CACOL said the act is an insult to the directive of the government and capable of expanding networks of corruption.
A civic group, the Centre for Anti-Corruption and Open Leadership (CACOL) has decried how N14.7billion revenue generated by the defunct Power Holding Company of Nigeria (PHCN) is still kept with some accounts of commercial banks, and not remitted to the coffers of the Nigerian government.
CACOL said the act is an insult to the directive of the government and capable of expanding networks of corruption.
It also applauded the Senate for commencing the investigation into the N14.7billion proceeds of privatisation of defunct PHCN allegedly hidden in commercial banks by the Bureau of Public Enterprise (BPE).
This was contained in a press release by the group's Director, Administration and Programmes, Tola Oresanwo, made available to SaharaReporters on Tuesday.
Recall that two days ago, the Senate Committee on Public Accounts began the probe of the roceeds of privatisation of the defunct PHCN allegedly hidden in commercial banks by the Bureau of Public Enterprise.
The statement by CACOL read, “We received the news that the Senate Committee on Public Accounts has begun investigation of N14.7bn proceeds of privatisation of the defunct PHCN allegedly hidden in commercial banks by the Bureau of Public Enterprise."
It will be recalled that the committee acted on an audit query in the ‘Auditor-General for the Federation’s Annual Report on Non-Compliance/Internal Control Weaknesses Issues in Ministries, Departments and Agencies of the Federal Government of Nigeria for the Year Ended 31st December, 2019.
The CACOL boss further stated, “We want to commend the Senate Public Accounts Committee for questioning the award of these contracts.
"The 1999 constitution of Nigeria generally vests the legislature with the power to make laws, although this responsibility is not limited to making laws as a lot of additional responsibility including that of oversight has also been placed upon the legislature.
"Oversight functions serve a variety of purposes among which are to keep the executive establishment responsible and accountable, to promote rationality and efficiency in the formulation and administration of public policy, among others.
"We want to believe that if the current trend by the senate committee is intensified and sustained with the cooperation of the various anti-corruption agencies in the country, stemming the tide of corruption in the various agencies and parastatals of government will not be a herculean task.”