Alleged N7.5 billion ‘secret withdrawal’: We don’t have any document— Finance Ministry

By Matthew Denis, Abuja

Upon the resumption of the probe of an alleged secret withdrawal of a sum of N7.5 billion from the account of the National Automotive Council Design and Development Council (NADDC) Levy Account domiciled with Central Bank of Nigeria (CBN), a senior official of the Federal Ministry of Finance has said it was not in possession of documents related to the withdrawal.

Aliyu Ahmed disclosed this before members of Senate Committee on Public Accounts.

Nigerian NewsDirect recalls that the Senate Committee had last week ordered the Ministry of Finance, Office of Accountant General of the Federation and Office of National Security Adviser to appear before it yesterday to give explanation on alleged “secret withdrawal of N7.5 billion from the two percent National Automotive Council Design and Development Council (NADDC) Levy Account domiciled with Central Bank of Nigeria (CBN).”

A Director from the Ministry, Mr Teslim Akintoye who represented the Permanent Secretary said that the Ministry of Finance is not in possession of documents related to that transaction.

He categorically said, “We don’t have any document to show for that transaction.”

But the Chairman of te Committee, Senator Mathew Urhoghide faulted him by saying that the approval was done in the Ministry of Finance.

Also the chairman, the Vice Chairman of the Committee, Senator Hassan Hadejia asked, “Are you telling us that no document in the Ministry to show for it, everything emanated from your Ministry?”

The Chairman also added, “You don’t appear before Senate when you don’t have anything to say.”

The representative of Office of Accountant General of Federation, Alexandra Adeyemi however confirmed that the money in question was released and promised that it will be recovered through budgetary process.

But the Office of Accountant of the Federation failed to present the list of beneficiaries of the fund in question, a part was earmarked for car loans to Security Officers.

The Committee was able to establish that the fund was withdrawn without involvement of National Automotive Council Design and Development Council (NADDC), but after some years, the agency was notified.

The Committee resolved to further probe the secret withdrawal of N7.5 billion because there is no evidence that the money was paid back into Federation Account.

The chairman said, “We are going to look deeper into the matter. We have to give ample time to this matter. We must do proper status on it, to let Nigerians know what is going on, We want to see what the President is going to do about this colossal fraud.”

The Committee further resolved that a full blown public hearing may be done on the issue.

The query had said, “A total sum of N3,836,000,000.00 (Three billion, eight hundred and thirty-six million naira) was irregularly withdrawn from the 2% National Automotive Council Levy Account with the Central Bank of Nigeria, Abuja in 2 installments of N2,800,000,000 (in 2005) and N1,036,000,000.00 (in 2006) by the Accountant-General of the Federation and the Federal Ministry of Finance as car loan to be granted for the Security Personnel Car Purchase Scheme Loan.

“The transaction was carried out by the Presidency in collaboration with the Bank of Industry, the Federal Ministry of Finance and the Accountant-General of the Federation without the involvement of NAC, the account owner.

“However the principal and the accrued interest from the fictitious loan have not been paid back nor are records available on the beneficiaries, agreement documents, moratorium, duration of the loan, the yearly interest rates acruable and how the fund will be paid back by the beneficiary?”

NewsDirect
NewsDirect
Articles: 49850