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Nairaland Forum / Nairaland / General / Politics / FG Gets N1.9bn From Funds Seized From Tafa Balogun & Others (476 Views)
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FG Gets N1.9bn From Funds Seized From Tafa Balogun & Others by MrAJQ(m): 2:19pm On Aug 27, 2016 |
The Economic and Financial Crimes Commission
(EFCC) says N1,956,007,975.81 has accrued to
government as interest from the public funds sized
from a former Inspector-General of Police, Mr. Tafa
Balogun, and other suspects under investigation or
trial.
N2.25billion was confiscated from Balogun alone.
The amount was deposited in 11 accounts,according
to records put together by the agency.
The EFCC document sighted by The Nation also shows
that seized properties from the founder of the
defunct Intercontinental Bank Erastus Akingbola,
former Edo State Governor Lucky Igbinedion,
former Plateau State Governor Joshua Dariye and
seven other highly-placed people under
investigation ,have yielded about N185.6million as
rents for government.
The other suspects in this category are: Alhaji Tukur
Muazu, Bayo Lawal, Kayode Ojuri, Timothy Akani,
Esai Dangabar, Aliyu Bello and John Yusuf Yakubu.
Similarly, the EFCC took over 75 money laundering
cases involving drug barons from the National Drugs
Law Enforcement Agency ( NDLEA) between 2006
and 2013.
EFCC sources told The Nation that the records were
put together following controversy generated by the
assets seized from the former IGP.
Balogun resigned his appointment as the IGP on
January 18, 2005 following the uncovering of a huge
amount in his accounts by the EFCC under its pioneer
chairman, Mallam Nuhu Ribadu.
But 11years after, some critics alleged that cash and
assets seized from Balogun had been re-looted.
The EFCC records sighted by The Nation says in part:
“A total of 15 Spring Bank accounts were forfeited by
Mr. Tafa Balogun. Of this number, four accounts had
NIL (zero) balance.
“The total balance in the remaining 11 accounts as of
January 2005 was N1, 226,518,163.09. In addition to
this, seven treasury bills/commercial papers in the
same bank had a total balance of N1, 017, 178,
719.42.
“The two added together came up to N2,
243,696,882.51. With the addition of the accrued
interest of N14, 403,634.36, the figure came to N2,
258,100,516.87.
“This sum was what was paid to the commission by
Spring Bank and eventually remitted to the Federal
Government, through the Federal Ministry of
Finance.”
But the commission said that some assets of the
former IGP were yet to be disposed of because of
legal disputes.
Continuing, the EFCC says: “There were legal issues
on some of the properties recovered from Tafa
Balogun. Other claimants emerged, with claims to
the properties. The cases include the property at
Plot 2220 Suez Crescent, Zone 4, Abuja, which the
Commission eventually won in 2013, while the other
involved a property at Plot 1488, Fugar Street,
Asokoro which case the Commission lost in 2014.
"Apart from the Fugar Street Asokoro property that
is now a subject of appeal by the EFCC; three other
properties forfeited by Tafa Balogun are yet to be
disposed of. One of the properties is located at Plot
110, Tunis Street, Wuse Zone 5, Abuja.
"Meanwhile, the total sum of N46,358,393.15
generated from the management of the property by
Diya Fatimilehin & Co since 2009 was remitted to
the Commission at various times.
"The remitted sum is in the Commission’s recovery
account. The remaining two properties which
appeared on the forfeiture order as Plot 75, Asokoro
and Plot 2262B Maitama A6 District, Abuja, are also
subject of legal disputes.”
The EFCC also admitted that it raked in about
N1,956,007,975.81 from forfeited funds placed in
interest yielding accounts.
It says: “The placement of forfeited monies in
interest yielding accounts is not an entirely new
idea. The court in various rulings ordered some
funds to be placed in interest yielding accounts.
“Rather than warehousing forfeited funds in current
accounts for a long period, the commission lodged
such funds, including those of Tafa Balogun, in
interest yielding accounts.
“The interest element is always in line with CBN Cash
Reserve Ratio and not fixed. Not a single kobo is
taken out by the commission under this initiative."
It is interesting to note that under this initiative, as
at March 2015, the sum of N696, 590,765.36 was
generated as interest on recovered funds with
Access Bank Plc.
“Another sum of N522,807,543.83 presently stands
as interest generated from recovered funds with
Ecobank Plc, while the subsidy recoveries with
Enterprise Bank Plc has yielded the sum of
N736,609,666.62. All these monies are intact and
are held on behalf of the Federal Government until
all encumbrances to their release are cleared.
“For purposes of transparency and accountability, the
commission sought and obtained approval to
operate a dedicated interest income account vide a
letter from the Office of the Accountant General of
the Federation Ref. No. AGF/TRY/RB/441/VOL.I/128
dated 3rd December, 2012.”
Meanwhile, about N185.6million was collected as
rents from seized properties of Erastus Akingbola,
Lucky Igbinedion, Alh. Tukur Muazu, Bayo Lawal,
Kayode Ojuri, Timothy Akani, Esai Dangabar, Aliyu
Bello, Joshua Chibi Dariye and John Yusuf Yakubu.
“For the avoidance of doubt, the said rents were
remitted to the commission as follows:
The sum of N70, 655,872.47 was collectively
generated from the management of the forfeited
properties of Erastus Akingbola, Lucky Igbinedion
and Alh. Tukur Muazu.
The sum of N99, 083,241.75 was collectively
generated from the management of the forfeited
properties of Erastus Akingbola, Bayo Lawal, Kayode
Ojuri, Timothy Akani, Esai Dangabar, Aliyu Bello,
Joshua Chibi Dariye and others.
iii. The N15,944,222.40 was collectively generated
from the management of the forfeited properties of
Mr. Bayo Lawal, Esai Dangabar and John Yusuf
Yakubu.
On money laundering cases by drug barons, EFCC
confirmed receipt of 75 cases from the National
Drug Law Enforcement Agency ( NDLEA) between
2006 and 2007.
It said: “Between 2006 and 2013, the EFCC received
a total of 75 cases from NDLEA. The cases related to
various offences including, unlawful possession of
financial instruments, currency trafficking, unlawful
possession of counterfeit financial instrument,
obtaining under false pretense and unlawful
possession of fake currencies among others.
“The cases were basically transferred along with
exhibits which include financial instruments in form
of cheques, drafts, traveler’s cheques, money order
and cash in local and foreign currencies which were
mostly fake or counterfeit in nature.” |
Re: FG Gets N1.9bn From Funds Seized From Tafa Balogun & Others by agwom(m): 2:22pm On Aug 27, 2016 |
good one! |
Re: FG Gets N1.9bn From Funds Seized From Tafa Balogun & Others by MrAJQ(m): 2:22pm On Aug 27, 2016 |
Re: FG Gets N1.9bn From Funds Seized From Tafa Balogun & Others by thesicilian: 2:24pm On Aug 27, 2016 |
I wonder where all these recovered loots are going into, that we still keep borrowing and selling off government property and paying higher taxes |
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