Banks’ probe: Reps summon EFCC boss

Bola Badmus, Abuja - 22.07.2008

THE House of Representatives Committee on Banking and Currency investigating unethical practices in banks and other financial institutions in the country has said that its findings would not be complete and ready without the submission of the Economic and Financial Crimes Commission (EFCC).

Against this backdrop, the committee said it had summoned the chairperson of the commission, Mrs. Farida Waziri, to appear before it to give both oral and written submissions on the activities of all financial institutions in the country.

Chairman of the committee, Honourable Ogbuefi Ozomgbachi, who stated this on Sunday, said his committee sought to summon the EFCC boss because her submission was needed to shape the reports and recommendations that would be presented to the House for consideration and adoption.

“We can only submit our reports on what the banks are doing behind the cover to the plenary after the EFCC boss has shed lights on the status of some of the 25 banks that met the re-capitalisation deadline and their present status,” he said.

Ozomgbachi said his committee would like to know from the watchdog of the country’s financial sector what happened to the N721 million invested by Nigerians in the defunct Assurance Bank.

This, he said, was because there appeared to be controversies regarding the figure on the part of the two principal officers of the bank, Messrs Chika Mbonu and Mr. Leo Stan Eke.