KOGI FUNDS: EFCC Forces Sterling Bank To Hand Over Billions To CBN
The Economic and Financial Crimes Commission (EFCC) has ordered Sterling Bank to hand over N20 billion Kogi State Salary bail-out loan to the Central Bank of Nigeria.
According to RIPPLES NIGERIA, A Judge of the Federal High Court, Justice Chukwujekwu Aneke granted the request filed by the Economic and Financial Crimes Commission (EFCC) seeking to discontinue the matter in Suit No. FHC/L/ CS, 1086/2021.
As reported by RIPPLES NIGERIA, EFCC, in a 13-paragraph affidavit in support of the ex-parte application, stated that it received a credible and direct intelligence, which led to the tracing of the funds reasonably suspected to be proceeds of unlawful activities in an account No. 0073572696 domiciled in Sterling Bank, Plc with the name Kogi State Salary Bailout Account.
RIPPLES NIGERIA reports that the state government through the State’s Commissioner for Information, Kingsley Fanwo denied ownership of the account.
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Fanwo said, “the Kogi State Government states that it never gave any instruction to Sterling Bank Plc and the said Bank also did not fix on its behalf, any bailout fund or any other funds”. Jamb Result
He added that the bank in a letter “confirmed that account number 0073572696 cited in the alleged order of the Court is ‘an internal (mirror) account operated by the Bank for the purposes of managing the Kogi State Bailout Facility”.
Also, concerning the alleged sum of N19.3 billion in the fixed account and misappropriation of N666.6 million by Governor Yahaya Bello-led government, the commissioner insisted that the state government has approximately N46 million across its three operational accounts with the alleged bank.
Speaking, Counsel to the EFCC, A. O. Mohammed said “ Instead of using the money for the purpose it was meant for, Sterling Bank Plc, acting on the instruction of the Kogi State Government, transferred the money from the loan account and placed it in a fixed deposit account.” Information Guide Nigeria
At the resumed sitting today, Counsel to the EFCC, Kemi Pinheiro said, “ it is expedient for the instant suit to be discontinued and the account unfrozen to enable the management of Sterling Bank PIc effect the transfer/ return of the sum of the sum of N19, 333, 333, 333.36 back to the coffer of the Central Bank of Nigeria, where the said bailout funds was disbursed.”
RIPPLES NIGERIA reports that the application of the Economic and Financial Crimes Commission (EFCC) was granted on Friday by Justice Chukwujekwu Aneke of Federal High Court in Ikoyi, Lagos State.
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