Corruption: NPA recovers $5.1m ‘hidden’ fund from bank

By Our Correspondent
​The management of the Nigerian Ports Authority, NPA, has recovered $5.1m allegedly hidden in Heritage Bank by the immediate past management.
According to the management of the authority, the recovered funds for part of the $24.1m it discovered “hidden” in the bank but which was not disclosed to the new mangement by the old one.
The amount was not disclosed in the handover note the current leadership of the organisation received from the past management.
Commenting on the development during a chat with newsmen in Lagos on Wednesday, the Managing Director of the NPA, Ms Hadiza Bala Usman, said the fund has been paid into NPA’s Treasury Single Account with the Central Bank of Nigeria.
She said efforts were ongoing to retrieve the balance from the bank.
Besides the recovered money, Ms Usman also mentioned that the NPA was being owed about N10billion and $585million (N180billion) by some private firms and government agencies.
Nevertheless, she admitted that part of the amount could be classified as bad debt as it had been outstanding for more than 10 years.

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