The Chairman House of Representatives ad hoc committee on unclaimed funds in commercial banks, Uyme Idem has frowned at the situation where the country goes out to borrow money to fund its budget when it has over N1 trillion hanging in banks.
Idem, on Wednesday in Abuja said the committee has uncovered over N300 billion unclaimed funds in the banks.
According to him, the amount represented a fraction of unclaimed funds in the commercial banks.
He described the money as hanging funds emanating from failed transactions by government agencies and banks.
The chairman said that the committee was saddled with the responsibility of recovering N1.2 trillion which had been hanging in the banks.
He said that the committee was still scrutinising documents and reports sent to it by banks and government agencies, adding that this would help the committee to recover more funds.
“The commercial banks are regulated by the government and they cannot refuse us. This assignment is crucial. We will not allow any government agency or commercial bank to undermine our power”.
