Three banks fingered in N11. 23bn NPA fraud

Three banks in the country may have run into turbulent waters over their alleged involvement in fraudulent practices in the management of Nigerian Ports Authority, NPA, account.

This came to light as the new management of the NPA under the leadership of its Managing Director, Ms Hadiza Bala Usman, is said to have uncovered fraud totalling N11.23 billion.

According to sources at NPA N7.47bn was traced to Heritage Bank.

The bank was said to have collected the money as revenue for NPA, but has refused to remit same into the Treasury Single Account, TSA, of NPA with the Central Bank of Nigeria, CBN. This, according to sources, was done in collusion with some officials of NPA.

Read also: CBN may compel banks to notify it before sacking staff

According to the source, the officials alongside the bank were alleged to be hiding the money and earning interest, while the last management of the federal government agency failed to disclose it in its handover note to the new management.

Aside Heritage bank, First Bank Plc and the First City Monument Bank, FCMB, are said to have another  N2.09billion.

The source also disclosed that another N1.67billion  belonging to the NPA was paid into TSA accounts in the CBN different from those belonging to the agency.

It is not yet clear what the new management is doing to recover the money.

By Timothy Enietan-Matthews

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