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ICPC probes bank that hid, spent FG’s N9.8bn made from sale of assets

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is currently probing Aso Savings and Loans Plc. after it was discovered to be hiding the sum of N9.8 billion belonging to the Federal Government.

In a statement issued by ICPC’s spokesperson, Rasheedat Okoduwa, she disclosed that the money was realised from the sale of government assets in the Federal Capital Territory between 2010 and 2014. The sum was deposited in the bank but was never remitted to the federal treasury.

The ICPC reports that the financial institution spent the money instead and will now be made to remit the sum in question.

The statement read, “In 2005, the Federal Government set up a committee, the Ad Hoc Committee on the Sale of Federal Government Houses, to sell some of its properties in the Federal Capital Territory.

“The ICPC received a petition on the work of the committee and commenced investigation, in the course of which it unearthed the fact that the sum of N9.8bn realised by the committee between 2010 and 2014 from the sale of government properties which was deposited in Aso Savings and Loans Plc., was not remitted to the federal treasury by the financial institution rather, it was used.”

Okoduwa also disclosed that the bank’s Managing Director, Kunle Adedigba, has been invited and interrogated by the anti-graft agency.

“Amongst the several officials invited for investigation, the current Managing Director of Aso Savings and Loans, revealed that the bank is currently experiencing paucity of funds, therefore, it is willing to swap some of its properties located in Abuja and Lagos in exchange for the unremitted funds,” she said.

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She noted that the commission will ensure the recovery of the unremitted N9.8 billion by acquiring the properties being offered by the bank after they’re valued by the Ministry of Power, Works and Housing.

She also said the ICPC will ensure that anyone found in breach of the law would be brought to book.


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