$40m Controversial Remittance: Malami owns up, explains roles
Malami, while noting that the order and remittance happened in 2017, stated that the idea behind it should be commended.
The minister, while appearing on Sunday Politics, a current affairs programme on Channels Television, explained that he ordered the conversion based on the official exchange rate then, which was N305 to a dollar.
The House of Representatives’ Ad Hoc Committee on Assessment and Status of All Recovered Loot Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation had on Wednesday hinted that Malami might be invited for ordering the bank to convert revenue collected in dollars to naira before remittance.
Keystone Bank had told the committee that Malami instructed it to remit part of the $136,676,600.51 in its custody in naira while also determining the exchange rate, a revelation that the lawmakers criticized.
The Executive Director, North and Public Sector Directorate, Keystone Bank, Lawal Ahmed, had at an investigative hearing by the committee in Abuja also told the committee that remittances to the Nigerian National Petroleum Corporation were being made to the Brass LNG Investment Account but the AGF “gave the directive, he instructed that the funds be credited to the FGN Assets Recovery Account.”
He said: “No kobo was missing. The monies were recovered and 100 per cent deposited into the Treasury Single Account and no kobo was lost. And that was a 2017 affair. Why is it being raised now in 2021 – four to five years after such recovery?
