THERE are strong indications that the sum of $10,180,583.10 and N1,360,736,865 recovered by investigators for the Nigerian Export-Import Bank may have been misappropriated.
The sums were recovered from Heritage Bank in 2019 by the disbanded Special Presidential Investigative Panel on the Recovery of Public Property.
The $10m was part of the $20m said to have been illegally placed in fixed deposit by the management of NEXIM Bank, while the N1.360bn was a refund from Heritage Bank on behalf of Paytech Technology Limited, which the bank had provided crystallised bank guarantee on a loan it took from NEXIM Bank.
Paytech had failed to pay back the loan until the SPIP caused the bank to settle its indebtedness to NEXIM Bank.
But findings showed that NEXIM did not account for or acknowledge the recoveries in its communication with the National Assembly, while investigating the status of recovered loot and assets of the Federal Government.
Instead, the financial institution, which was established by Act 38 of 1991 as an export credit agency with a share capital of N50bn, said only N133m was recovered by the bank through the SPIP intervention.
In a letter to the SPIP dated July 29, 2019, NEXIM Bank had acknowledged receipt of the sum of $10m deposit and N1.360bn, being settlement of the Paytech loan from Heritage Bank.
The acknowledgement was contained in a letter titled, ‘Investigation activities: Re: NEXIM Bank placement’, and signed by the Managing Director, Abba Bello, and addressed to the then SPIP Chairman, Chief Okoi Obono-Obla.
The letter read in part, “Thank you very much for forwarding Heritage Bank’s letter of May 2, 2019, to us. We note its contents and wish to comment as follows:
“Payments: Please find attached a schedule detailing transactions on the account from August 2017 when your office became involved. We confirm receipt of the cumulative sum of $10,180,583.10 from Heritage Bank, $2,889,250.32 of which has been paid after your office interceded.
“We also confirm receipt of the sum of N1,360,736,865:00, being the settlement of the crystallised guarantee to Paytech Technology Limited.”
With regard to Heritage Bank’s appeal for an extension of payment on its obligation, which was due in May 2019, Bello said his organisation was constrained to consent to the request for an indeterminable period by which the bank must pay.
Since the payment period had passed, the NEXIM boss urged the SPIP to seek a definite payment date from Heritage Bank, which should not exceed six months from when it first fell due.
“We wish to reiterate that whilst this is pending, interest and penalties, where applicable, shall continue to accrue as agreed in the placement terms and conditions,” the letter stated.
Curiously, the bank failed to mention the sum recovered by the SPIP in its communication with the House of Representatives Ad hoc Committee on the Assessment and Status of all Recovered Loots, Movable and Immovable Assets from 2002-2020 by agencies of the Federal Government of Nigeria for effective/efficient management and utilisation.
In a letter to the committee’s clerk dated June 21, 2021, and signed by Bello, the bank stated, “It is worthy of note that there were no seizures of N523m and landed property from NEXIM Bank as claimed or reported by the disbanded SPIP.
“Please note that total recoveries of loans granted by the previous management of the bank through the intervention of the SPIP stands at N133,052,860.35:00. We thank you for your kind support and please accept the assurances of our highest regards.”
When asked about the discrepancies in the recoveries presented to the National Assembly, Bello, who denied acknowledging the said amount, claimed that he could not remember the recovered deposit and loan.
The NEXIM Bank spokesman, Tayo Omidiji, stated in a text message, “I spoke with the MD (Bello) and he said he never made any statement like that. The statement about the recovery of $10m did not come from NEXIM. He cannot recall mentioning the figures quoted here.”
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