By Godwin Igwe, Abuja
Two banks, the Joint Admissions and Matriculation Board (JAMB) and the Corporate Affairs Commission (CAC) owe the Federal Government the sum of N190.9 billion.

This was disclosed by the House of Representatives Ad-hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and the Infractions of the Central Bank of Nigeria (CBN) on Thursday.

The defaulting financial institutions are First Bank of Nigeria and Standard IBTC Bank.

Chairman of the Committee, Unyime Idem, during an investigative hearing, said the House was committed to recouping about N1.2 trillion unclaimed funds of the Federal Government stuck in commercial banks and Ministries, Departments and Agencies in the country.

Idem, who gave a breakdown said, “The following organisations have the following balances they need to transfer to the Federal Government starting with the Corporate Affairs Commission (CAC), they have N25bn unremitted to the Federal Government.

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“Then we have JAMB who have N64bn unremitted amount. Also, we have Stanbic IBTC Bank which is to remit N3.2bn and then intervention funds of about N84bn though we are still going through reconciliation. Lastly, First Bank of Nigeria they have about N14.7bn they need to remit to the Federal Government.”

He said they had been directed to ensure that the amount is transferred to the Federal Government.

He said about 120 defaulting agencies have not submitted documents as required by the committee and have not put up any appearance.

Idem said the committee would take appropriate action to compel them to appear before the committee and ensure government funds are returned.