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Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion - Politics - Nairaland

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Court Freezes Accounts Linked To Ex-governor, Ambode, Over N9.9bn Alleged Fraud / EFCC Tracking State Bank Accounts To Prevent Outgoing Governors From Looting / High Court Freezes INEC Account (2) (3) (4)

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Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Visocrate(m): 6:17pm On Aug 31
Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20Billion Bailout Loan
EFCC had approached the court for the order in an ex parte application brought pursuant to section 44(2) of the Constitution
BY SAHARAREPORTERS, NEW YORK AUG 31, 2021

A Federal High Court sitting in Lagos on Tuesday ordered the freezing of a bank account belonging to Kogi State government over a N20 billion loan obtained from Sterling Bank Plc.

The affected salary bailout account is numbered 0073572696.

Justice Tijjani Garba Ringim on Tuesday ordered that the said account should be frozen pending the conclusion of investigation or possible prosecution by the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.

EFCC had approached the court for the order in an ex parte application brought pursuant to section 44(2) of the Constitution and section 34(1) of the EFCC Act, and under the inherent jurisdiction of the court.

A counsel from the agency, A. O. Mohammed, informed the court that the order was necessary so as to preserve the remaining and abate further dissipation of the funds in the account.

Moving the application, Mohammed told the court that the N20 billion loan meant to augment the salary payment and running cost of the state government was kept in an interest-yielding account with Sterling Bank.

He added that instead of using the money for the purpose it was meant for, Sterling Bank Plc, acting on the instruction of the Kogi State Government transferred the money from the loan account and placed same in a fixed deposit account.

He stated that Sterling Bank Plc has yet to present any credible evidence to show that the facility is well secured.

Granting the application, Justice Ringim ordered the EFCC to publish the order in a national newspaper and make quarterly report to the court on the progress of its investigation.

The judge consequently adjourned the matter till December 1, for the report of Investigation.

The EFCC in its 13-paragraph affidavit in support of the ex parte originating summons deposed to by a member of a team of investigators attached to the Chairman, Monitoring Unit of the EFCC, Lagos, stated that the Commission received credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities warehoused in account No. 0073572696 and domiciled in Sterling Bank Plc with the name - Kogi State Salary Bailout Account.

He said the Commission acted on the said intelligence and assigned same to the Chairman, Monitoring Unit, where it was discovered that on April 1, 2019, the management of Sterling Bank Plc approved an offer of N20,000,000,000.00 bailout loan facility for Kogi State Government.

According to the deponent, on the June 19, 2019, the Kogi State Government, Ministry of Finance and Economic Development, office of the Honourable Commissioner, applied for credit facility of Twenty Billion Naira (N20, 000,000,000), with an interest rate of 9 percent for a tenure of 240 months from Sterling Bank Plc.

He added that the said facility was meant to augment the salary payment and running cost of the state government.

He stated further that on June 26, 2019, the credit facility offer was accepted vide a memorandum of acceptance signed by Yahaya Bello, Governor of Kogi State; Asiwaju Asiru Idris, state Commissioner of Finance and one Alhaji Momoh Jibrin, Accountant General of the state.

He stated that prior to the said application for loan, Kogi State Government on the 19th June, 2019 vide a letter to the Manager, Sterling Bank Plc, Lokoja applied to open an account in the bank with the name - Kogi State Salary Bailout Account, with Alhaji Momoh Jubril, Accountant General of the State and Elijah Evinemi, Ag. Director Treasury as the signatories to the said account. (Attached and marked exhibit EFCC 04 is a copy of the said letter).

The statement said, "That upon the opening of the said account with No. 0072969301, Sterling Bank Plc disbursed salary intervention loan to the tune of N20,000,000,000.00 to the account.

"That rather than use the intervention funds for the purpose for which it was granted, the state government proceeded to open a fix deposit account No. 0073572696.

"That on the 25 day of July, 2019, Sterling Bank Plc, acting on the instruction of the Kogi State Government transferred the money from the loan account and placed same on aforementioned fixed deposit account.

"That the said account sought to be frozen received the sum of Twenty Billion Naira (N20, 000,000,000) on the 25th July 2019.

"That as at 1st day of April, 2021 the balance standing to the credit of the said fixed deposit account was N19, 333, 333, 333.36 billion.

"That we are still tracing what the sum of N666,666,666.64 b has been deducted from the said funds and were not used for the payment of the salary.

