Reps uncover N300m out of N1.2trn unclaimed funds hidden by commercial banks


THE House of Representatives on Wednesday said it had uncovered over N300 billion unclaimed funds trapped in some commercial banks. 

Chairman, ad-hoc committee mandated to investigate and recover unclaimed funds trapped in various commercial banks in the country, Honourable Uyime Idem, disclosed this during the investigative hearing in Abuja. 

He explained that the N300 billion was a fraction of the N1.2 trillion unclaimed funds yet to be discovered by the ad-hoc committee. 

According to him, the funds were hanging funds and failed transactions carried out by ministries, departments and agencies (MDAs). 

While reiterating the adhoc committee’s resolve towards recovering…

Source: Nigerian Tribune