Thursday, December 9, 2021

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EFCC returns hidden N19.3bn Kogi Salary Bailout fund to CBN

The Economic and Financial Crimes Commission (EFCC) says it has returned the sum of N19,333,333,333 which was recovered from the Kogi Salary Bailout Account ‘hidden’ in Sterling Bank.

EFCC’s Head of Media, Wilson Uwujaren disclosed this in a statement on Friday night, saying the Central Bank of Nigeria (CBN) has confirmed the receipt of the funds.

According to Uwajuren, the development “effectively puts to rest the campaign of misinformation and unconscionable denials by the Kogi State Government that no fund was recovered from its bail out account”.

He explained that 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 directing the unfreezing of the Kogi State Salary Bail-out account to enable Sterling Bank to remit the balance in the account to the Central Ban of Nigeria.

Justice Chukwujekwu Aneke gave the Order pursuant to an application filed by the EFCC.

The EFCC prayed The court that it “is expedient for the instant suit to be discontinued and the account unfrozen to enable the management of Sterling Bank Plc 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.”

The apex bank in a letter referenced, DFD/DIR/CON/EXT/01/099 and dated 9th November, 2021 informed the Executive Chairman, EFCC, Abdulrasheed Bawa that it has received the money.

The letter reads in part: “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.”

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