FAAC Shelves Meeting Over Accountant General’s N80bn Scam Probe

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  • Finance Minister suspends embattled AGF Idris indefinitely

BY EDMOND ODOK – The Federation Account Allocation Committee (FAAC) has announced the postponement of its May 2022 meeting earlier scheduled for May 18 and 19, 2022.

The sudden postponement may not be unconnected with the ongoing investigation of the Accountant General of the Federation (AGF), Ahmed Idris, over his alleged involvement in financial fraud amounting to about 80 billion Naira.

According to a statement on Wednesday signed by Stephen Okon, the Director, Home Finance, Federal Ministry of Finance, Budget and National Planning, the meeting was postponed due to “certain circumstances” beyond their control.

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The circular said; “I am directed to inform you that the Federation Account/Allocation Committee (FAAC) meetings earlier scheduled to hold/virtually on the 18th and 19th May 2022 have been postponed due to/certain circumstances.

“In view of the foregoing, I am to further inform you that the new date for the meetings will be forwarded to you in due course.

“While we regret the inconveniences this change might cause you, please accept the assurances of the Honorable Minister’s warm regards.”

AGF Idris is also being investigated on allegations of laundering funds through real estate investments in Kano and Abuja with the Economic and Financial Crimes Commission (EFCC)’s spokesperson, Wilson Uwujaren saying; “The Commission’s verified intelligence showed that the AGF raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.”

FAAC holds its meeting monthly to distribute federally generated revenue among the three tiers of government as well as the cost of collection and deductions for statutory transfers and refunds to benefitting agencies and commissions

Finance Minister axes AGF Idris

Meanwhile, the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed has announced the indefinite suspension of embattled AGF, Ahmed Idris.

Idris’s suspension is coming 48 hours after his arrest by the EFCC over an alleged N80 billion fraud and the Finance Minister said in the suspension letter marked HMFBNP/AGF/SUSPENSION/5/2022 and dated 18th May 2022 that the action became necessary “to allow for proper and unhindered investigation into the serious allegations in line with Public Service Rules 030406”.

Finance Minister Zainab Ahmed

The letter said; “Following your recent arrest by the Economic and Financial Crimes Commission (EFCC) on allegations of diversion of funds and money laundering, I write to convey your suspension from work without pay effective 18th May 2022.

“During this period, you are not expected to attend your place of work or contact any official in your Office except for any disciplinary hearing that may be advised

“It is expected that you will strictly comply with any instructions that will be forwarded to you in your current location or your known recorded address as stipulated in the extant rules.”

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