Alleged N11.23billion fraud uncovered at NPA, three banks fingered

The fraud was uncovered by Hadiza Bala Usman, the new MD of the Nigerian Ports Authority, and her executive directors. Of the amount, N7.47billion was traced to Heritage Bank.
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The funds were collected by the bank as revenue for NPA, but that the bank, in collusion with some officials of the maritime agency, failed to move it into NPA’s Treasury Single Account with the CBN.
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“They were hiding the money there, and earning interests,” one official said. The former management of the agency also failed to disclose the funds in the handover note passed to the Ms. Bala Usman-led team.
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Another N2.09billion was found concealed in two banks – First Bank of Nigeria and First City Monument Bank. Yet another N1.67billion belonging to the NPA was moved to TSA accounts in the CBN different from those belonging to the maritime agency.
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Usman has already directed Heritage Bank, First Bank and FCMB to release the agency’s funds in their custody, but Heritage Bank’s officials were quoted to have claimed that releasing the funds might lead to the collapse of their bank….

 

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