A House of Representatives ad hoc committee is probing the “suspicious” transfer to another account of N1.17bilion approved for a Federal Government agency.

The committee is seeking answers to why the immediate past Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, reversed a presidential directive which approved the money for the Sokoto Rima River Basin Development Authority (SRRBA).

Besides, the committee is seeking to establish:

• Who applied for the withdrawal since payment was initiated through an application by the SRRBDA?
• How a ministerial directive can override a presidential approval;
• Where the money was returned to after it was withdrawn from the account of the Authority; and
• Whether the withdrawal was politically motivated given the time of the withdrawal

The committee has hinted of the likelihood of inviting the ex-minister.

Mrs Okonjo-Iweala is at the centre of a storm over her release of $330m Abacha loot to the Office of the National Security Adviser (ONSA), without appropriation. The money, which she said was meant as a loan for arms procurement, later turned out to be part of the cash being shred to politicians and friends of that government before the last general election.

President Goodluck Jonathan, in a letter, approved the release of the money to the River Basin Authority. The approval was conveyed to the Accountant General of the Federation (AGF) by the (then) minister of Finance, according to the office of the AGF.

The payment was made into the accounts of the SRRBDA on March 9 but withdrawn in two tranches within a week, two months later in May.

The first withdrawal of N784m was made on 6th May, 2015. The second, N90m, was effected on 12th May 2015 but executed on 16th May 2015 by the CBN.

Only N874.6million was withdrawn by the Central Bank of Nigeria (CBN) from the account of SRRBDA because the agency had started spending the money.

The investigative hearing by the ad hoc committee was told how the CBN credited and reversed the payment on the directives of the Office of the Accountant General of the Federation (OAGF).

The Committee, it was learnt, would request from the CBN records of tranfer and reversal of the money from the Natural Resources account and other accounts.

SRRBDA’s Managing Director (MD) Mukhtar Anka said the agency made an appeal to (then) President Jonathan, knowing that the agency had some outstanding funds with the Federal government, “Because all our previous budgets were never fully released since 2012.

Credit: Nation