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Heritage Bank, Aso Savings MDs in Trouble Over Hidden TSA Money

By Modupe Gbadeyanka

Managing directors of Heritage Bank Plc and Aso Savings and Loans Plc have been directed to appear in Abuja to answer what they know about the huge amount of money allegedly hidden in their banks instead of being deposited in the federal government’s Treasury Single Account (TSA).

On Thursday, chairman of the House of Representatives Ad-hoc Committee investigating the management, implementation and level of compliance with TSA, Mr Abubakar Danburam, said the two bank chiefs must explain how the N21 billion and $104.46 million undeclared revenue in their possession came about instead of being in the TSA.

According to the lawmaker, letter of invitation would soon be dispatched to Mr Ifie Sekibo of Herotage and Mr Hassan Usman of Aso Savings and Loans to appear before the committee over the discovery.

However, he warned that failure of the affected bank chiefs to appear before the committee for questioning would result to an arrest warrant issued on them.

“Today, we are supposed to meet with Heritage Bank and Aso Savings with regard to the Treasury Single Account (TSA).

“As you can see, none of their management or staff is here. Our independent investigations have revealed that contrary to what Heritage Bank submitted to us, they also have two undisclosed accounts in the TSA.

“The one with Nigerian Export and Import (NEXIM) Bank has $104 million, while a second one with Nigerian Maritime Administration Safety Agency (NIMASA) has $46,000. Yet, there is another N21 billion, which also forms part of our enquiry. We want to know why they did not reveal those accounts to this committee.

“We hereby give the Managing Directors of Heritage Bank and Aso Savings the opportunity to appear before this committee at a date to be announced later. If they fail, we will then issue a warrant of arrest against them,” the lawmaker said.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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