Just-in: Polaris Bank returns NNPC’s $300 million deposit

Just-in: Polaris Bank returns NNPC’s $300 million deposit

The Nigerian National Petroleum Corporation’s $300 million deposit with Polaris Bank in 2012 has been repaid, according to the bank.

Mr Innocent Ike, the bank’s Managing Director, made the revelation while testifying before a House of Representatives ad hoc committee on the assessment and status of all recovered loots from 2002 to 2020.

What the Managing Director of Polaris Bank had to say regarding NNPC funds

Ike stated that the money deposited by the NNPC with the bank was never hidden from the public or government agencies, and that it should not be classed as plundered funds.

What the Managing Director of Polaris Bank had to say about the NNPC’s cash

Ike stated that the NNPC’s money was never hidden from the public or government entities, and that it should not be regarded as looted funds.

Trustfund Pensions Limited

Although the NNPC was yet to confirm the receipt of the money paid into the CBN’s account, Ike urged the NNPC to write and confirm payment, stressing that Polaris Bank had written to the apex bank to that effect.

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

The Lower House queries the motive of keeping the NNPC money

The House of Representative committee in its reaction queried the motive of NNPC keeping the sum with the bank without having an initial account with the bank before the $300 million was lodged with it.

The Chairman of the Committee, Adejoro Adeogun, 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 7 years with the bank without any action, adding that the bank must have thought the money had been forgotten.

He asked, “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 has been forgotten?”

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 arrests were made before the bank 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 Polaris Bank to furnish it with documents relating to cash movements in the account from 2012 to 2020.

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