N7bn Debt: FG Issues Strong Threat To Unity Bank

The Special Presidential Investigation Panel for the Recovery of Public Property says it will slam a charge of economic sabotage on Unity Bank if it refuses to return the over N7 billion it was owing the Federal Government.

The Head, Media and Communication of the Panel, Ms Lucie-Ann Laha, gave the warning in a statement in Abuja on Monday.

According to her, the sum represents 15,561,769.99 dollars and N1,488,455,810.90 being excess and arbitrary charges on accounts of some agencies of government by the bank before the implementation of Treasury Single Account (TSA) system.

She said that the agencies included Nigerian Ports Authority (NPA), Nigerian National Petroleum Corporation (NNPC), Nigeria Custom Service (NCS), the Kaduna Refinery and NIMASA, NAN reports.

“Unity Bank, which had agreed to this amount in February, has neither proffered a payment plan nor demonstrated good faith by actually initiating payments.

”Instead, the bank has severed all communications with the Panel in this regard.

“It may be recalled that the panel had commissioned a team of experts, including forensic auditors, to look into the operations of accounts of MDAs in commercial banks within the country prior to the commencement of TSA,” Laha said.

The spokesperson said that the exercise had unearthed some sharp practices and elicited indictments.

She added that some of the indicted banks had since agreed to a refund plan and in fact commenced payments.

“Unity Bank has, however, not made any move in this regard.

“The Panel is unrelenting in its resolve towards ensuring that economic saboteurs are brought to book and looted public property, including money, duly returned to government.”