"That the Commission has the statutory mandate to prevent the commission of Economic and Financial Crimes with the shores of the Federal Republic of Nigeria.

"That investigation in this matter is still ongoing and this application is pertinent to secure the funds in the said account to prevent them from being totally dissipated.

"That without freezing the nominated accounts, there is no better way of preserving remaining."

BY SAHARAREPORTERS
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by slickbak(m): 6:20pm On Aug 31
Someone’s presidential ambition is bringing the chickens home to roost.

1 Like

Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Jerryherd: 6:24pm On Aug 31
cool


They want to cut Bello to size...

I guess it's clear to them Bello isn't joking


.

2 Likes

Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by otokx(m): 6:24pm On Aug 31
Aha
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Valkrie: 7:44pm On Aug 31
See the bloody goat that refuse to pay salaries of his people and want to be president... cheesy
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Faiththatworks(m): 8:05pm On Aug 31
Chaiiiiiiiiiiiiiiiiii
To think the Governor of kogi wants to rule Nigeria.
666,666,666.00 naira stolen on a fixed deposit of 20,000,000,000.
EFCC should arrest and throw inside the prison cell anyone involved in this terrible and odourious act.
The commissioner of finance of kogi and the Sterling bank account officer in charge of kogi must be jailed,if you can't catch the big fish,kill the small fishes in the pond.
As for Yaya Bello,if this story is true shame on him,and shame on his handlers and presidential aspiration.
This is broad daylight brazen stealing,the crooks couldn't even cook up the books to cover their fraud.
Anyways I hope EFCC will make an example of all the criminals involved in this brazen daylight robbery.

1 Like

Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by SadiqBabaSani: 8:34pm On Aug 31
Death to all corrupt politician's
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by 143WaZoBia: 8:49pm On Aug 31
This is unfair to the people of the state. Why are people so wicked on this side of the map?
They are still withdrawing the profits and it’s not going to the people.
Useless state governors, FG will give you money to pay salaries you will not, took loan for the same cause and still don’t use appropriately. At the end you will be turning people against the FG.

If not for the fear of restructuring that north has, We would have known how to chose our governors by now because our welfare will depend on it. They have the FG to put their incompetence on.
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Maxymilliano(m): 9:06pm On Aug 31
Not too young to thief is the slogan

3 Likes

Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Educationalserv: 9:26pm On Aug 31
Visocrate:
Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20Billion Bailout Loan
EFCC had approached the court for the order in an ex parte application brought pursuant to section 44(2) of the Constitution
BY SAHARAREPORTERS, NEW YORK AUG 31, 2021

A Federal High Court sitting in Lagos on Tuesday ordered the freezing of a bank account belonging to Kogi State government over a N20 billion loan obtained from Sterling Bank Plc.

The affected salary bailout account is numbered 0073572696.

Justice Tijjani Garba Ringim on Tuesday ordered that the said account should be frozen pending the conclusion of investigation or possible prosecution by the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.

EFCC had approached the court for the order in an ex parte application brought pursuant to section 44(2) of the Constitution and section 34(1) of the EFCC Act, and under the inherent jurisdiction of the court.

A counsel from the agency, A. O. Mohammed, informed the court that the order was necessary so as to preserve the remaining and abate further dissipation of the funds in the account.

Moving the application, Mohammed told the court that the N20 billion loan meant to augment the salary payment and running cost of the state government was kept in an interest-yielding account with Sterling Bank.

He added that instead of using the money for the purpose it was meant for, Sterling Bank Plc, acting on the instruction of the Kogi State Government transferred the money from the loan account and placed same in a fixed deposit account.

He stated that Sterling Bank Plc has yet to present any credible evidence to show that the facility is well secured.

Granting the application, Justice Ringim ordered the EFCC to publish the order in a national newspaper and make quarterly report to the court on the progress of its investigation.

The judge consequently adjourned the matter till December 1, for the report of Investigation.

The EFCC in its 13-paragraph affidavit in support of the ex parte originating summons deposed to by a member of a team of investigators attached to the Chairman, Monitoring Unit of the EFCC, Lagos, stated that the Commission received credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities warehoused in account No. 0073572696 and domiciled in Sterling Bank Plc with the name - Kogi State Salary Bailout Account.

He said the Commission acted on the said intelligence and assigned same to the Chairman, Monitoring Unit, where it was discovered that on April 1, 2019, the management of Sterling Bank Plc approved an offer of N20,000,000,000.00 bailout loan facility for Kogi State Government.

