Home / Probes / LAO-0178

₦14.7 billion PHCN privatization proceeds held in commercial banks

Status

No final report

Assembly

Senate

Opened

10 January 2022

Assembly term

9th National Assembly (2019–2023)

Committee

Committee on Public Accounts

Sum at issue

₦14.7 billion

Subject

Revenue and remittances

Without a report for

1,766 days

The Senate Public Accounts Committee, chaired by Senator Matthew Urhoghide, initiated a probe into the Bureau of Public Enterprises (BPE) regarding ₦14.7 billion in PHCN privatization proceeds allegedly hidden in commercial banks. Triggered by the 2019 Auditor-General's report, the inquiry questioned why funds meant for the CBN Privatisation Proceeds Account remained unremitted years after the 2013 sale.

CBN BPE PHCN

What the record shows

10 January 2022
Probe opened.
As of 11 November 2026
No final report of this probe has been found on the public record.

Opened more than 120 days ago, and no final report of the committee has been found on the public record. Interim reports and hearings are shown where known. Know of a report, hearing or outcome missing here? Send a correction.