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FG to Recover N800m from Failed Bank

Posted by By Ayodele Aminu on 2005/07/18 | Views: 376 |

FG to Recover N800m from Failed Bank


The Federal Government is to recover about N800 million trapped in Fortune Bank. The amount constitutes proceeds from the sales of forms of the housing units sold in the Games Village, Abuja.

The Federal Government is to recover about N800 million trapped in Fortune Bank. The amount constitutes proceeds from the sales of forms of the housing units sold in the Games Village, Abuja.

The Secretary, Panel on the disposal of federal government properties, Alhaji Abdullahi Abubakar, disclosed this yesterday at the opening of bids for the remaining structures and 432 housing units.

Abubakar said that N3.2 billion realised from the initial sales last year have been remitted to the Central bank.

According to him, the Federal Ministry of Housing and Urban Development would ensure that N800 million lodged at the Fortune bank was recovered from the failed bank.

Abubakar said that the bank was among 17 others that handled the collection of N10,000 from each applicant that participated in a ballot exercise for the units in May last year.

The secretary who did not mention steps to be taken towards the recovery of the amount, however said that the bank and the ministry have began talks on the issue.

According to him, the current bidding exercise was for 61 three-bedroom houses, 171 four-bedroom units, theatre, cafeteria, clinic, laundry, barbecue centre and banking hall.

He said that only financially solid banks have been contacted this time around to collect money for the ministry.

Abubakar listed some of the banks to include All States Trust Bank, First Bank, Continental Trust Bank, Union Bank and Oceanic Bank.
The secretary said that N6 billion was expected from the sales of the property in the current bid exercise.



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Comments (3)

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Abieyuwa(Edo, Nigeria)says...

Otasowie means evening life is better than morning life. There is an error in your “evening life is better than evening life”?

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Naija g(Houston, Minnesota, US)says...

Sokari doesn’t mean joy. Joy is Biobela. Go to the village and ask the meaning of the name.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.