The House of Representatives’ Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation has urged the Federal Government to return the $40.379m said to have been recovered by the disbanded Special Presidential Investigation Panel for the Recovery of Public Property to Nigerian National Petroleum Corporation.

The acting Chairman of the committee, Sada Soli, made the call at an investigative hearing in Abuja on Tuesday.

According the committee, the money was recovered from Keystone Bank and deposited into the Federal Government Recovery Account domiciled with Central Bank of Nigeria.

The Managing Director of Keystone Bank, Lawal Ahmed, said the new management of the bank had since taking charge “transferred part of the money in four tranches into the NNPC’s TAS account with the CBN.”

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The committee also resolved to place the sums of N356m and N1.1bn promissory notes transferred by the Economic and Financial Crimes Commission to the Assets Management Corporation of Nigeria on status inquiry.

In his presentation, AMCON’s Head of Enforcement, Mr. Usman Abubakar, noted that the two promissory notes were wrongfully issued in favour of EFCC and was rejected. He, however, noted that EFCC returned the promissory notes to DMO, which acceded to issue fresh promissory notes in favour of AMCON, in the sums of N328m and N866m.

The committee, therefore, directed AMCON’s representative to “forward copies of the promissory notes re-issued to it by DMO.” The committee also resolved to “investigate the actual amount recovered by the presidential panel based on the N35bn recovered on behalf of the Federal Mortgage Bank of Nigeria against the N43bn worth of post-dated cheques issues by some of the debtors.”

The FMBN, in the documents submitted to the committee, showed that the sum of N15.3bn was recovered by the SPIP.