18 January 2013

Nigeria: Reps Probe Missing N2 Billion in Mint

The House of Representatives has opened investigation into the reports of missing N 2.1 billion from the vault of the Nigerian Security Printing and Minting Company (NSPMC).

MPs unanimously passed resolution on a motion on the matter sponsored by Rep. Albert Sam-Tsokwa (PDP Taraba) and 57 others, setting up an adhoc committee to probe the alleged missing of newly printed N1,000 notes in the course of production.

Rep. Sam-Tsokwa had argued that "this is not the second known time that large sum of monies have allegedly disappeared in the course of production due to security breaches as admitted by the management of the company."

He said what was more worrisome was the conflicting information on the actual amount of money declared missing, while the central bank governor said it was N2billion.

The managing director of the company had claimed that the amount missing was N1.5billion.

The ad-hoc committee was given four weeks to conclude investigation and report back.

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