N19.3bn Imbroglio And The Kogi, EFCC Faceoff

In August this year, the Economic and Financial Crimes Commission (EFCC) said it discovered about N19.3 billion belonging to the Kogi State Government in a fixed deposit account with Sterling Bank.

The money, according to the commission, was to be a bailout fund meant for the payment of workers’ salaries and arrears.

Later, the EFCC said it got an order from the Federal High Court, Lagos, to freeze the account. Shortly after, the commission went back to the court to say it would like to discontinue the case because the bank had returned the said N19.3 billion to the Central Bank of Nigeria (CBN).

In a statement by the commission’s spokesperson, Mr Wilson Uwajaren,EFCC said the refund aborts dissipation of the funds and puts an end to further controversies relating to the source and ownership of the funds.

However, the EFCC is yet to made public it’s investigations on the controversial money as of the time of this report.

But the Kogi State government, through the commissioner for Information, Kingsley Fanwo, denied any knowledge of the money, saying the state does not have any account bearing such amount of money with the said bank. The bank also released a statement, saying the Kogi government had no such account with it.

Later, the Kogi State government, challenged the anti-graft agency to publish its findings on the money.

Pundits have wondered that since the bank said, on September 1, 2021, that it never warehoused any money belonging to Kogi State in its treasury nor opened a fixed deposit account yielding interest on behalf of Kogi State Government but that it only opened a mirror account only for administrative purposes, the EFCC is yet to comment on the matter.

President Olusegun Obasanjo signed the Economic and Financial Crimes Commission Establishment bill 2002 in 2004.

The Act mandates the EFCC to combat financial and economic crimes. The commission is empowered to prevent, investigate, prosecute and penalise economic and financial crimes and is charged with the responsibility of enforcing the provisions of other laws

and regulations relating to economic and financial crimes, including:

N19.3bn Imbroglio And The Kogi, EFCC Faceoff

In this report, SUNDAY ISUWA writes on the intrigues trailing the N19.3billion controversy between the Economic and Financial Crimes Commission (EFCC) and the Kogi State Government.



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