NSWF: Reps panel summons AGF to explain whereabouts of 5.5 million Euro recovered fund

The House of Representatives, on Wednesday, summoned the Accountant General of the Federation, AGF, to appear before it to explain the whereabouts of about 5.5 million Euro meant for the operations of Nigeria Sovereign Wealth Fund, NSWF.

Managing Director, Nigerian Sovereign Wealth Fund, Uche Orji had told the House Ad hoc Committee investigating the usage of looted and recovered funds that the money which was supposed to come from the Government of Ireland had not been credited to the account of the agency.

But a letter he read before the committee however suggested that the money had been sent to Nigeria, causing members of the committee to wonder where the money was kept since it had not been paid to the agency.

The money, which was part of the monies recovered that was supposed to have been transferred to the NSIA for its operation also included $311 million from the United States and 4.2 million pounds from the United Kingdom.

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While Orji said that the N311 million pounds had been transferred to the fund, but not yet spent, he said the 4.2 million pounds and 5.5 million Euro had not been transferred to them.

He said “We are aware that an agreement has been reached between the Ministry of Justice and the counterpart countries. We have been notified about these agreements and that the funds will be transferred to us. But we are yet to receive the fund at the NSIA.”

Asked whether the money had been sent to Nigeria, he said he was not aware whether the funds had been sent to Nigeria or not, saying “all that I know is that we were asked to send an account and we have sent the account to the Central Bank. But we are not involved in those negotiations”

However, reading from a letter given to him by the committee, he said “I am directed to refer to your letter that the sum of 5.5 million Euro be credited to the FGN Recovery Account.”

Asked what credit means, he said “it means that the money has been sent.”

However, a member of the Committee, Edun Olanrewaju said “It is important that we invite the Accountant General to come and interface with the NSIA. If you recalled, yesterday (Tuesday), I challenged the Accountant General on whether that money was missing. Now, NSIA is saying they don’t know where the money is. So, there is need for two of them to cause appearance before this committee tomorrow so that we can find a lasting solution to this. 5.5 million Euro is not small money.”

Chairman of the Committee, therefore, ruled that the Managing Director should appear before the committee on Thursday, May 27, to interface with the Accountant General and the Minister of Finance on the issue.