Keystone Bank is now swimming in a N4 billion scandal as the House of Representatives has asked the Economic and Financial Crimes Commission to investigate how N4 billion belonging to the Industrial Trust Fund (ITF) was moved from its account with the bank.

Due to a query issued by the office of the Auditor-General of the Federation, Hon. Ibrahim Baba, the Vice Chairman, Public Accounts Committee, House of Representatives called the EFCC into the matter.

The Office of the Auditor-General is questioning the movement of the money without remitting N23.5 million interest accruing from the transactions to the ITF’s account. The Office of the Auditor-General also wants to know who authorised the transactions and for what purpose it was done.

However, the Director-General and Executive Chairman, ITF, Joseph Ari disclosed that the transactions were made without the authorisation of ITF. “Within the days the money was moved, ITF wrote Keystone Bank to remit the interest to the account accordingly but the bank didn’t reply. We reported the matter to the Central Bank of Nigeria and the CBN advised that parties should sit down and discuss. However, we sat down with keystone officials without finding solution.”