By FEMI OGUNSHOLA

The House of Representatives ad hoc committee on unclaimed funds in commercial banks in Nigeria, has uncovered over N300 billion unclaimed funds in the banks.

Rep. Uyme Idem, the Chairman of the committee, said this on Wednesday in Abuja, adding that the amount represented a fraction of unclaimed funds in the commercial banks.

Idem said that the money could be described as hanging funds emanating from failed transactions by government agencies and banks.

The chairman said that the committee was saddled with the responsibility of recovering N1.2 trillion which had been hanging in the banks,

He said that about N300 billion was discovered on March 29 from banks and government agencies.

He said that the committee was still scrutinising documents and reports sent to it by banks and government agencies, adding that this would help the committee to recover more funds.

“The commercial banks are regulated by government and they cannot refuse us. This assignment is crucial. We will not allow any government agency or commercial bank to undermine our power.

“If the commercial banks fail to appear the next line of action will be to summon them,” he said.

He said that a situation where the country would go out to borrow money to fund its budget when it has over N1 trillion hanging in banks would not augur well for the economy.

He said that if the money in the banks was recovered, it would go a long way to help the country from borrowing.

The News Agency of Nigeria (NAN) reports that Citi Bank earlier appeared before the committee but was told to go and reconciled its documents and report back. (NAN)