SPIP recovers N1.36b, $10.3m from Heritage Bank

Chief Okoi Obono-Obla, Chairman, SPIP

The Special Presidential Panel For The Recovery Of Public Property (SPIP) has recovered the sums of N1.36 billion as well as $10.3m from Heritage Bank.

In a statement by Lucie-Ann Member Laha Head, Media & Communication of the panel, "the $10.3m is part refund of funds illegally placed in fixed deposit by the previous management of NEXIM Bank with Heritage Bank".

She added that "Upon maturity of the fixed deposit term however, Heritage Bank failed to return both the capital and accrued interest which cumulatively stands at over twenty two million dollars to NEXIM Bank.

The N1.36 billion on the other hand, is a refund Heritage Bank is making on behalf of Paytech Technology Limited, for which the bank had provided crystallized bank guarantee, on a loan Paytech had taken from NEXIM Bank and failed to pay back.

These figures are cumulative refunds Heritage Bank has been making to NEXIM Bank since 2017 following the intervention and investigation by the Presidential Panel".