EFCC: Hidden Funds for Kogi N19.3BN Salary Rescue Returned to CBN

EFCC: Hidden Funds for Kogi N19.3BN Salary Rescue Returned to CBN

The Central Bank of Nigeria, CBN, confirmed that it has received the sum of N19, 333,333,333.36 (nineteen billion, three hundred thirty three million, three hundred thirty three thousand, three hundred thirty three Naira, thirty six Kobo) recovered the EFCC from the domiciled Kogi State Salary Bail-out account at Sterling Bank Plc. This effectively silences the disinformation campaign and the inconceivable denials by the Kogi state government that no funds have been recovered from its bailout account.

Apex bank in a referenced letter, DFD / DIR / CON / EXT / 01/099 and dated November 9, 2021, informed the executive chairman, EFCC, Abdulrasheed Bawa, that it had received the money.

The letter reads in part: “We refer to your letter of November 5, 2021 with Ref. No .: CR: 3000 / EFCC / LS / CMU / REC-STE / VOL.4 / 047 on the above topic and wish to confirm the details of the receipt of the amount as indicated below: Bank: Sterling Bank Plc; Amount: N19,333,333,333,36; Reception date: 04 November 2021 “

The return of the money to the apex bank complies with the order of October 15, 2021 of a federal high court sitting in Ikoyi Lagos ordering the unblocking of the Kogi State salary rescue account to allow Sterling Bank to remit the balance in the account to the central ban of Nigeria. Judge Chukwujekwu Aneke issued the order following a request from the EFCC.

The Commission had told the court that the management of Sterling Bank Plc, where the account was domiciled, had acknowledged the existence of that account with the staggering sum of N19, 333,333,333.36 in its books.

The Commission also brought to the attention of the court that “The sum of N19, 333,333,333,36 is still present in the credit of the frozen account”, adding that “the management of Sterling Bank PIc, pursuant to a letter dated 15 September , 2021, signed by its CEO, indicated its intention to return the total sum of N19, 333,333,333.36 to the Central Bank of Nigeria. “

The EFCC pleaded with the court that “it is appropriate that the instant case be terminated and the account cleared to allow Sterling Bank PIc management to transfer / return the sum of the sum of N19, 333, 333, 333.36 back to the coffer of the Central Bank of Nigeria, where the aforementioned rescue funds were disbursed ”.

The transfer put an end to any further disputes regarding the origin and ownership of the funds and, more importantly, aborted the dissipation of the funds. On August 31, 2021, Judge Tijani Garba Ringim, the holiday judge, ordered the freezing of the account, following an ex parte request submitted by the EFCC.

The EFCC, in a sworn statement of 13 paragraphs in support of the ex parte instance, had declared that it had received credible and direct intelligence, which led to tracing the funds reasonably suspected of being proceeds of illegal activities on account no. 0073572696 domiciled in Sterling Bank, Plc under the name Kogi State Salary Bailout Account.

After hearing the EFCC’s request, on August 31, 2021, Judge Ringim ordered the freezing of the account and ordered the publication of the order in a national newspaper by the EFCC.

Source: – Tvc

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