The Managing Director of Polaris Bank, Innocent Ike, has revealed that the bank has refunded $300 million lodged by the Nigerian National Petroleum Corporation, NNPC, in 2012.
Mr Ike made the disclosure before the House of Representatives Ad Hoc committee on assessment and status of all recovered loots from 2002-2020.
He explained that the money deposited with the bank by NNPC was at no time hidden from any government agencies, adding that the money should not be classified as looted fund.
The managing director also explained that part of the strategy adopted in payment of the deposit was to remit it to the Central Bank of Nigeria, CBN, which gave the apex bank instruction to credit the NNPC.
According to him, the NNPC was yet to confirm the receipt of the money paid into the apex bank’s account.
Mr Ike appealed to the NNPC to write and confirm payment, stressing that Polaris Bank had written to the CBN to that effect.
He stressed that the money was always disclosed in writing and never hidden from the public or government agencies.
