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N7.5bn secret withdrawal: Senate warns Finance Minister, Accountant General, NSA

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N7.5bn secret withdrawal: Senate warns Finance Minister, Accountant General, NSA
For failing to honour its summon 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, the Senate Committee on Public Accounts, has given the Minister of Finance, Zainab Ahmed; Accountant General of the Federation, Ahmed Idris and the National Security Adviser, NSA, Major General Babagana Monguno (rtd), till next week Tuesday.
The committee, shared by Senator Mathew Urhoghide (PDP Edo South), had two weeks ago summoned the heads of the affected agencies to appear before it, but they failed to present at the scheduled meeting on Wednesday, 28th April, 2021.
Presenting the details of the withdrawal before the committee on Wednesday, the Director General of NADDC, Jelani Tukur said that the agency has already written to the minister and Accountant General of the Federation, on the withdrawal of N3.7 billion as loan to NAFCON, withdrawal of N3.8 billion for security personnel car laon scheme and another withdrawal of N2.3 billion as loan to Steyrs Nigeria Limited.
Jelani added that the agency had also written a letter to remind Niger Insurance Plc on the agreement  reached on July 9th 2020 as ordered by the Committee .
The first letters were written to the minister and the Accountant General on 23 April, 2021 and were delivered to the Minister and Accountant General of the Federation on on 26 April, 2021.
The second was written to the Minister on 26th of April and was delivered to the Minister on 27th April while that of Accountant General of the Federation were delivered on 26th of April.
Urhoghide insisted yesterday that all parties involved in the withdrawal of money must present by next week Tuesday and give the Committee assurance that the money will be returned back to the account of NADDC’s Account which domiciled in Central Bank .
According to him, they should bring evidence of the approval when they are coming on Tuesday, adding that “the money must be returned otherwise, the committee will take a drastic action on the issue at stake.”
“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 accruable and how the fund will be paid back by the beneficiary.
“The Director General has been requested to intensify correspondence with the Honourable Minister of Finance, Accountant-General of the Federation and the Presidency to recover the fund (loan),” the query stated.
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