Connect with us

Business and Economy

Presidential panel recovers N4bn, $7m

Published

on

The Special Presidential Investigation Panel for Recovery of Public Property (SPIP) says it has recovered over N4 billion and 7 million dollars in cash as well as physical assets in its various operations.

SPIP Chairman, Mr Okoi Obono-Obla, disclosed this in a statement in Abuja on Friday.

Obono-Obla said the 7 million dollars was recovered from the previous management of the Nigeria Export and Import (NEXIM) Bank who had “illegally placed” it in Heritage Bank.

The naira component of the recoveries, according to him, include N533 million and land valued at N1.5 billion also from the former NEXIM management.

The assets, according to him, have since been returned to the bank.
Obono-Obla said SPIP also recovered N24 million misappropriated by some directors of the National Theatre, and two hectares of land worth N2 billion, belonging to the National Council for Acts and Culture.

Also recovered is part of the Agura Hotel belonging to the Nigerian Ports Authority (NPA), according to the chairman.

“The property illegally annexed by some so-called powerful persons with untouchable connections for over 20 years, have since been returned to the NPA.

“The panel is investigating the failure of a contract awarded to a company to dredge Calabar Channel, after the company had received 12 million dollars,” he said.
Obono-Obla said the panel also recovered 86 assorted vehicles valued at N500 million from a director in the Federal Ministry of Power, Works and Housing.

“Other assets recovered from him are six houses in highbrow areas of Abuja and a large farm also in Abuja,” he said.

Reaffirming the panel’s commitment to its mandate, Obono-Obla advised public servants to desist from converting official property to personal use.

The SPIP was inaugurated by the then Acting President Yemi Osinbajo in August, 2017.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

news40 mins ago

Buhari reacts to INEC’s election postponement

President Muhammadu Buhari has expressed deep disappointment over the postponement of the presidential and National Assembly polls by the Independent...

news55 mins ago

I’m dissapointed in INEC— Balarabe Musa

Former Kaduna State Governor, Alhaji Balarabe Musa, has expressed disappointment over the postponement of the general elections, but declared that...

news2 hours ago

ELECTIONS POSTPONEMENT…… Situation report from Ilorin

There is absolute calmness in Ilorin the Kwara State capital as residents woke to the news of the postponement of...

Politics6 hours ago

PDP condemns 2019 postponement, urges INEC boss to resign

  The National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus has said that the ‘shoddy’ arrangements for...

Politics7 hours ago

ELECTION POSTPONEMENT…..APC presidential campaign committee reacts

PRESS STATEMENT BY APC PRESIDENTIAL CAMPAIGN COUNCIL ON POSTPONEMENT OF THE PRESIDENTIAL/NATIONAL ASSEMBLY AND GUBERNATORIAL/HOUSE OF ASSEMBLY ELECTIONS: WE CONDEMN...

Politics7 hours ago

POSTPONEMENT….. INEC annouces new dates for 2019 general polls

The 2019 general elections have been postponed by the Independent National Electoral Commissions, (INEC). Below is the full statement read...

news17 hours ago

BREAKING…. Gunmen kill 66 persons in Kaduna

 

news22 hours ago

We’re prepared for Saturday polls– Kwara INEC

INEC Resident Electoral Commissioner (REC) in Kwara, Malam Attahiru-Madami has disclosed that the commission recorded 82 percent success in the...

news23 hours ago

Kogi Senator escapes auto crash along Abuja-Lokoja road

The Senator representing Kogi State Central, Mr Ahmed Ogembe, on Friday survived an auto crash along the Abuja-Lokoja road on his...

Politics23 hours ago

INEC replaces 4, 695 burnt cards in Anambra

About 4, 695 burnt card readers and other sensitive materials that were destroyed on Tuesday by fire at the secretariat...

Advertisement

Trending

Copyright © 2018 Royal News.

%d bloggers like this: