Bureau of Public Enterprises (BPE) has appealed to the general public to disregard the reports that claimed that its officials diverted funds or proceeds from the PHCN.
BPE has disclosed that its officials did not divert N2.5 billion from Power Holding Company of Nigeria (PHCN) to buy property in Aso Savings and Loans (ASL).
READ: For Champion Breweries, it can’t win like this
This disclosure was made public in a statement by Amina Othman, the Bureau’s Head of Public Communications, on Wednesday in Abuja.
According to NAN, Othman said the bureau had made several demands to ASL which had remained elusive till date, as the ASL properties that are habitable have been sold and the money received has been paid into the government treasury.
Hence, the alleged diversion is, therefore, a figment of the imagination of the writers of the reports.
READ: #EndSARS: Buhari holds National Security Council meeting with Osinbajo, IGP, others
According to her, under the said arrangement, ownership of some completed properties that were ready for sale would be ceded to the bureau in partial satisfaction of the stranded deposits and cash repayment of N1.25 billion.
READ: Naira stabilizes in forex markets as dollar supply hits record low during curfew
What they are saying
Speaking about these false allegations against the Bureau, she said:
“On Feb. 25, 2014, the BPE got the approval of the Accountant-General of the Federation (OAGF) to establish a banking relationship with ASL…Subsequently, the bureau made a placement in the sum of N2.5 billion in the account to facilitate access to cheap finance for its staff housing scheme but the staff were not able to access the money…
READ: Naira falls big across all forex market despite another $50 million allocation to BDCs
“Following the Federal Government’s directive on Sept. 14, 2015 that all funds held with commercial banks be transferred to the Bureau’s Treasury Single Account with the Central Bank of Nigeria, it was discovered that ASL could not meet its deposit repayment obligations, as a result, ASL proposed a repayment plan of property swap valued at N1.52 billion on Oct. 18, 2016.
“Under the arrangement, ownership of some completed property that was ready for sale were ceded to the bureau in partial satisfaction of the stranded deposits and cash repayment of N1.25 billion…
READ: SEC to revive Nigerian commodities market in 7 years
It should be noted that some of ASL property that are habitable have been sold and the money received and paid into government treasury… From the foregoing, there is nowhere that BPE officials diverted any fund or proceeds from the PHCN. The alleged diversion is, therefore, a figment of the imagination of the writers of the reports.”
Explore Data on the Nairametrics Research Website
