By MBAFAN ADE, Abuja –
The Bureau of Public Enterprises (BPE), has denied media reports that its officials diverted the sum of N2.5billion realised from the privatization of Power Holding Company of Nigeria (PHCN) to buy properties in Aso Savings Bank Plc.
A number of newspapers in Nigeria had on Wednesday, carried the news report said to have emanated from findings by the Office of the Auditor-General for the Federation ( AuGF).
But the BPE, in a response by its Head of Public Communications, Amina Tukur Othman, stated that the reports were not correct.
The statement by the BPE sought to clarify as follows:
“On 25th February, 2014, the Bureau of Public Enterprises got the approval of the Accountant General of the Federation (OAGF) to establish a banking relationship with Aso Savings and Loans Plc.
“Subsequently, the Bureau made a placement in the sum of N2.5 billion in the account to facilitate access to cheap finance for the Bureau’s staff housing scheme but the staff were not able to access the money.
“Following the Federal Government’s directive on 14th September, 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 Aso Savings & Loans Plc could not meet its deposit repayment obligations.
“As a result, on 18th October, 2016, Aso Savings and Loans Plc proposed a repayment plan as follows:
1. Property swap valued at N1.52 billion: Under this arrangement, ownership of some completed properties that are ready for sale will be ceded to the Bureau in partial satisfaction of the stranded deposits; and
2. Cash repayment of N1.25 billion: This entailed a bullet transfer of N70million per month until the amount was extinguished.
“Despite the arrangement, Aso Savings and Loans Plc. defaulted in meeting its obligations under the agreement. As a result, the Bureau has made several demands to ASL which has remained elusive till date.
“It should be noted that some of the ASL properties that are habitable have been sold and the money received, 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. We appeal to the general public to discountenance the reports in their entirety.”
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