Reps Move To Recover Seized, Abandoned Funds In Financial Institutions

House of Representatives has resolved to constitute an ad-hoc committee to identify, recover public funds seized, forfeited and abandoned in financial institutions and government agencies.

The ad-hoc committee is to also appraise the federal government’s current policy framework, to ascertain who authorised the seizures, who keeps the seized funds and for what duration.

The House also demanded for the statement of account for a period covering 10 years, proffer measures to curb revenue losses and identify, analyse all funds trapped in other banks, funds recovered so far by the Central Bank of Nigeria (CBN), ERCC, NFIU and other agencies and report back within four weeks.

These resolutions followed the adoption of a motion moved by  Hon Dachung Bagos at plenary yesterday, who said the Proceeds of Crime Act was enacted to provide for an effective legal and institutional framework for the recovery and management of the proceeds of crime.

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He stated that under Section 69 of the aforesaid states that all recovered money, as well as proceeds from the sale of confiscated assets, shall be paid into the Central Bank of Nigeria as Confiscated and Forfeited Properties Account for the Federation.

“Aware that CBN grants permission to Money Transfer Service Operations (MTSO) for both inbound and outbound transfers and that sometimes monies are trapped in the coffers of the CBN and other financial institutions.

“Despite having at least 12 institutions and agencies responsible for tackling illicit financial flow (IF) and related crimes, Nigeria continues to be menaced by weak regulatory structures and complicity of other financial secrecy, among others,” he said.

Meanwhile, the House agreed to investigate the circumstances surrounding the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited (NNPC).

It urged the NNPCL to immediately suspend the acquisition of OVH Energy Marketing and proposed relocation of the NNPC Retail Head office from Abuja to Lagos pending the outcome of the investigation.

These followed the adoption of a motion moved by Hon Miriam Onuoha, Hon Dabo Ismal Haruna, Hon Mark Chidi Obeto, Hon Abdullahi Aliyu, Hon Sadiq Ango, Hon Aliyu Gara and Hon Clement Akan.

Hon Miriam Onuoha while presenting the motion noted that the NNPC Retail is a subsidiary of NNPC Limited saddled with the responsibility of retailing fuel and allied products to the Nigerian populace, with about 700 company owned stations and affiliates across all states.

She recalled that “The recent enactment of the Petroleum Industry Act, NNPC Limited was commercialized and expected to fund its operations. To achieve this feat, NNPC Limited deployed a plan to grow the assets of NNPC Retail Limited (NRL) which included the acquisition of other downstream companies.

“On October 1, 2022, NNPC Limited announced the outright acquisition of OVH Energy (OVH) and Apapa SPM Limited (an affiliate of OVH Energy) to strengthen its downstream business portfolio, enhance profitability and guarantee national energy security.

“Concerned that before the acquisition, OVH Energy claimed to have about 380 company-owned stations, a jetty (ASPM) WITH240,000 MT, eight LPG plants, three lubricants blending plants, three aviation and fuel depots and 12 warehouses whereas they had owned only 72 stations as others were leased or owned by third parties, all 8 LPG plants were leased, 12 lubricant warehouses listed were leased.”