According to the deponent, on the June 19, 2019, the Kogi State Government, Ministry of Finance and Economic Development, office of the Honourable Commissioner, applied for credit facility of Twenty Billion Naira (N20, 000,000,000), with an interest rate of 9 percent for a tenure of 240 months from Sterling Bank Plc.

He added that the said facility was meant to augment the salary payment and running cost of the state government.

He stated further that on June 26, 2019, the credit facility offer was accepted vide a memorandum of acceptance signed by Yahaya Bello, Governor of Kogi State; Asiwaju Asiru Idris, state Commissioner of Finance and one Alhaji Momoh Jibrin, Accountant General of the state.

He stated that prior to the said application for loan, Kogi State Government on the 19th June, 2019 vide a letter to the Manager, Sterling Bank Plc, Lokoja applied to open an account in the bank with the name - Kogi State Salary Bailout Account, with Alhaji Momoh Jubril, Accountant General of the State and Elijah Evinemi, Ag. Director Treasury as the signatories to the said account. (Attached and marked exhibit EFCC 04 is a copy of the said letter).

The statement said, "That upon the opening of the said account with No. 0072969301, Sterling Bank Plc disbursed salary intervention loan to the tune of N20,000,000,000.00 to the account.

"That rather than use the intervention funds for the purpose for which it was granted, the state government proceeded to open a fix deposit account No. 0073572696.

"That on the 25 day of July, 2019, Sterling Bank Plc, acting on the instruction of the Kogi State Government transferred the money from the loan account and placed same on aforementioned fixed deposit account.

"That the said account sought to be frozen received the sum of Twenty Billion Naira (N20, 000,000,000) on the 25th July 2019.

"That as at 1st day of April, 2021 the balance standing to the credit of the said fixed deposit account was N19, 333, 333, 333.36 billion.

"That we are still tracing what the sum of N666,666,666.64 b has been deducted from the said funds and were not used for the payment of the salary.

"That the Commission has the statutory mandate to prevent the commission of Economic and Financial Crimes with the shores of the Federal Republic of Nigeria.

"That investigation in this matter is still ongoing and this application is pertinent to secure the funds in the said account to prevent them from being totally dissipated.

"That without freezing the nominated accounts, there is no better way of preserving remaining."

BY SAHARAREPORTERS
.see presidential candidate.
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by teadrake(m): 11:02pm On Aug 31
Yeye Bello is a big scammer. This one pass Hushpuppy!!!
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Enskynelson(m): 12:41am On Sep 01
APC government has been a big fraud and Kogi is the number one example

1 Like

Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by johnmartus(m): 12:58am On Sep 01
Bello is gathering money for his presidential bid
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Phiniter(m): 1:11am On Sep 01
slickbak:
Someone’s presidential ambition is bringing the chickens home to roost.

1 Like

Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by leofab(f): 1:35am On Sep 01
E
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Biodun556(m): 4:05am On Sep 01
Our youngest governor, a big thief. Governance is not about age but some people will not listen.
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by southernbelle(f): 6:00am On Sep 01
My goodness! I felt a range of emotions as I was reading through this, none of it good or uplifting. What is wrong with these leaders and civil servants?
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by FreeStuffsNG: 6:36am On Sep 01
Jerryherd:

cool


They want to cut Bello to size...

I guess it's clear to them Bello isn't joking


.
Please kindly read the report again. It's not about Bello, it's about the suffering folks of Kogi. They will end up paying back such a dubious debt but for this intervention.
It's even possible that Bello himself just got coned. Cunny man die, cunny man bury am.
Who receives loan at almost double digits interest to place in fixed deposits that fetches ridiculous interest, those guys are not okay if that's how they run Kogi.
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by Valkrie: 7:24am On Sep 01
FreeStuffsNG:

Please kindly read the report again. It's not about Bello, it's about the suffering folks of Kogi. They will end up paying back such a dubious debt but for this intervention.
It's even possible that Bello himself just got coned. Cunny man die, cunny man bury am.
Who receives loan at almost double digits interest to place in fixed deposits that fetches ridiculous interest, those guys are not okay if that's how they run Kogi.


E no easy... wonder there is so much poverty in that state...!!
Re: Court Freezes Kogi State Bank Account Over Alleged Fraud Involving N20billion by nzeobi(m): 9:35am On Sep 01
Double voter registration bandit, finish your tenure and face the consequences

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