments is assumed to be slush funds.

Adejoro also asked, if there was any agreement between the bank and the NNPC and in his ruling, demanded a proof of the payments and supporting documents from the bank MD within five working days, thereby, adjourn for the day.