Reps give agency ultimatum to recover N5m bank charges

The House of Representatives Committee on Public Accounts has given a 14-day ultimatum to the Raw Materials Research and Development Council (RMRDC) to recover the N5 million charged it as commission on transaction (COT) by three commercial banks from 2010.

A query made available to the committee from the office of the Auditor-General of the Federation (AGF) based on its audit report for the year ended December 31, 2010 reportedly said the RMRDC erred in the first instance by lodging government funds in commercial banks that required COT.

It requested the committee to mandate the agency to recover the accumulated charges and discourage it henceforth from engaging in the act, which it described as illegal.

Deputy chairman of the committee, Ibrahim Baba, said they would ensure that the money was recovered.

A member of the panel, Nnana Raphael Igbokwe (PDP, Imo) decried alleged connivance between the agency and the financial institutions.

Another member, Oluwole Oke (PDP, Osun), suggested that the affected banks be invited and compelled to remit the fund into the Treasury Single Account (TSA).