We’ve refunded $300m NNPC deposit – Polaris Bank

 The Managing Director of Polaris Bank,  Mr Ike, said that the bank refunded the $0 million lodged the bank by the Nigerian National Petroleum Corporation (NNPC) in 2012.Ike said this while appearing before the House of Representaives ad hoc committee on assessment and status of all recovered loots from 2002-2020

.He said that the  deposited the bank by NNPC at no time hidden from any government agencies, adding that the should not be classified as looted fund.The managing director explained that part of the strategy adopted in payment of the deposit to remit it to the Central Bank of Nigeria (CBN) and gave the apex bank instruction to credit the NNPC.He said that the NNPC yet to confirm the receipt of the paid into the apex bank’s account, while urging the NNPC to write and confirm payment, stressing that Polarise bank had written to the CBN to that effect.Ike stressed that there was never a time the was not disclosed in writing there anytime it hidden from the public government agencies.

The managing director also disclosed that the interest of the sum kept the bank 2012 dully paid.The committee however queried the motive of NNPC keeping the sum with the bank without having an initial account with the bank before the $0 dollars lodged with it.Rep. Adejoro Adeogun, the Chairman of the committee,  said that such motive suspicious, adding that money was also hurriedly paid to NNPC the bank received a letter from it to appear before the committee for explanation.He stated that the money had spent seven years with the bank without any , adding that the bank must have thought the money had been forgotten.“You have about six years this deposit was in your custody. It is impossible to forget 0 million U.S dollars; were you thinking it is been forgotten?” he asked.He accused the bank of exhibiting carelessness it comes to money deposited by the Federal Government.

However, one of the petitioners, Tosin Ojomo, a lawyer who appeared before the committee,  faulted the managing director’s claim, stating that Polarise bank was arrested before it confessed that the money was truly in its custody.The committee then summoned the NNPC and CBN for further clarifications on the status of the money, but asked Polarise to furnish it with documents relating to cash movements in the account from 2012 to 2020. (NAN)