- Confirms return of N19.3bn to CBN’s coffers
BY VICTOR BUORO – Despite the initial bravado by the Kogi State government, the Economic and Financial Crimes Commission (EFCC) says the sum of N19. 33 billion State salary bailout funds have been recovered and returned to the Central Bank of Nigeria (CBN)’s vault for safekeeping.
A statement by the EFCC’s spokesperson, Mr Wilson Uwujaren in Abuja on Friday said with the money now with the CBN, the campaign of misinformation and unconscionable denials by the Kogi state government that no funds were recovered from its bailout account would be effectively put to rest.
He explained that in a letter referenced, DFD/DIR/CON/EXT/01/099 and dated November 9, 2021, the apex bank confirmed to the EFCC Chairman, Mr Abdulrasheed Bawa, that it had received the money.
The letter stated thus; “We refer to your letter dated November 5, 2021, with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 on the above subject and wish to confirm the details of the receipt of the amount as stated below: Bank: Sterling Bank Plc; Amount: N19, 333, 333,333.36; Date of receipt: 04 November 2021.
“The return of the money to the apex bank is in compliance with the October 15, 2021 order of a Federal High Court sitting in Ikoyi, Lagos. The court directed the unfreezing of the Kogi state salary bail-out account to enable Sterling Bank to remit the balance in the account to the CBN.
“Justice Chukwujekwu Aneke gave the order pursuant to an application filed by the EFCC, ” the statement said.
In its suit against the Kogi State government, the EFCC had informed the court that the management of Sterling Bank Plc, where the account was domiciled, had acknowledged the existence of the said account with the staggering sum in its books.
According to the statement; “The Commission further brought to the attention of the court that the said amount is still standing in the credit of the account frozen. The management of Sterling Bank PIc, has, pursuant to a letter dated September 15, 2021, signed by its Managing Director, indicated its intention to return the total amount back to CBN”.
The EFCC Spokesman further stated that the anti-corruption agency had urged the court that it “is expedient for the instant suit to be discontinued and the account unfrozen” to enable the management of Sterling Bank effect the transfer/ return of the sum of N19, 333, 333, 333.36 back to the coffers of the CBN, from where the said bailout funds were disbursed.
He said the transfer has therefore put a stop to any further controversy regarding the source and ownership of the funds and most importantly, aborted the funds dissipation.
On August 31, 2021, a vacation judge, Justice Tijani Garba Ringim, had ordered the freezing of the account, following an ex-parte application filed by the EFCC.
Presenting a 13-paragraph affidavit in support of the ex-parte application, the Commission 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 account No. 0073572696 domiciled in Sterling Bank, with the name of Kogi State Salary Bailout Account.
Justice Ringim, after listening to the EFCC’s application, thereafter ordered the freezing of the account and directed the Commission to publish the order in a national newspaper.
The anti-graft agency had maintained in its suit that the said money, meant for the payment of Kogi state workers, was allegedly domiciled in an interest-yielding account with Sterling Bank plc by the State government.
In the heat of controversies surrounding the funds, the Kogi state government, through the Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris Asiru, had pointedly denied knowledge of the fixed deposit account with the said bank.
However, with the latest development, the EFCC has effectively withdrawn its suit seeking the forfeiture of the N20 billion bailout funds granted to the Kogi state government by Sterling Bank.
