ICPC uncovers N9.8 billion Government money hidden in Aso Savings

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has discovered N9.8bn belonging to the Federal Government which was hidden in Aso Savings and Loans Plc.

The ICPC said in a statement by its spokesperson, Mrs Rasheedat Okoduwa, that the money which was realised from the sale of government assets between 2010-2014 was deposited in Aso Savings and Loans Plc instead of the federal treasury.

According to the ICPC, several officials of the bank have been invited for investigation, this include the current Managing Director of the bank, Mr Kunle Adedigba, who revealed that the bank is currently experiencing paucity of funds, and it is willing to swap some of its properties located in Abuja and Lagos in exchange for the unremitted funds. 

The commission assured that it is committed to the recovery of the full value of the unremitted N9.8 Billion by taking the properties offered in lieu for government, subject to satisfactory valuation by the Ministry of Power, Works and Housing.

The mortgage bank recently refuted media speculations that Milost Global Inc. plans to invest some $250 million equity capital in its enterprise

Aso Savings & Loans Plc is an Abuja-based investment company which was originally incorporated in 1995 as a publicly-held company. In 2005, it became a public company and has since then made considerable progress in the mortgage sector of the economy. The company is currently in the process of delisting from the Nigerian Stock Exchange (NSE).