Senate Uncovers N14.7bn Proceeds of Defunct PHCN Hidden in Banks

Senate Uncovers N14.7bn Proceeds of Defunct PHCN Hidden in Banks

  • Senate has made an important discovery regarding the proceeds of the defunct Power Holding Company of Nigeria
  • The federal lawmakers revealed it has unearthed a huge sum of money hidden in commercial banks as proceeds of the PHCN
  • This development was contained in the 2017 report submitted by the Auditor General of the Federation

The Nigerian Senate disclosed it has uncovered proceeds of the defunct Power Holding Company of Nigeria (PHCN) to the tune of N14.7 billion hidden in commercial banks by the Bureau of Public Enterprise (BPE).

Leadership reports that the Senate Public Accounts Committee chaired by Senator Matthew Urhoghide made this discovery in the report of 2017 submitted to them by the Auditor General of the Federation.

While the billions are said to be hidden in commercial banks as of December 31, 2016, whereas the privatization of PHCN was already concluded since 2013.

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Senate Traces Defunct PHCN’s ‘Hidden’ N14bn In Banks by Bureau of Public Enterprise
The committee is acting on an audit query in the ‘Auditor-General for the Federation’s Annual Report on Non-Compliance/Internal Control Weaknesses Issues. Photo credit: Nigerian Senate
Source: Facebook

The written submission of BPE

In its written submission to the committee, the Bureau of Public Enterprise (BPE) said two separate Sums of N3.231,984.73 (allegedly held in Fidelity Bank PLC) and N18.199,520.87 (reporter as held in Stanbic Bank PLC) are unaudited bank balances that were actually no longer in existence as at the date of the audited financial statements, Vanguard added.

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The Punch also reported that the defunct government-owned National Electric Power Authority was privatised and renamed PHCN, which was later unbundled to become the present generation and distribution companies.

2022 budget: We did nothing wrong, NASS replies President Buhari

Meanwhile, had earlier reported that Lawan had stated that the National Assembly did nothing wrong to adjust the 2022 budget.

Lawan said this while responding to correspondents' question on President Buhari's reservations on the adjustment by lawmakers in the budget.

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He noted that the legislature does not necessarily have to agree with the president on every issue, adding that what is most important is that Buhari is pleased with the outcome of the work done.

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In other news, the EFCC has described as unsubstantiated the claims made in a trending audiotape that AGF Malami uses his influence to compromise high-profile corruption cases.

Nevertheless, the anti-graft agency said it will investigate the matter just as it identified one of the voices in the tape as that of one of its operatives.

The commission described its operative speaking in the tape as “a corrupt fifth columnist" with scant regard for its values.


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