Recovered loot: Banks’ appearance before Reps postponed


The House of Representatives’ ad hoc committee on assessment and status of all recovered loots movable and immovable assets from 2002 to 2020 has postponed its investigative hearing till next week.

The committee had earlier scheduled hearing for Wednesday. Managing directors and chief executive officers of banks were also scheduled to appear before it.

A member of the committee, who spoke on the condition of anonymity, explained that the hearing had been postponed till next week as the MD/CEO of Heritage Bank was out of the country and would appear before the panel next week.

The source also disclosed that Polaris Bank wrote to the committee to seek more time to file its defence, making lawmakers grant an additional one week.

“Heritage Bank and Polaris Bank will appear next week. We are committed to carrying out the task. We have nothing to hide,” the lawmaker said.

The committee had threatened to issue a warrant of arrest on the managing director of Polaris Bank for failing to appear before it to explain why the bank had not remitted the debts it owes the Nigerian National Petroleum Corporation, amounting to over $32m.

Chairman of the committee, Adejoro Adeogun, also condemned the attitude of the management of Polaris Bank for not honouring an out-of-court settlement with the NNPC and paying up its debt to the government.