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The House of Representatives’ Ad Hoc Committee on Unclaimed Funds in the Nigerian Commercial Banks has begun investigation of funds stuck in commercial banks due to the alleged failure to link the account holding the funds to a Bank Verification Number and the Treasury Single Account policy of the Federal Government.
The committee is particularly probing the over 45 million accounts said to be holding funds amounting to over N1.2trillion.
The House had mandated the committee to also investigate the unremitted funds collected on behalf of ministries, departments and agencies of the Federal Government by the banks.
