Nigerian Senate has uncovered 14.7 billion naira proceeds of the defunct Power Holding Company of Nigeria, PHCN hidden in commercial banks by the Bureau of Public Enterprise, BPE.

Nigerian Senate has uncovered 14.7 billion naira proceeds of the defunct Power Holding Company of Nigeria, PHCN hidden in commercial banks by the Bureau of Public Enterprise, BPE.

Senate Public Accounts Committee, relied on the report of 2017 auditor general’s report to reveal the hidden proceed in commercial banks as at December 31, 2016, whereas, the privatisation on PHCN had been concluded since 2013.

The Bureau however in its written submission said two separate sums of over 3.2 million naira (allegedly held in Fidelity Bank) and 18.1 billion naira  (held in Stanbic Bank PLC) are unaudited bank balances that were actually no longer in existence as at the date of the audited financial statements or asked questions, the matter would have been clarified.

It added that the with regards to the two other bank balances 4.4 billion naira (Access Bank PLC) and 10.2 billion naira in First City Monument Bank, FCMB.

Meanwhile, the correct balance in Access Bank as at December 31, 2016 was zero as the bank had transferred a swelled balance of 34.1 million dollars to the Central Bank of Nigeria, CBN domiciliary account.