Withdrawal of Case Against Kogi: The EFCC should Apologize to Kogi Govt - Reactions

Reactions have continued to trail the latest stance of the Economic and Financial Crime Commission (EFCC) on the Kogi 20 Billion saga as the crime-fighting body seems to have chickened out with an alibi that the Sterling Bank has "agreed" to return the said money to the Central Bank of Nigeria (CBN).

The EFCC in a statement on Friday said that "Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Friday, October 15, 2021, granted the application filed by the Economic and Financial Crimes Commission, EFCC, seeking to discontinue the matter in Suit No. FHC/L/ CS, 1086/2021 involving the N20bn Kogi State Salary bail-out loan. The application, according to the Commission’s counsel, Kemi Pinheiro, SAN, is the sequel to the decision of the management of Sterling Bank Plc to return the total sum of N19, 333,333,333.36 standing in the credit of the frozen account back to the Central Bank of Nigeria."

Recall that the Kogi government through the Commissioner of Information and Communication, Mr. Kingsley Fanwo, had, in September, responded to the accusation that the state mismanaged an N20bn bailout loan meant to argument payment of workers salaries.

The state had also threatened to sue over the allegation as the Sterling Bank which the money was said to be with came out to clear the air while expressing shock over the allegation it described as false.

The withdrawal of the EFCC suit against Kogi has developed huge doubt in the mind of Kogites and Nigerians by extension. It pops up the question that whether Kogi has been vindicated or that the EFCC was not sure of its indictment of Kogi.

Social media is now awash as people are lambasting EFCC after it announced withdrawing the case.

A Facebook analyst reacted to the EFCC's assertion saying "it appears as though EFCC might suspect Nigerians are rash individuals. How could you a condition of taking cash and make a u-turn that the bank is returning the cash? Is that how the EFCC is intended to work? They ought to proceed with the suit in case they make certain of their allegation."

The Kogi State government had distributed its bailout payment on a few national dailies when the workers' pay rates were cleared.

This could likewise be affirmed through the current smoothness of the state government workers. Individuals are at this point not owed and the state has continued to do a few hearty projects like a significant flyover development for the core of Lokoja, the capital of the state.

https://thetrumpetng.com/withdrawal-of-case-against-kogi-the-efcc-should-apologize-to-kogi-govt-reactions/

Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

SB opens 3 accounts not necessarily at the same time.

SB disbursed 20B loan into the 1st account opened for KGSG.

KGSG instructs SB to open a "Bailout Salary Account" and the 20B is moved into this.

KGSG profiled the salary account on Remita platform, it's payment gateway.

KGSG proceeded to disburse the funds from the salary account directly into beneficiaries account in various banks.

For the second account opened by SB, as is the procedure in similar transactions, CBN paid 20B into this account as a kind of collateral should the state become insolvent or unable to pay for whatever reason.

The 3rd account SB opened was for managing the loan facility repayment, as is the practice in banking industry.

Facts That Checks

A) Before EFCC rushed to court when they got "inside info" they neither contacted KGSG or SB for proper information gathering or investigation .

b) EFCC only approached the bank, SB and KGSG only after the court judgment.

c) EFCC requested for and got all the payments reports that shows complete details of payment made from the funding account to beneficiaries accounts including details of the beneficiaries and time stamped from Remita platform.

d) All these reports can easily be verified through either the beneficiaries or through the various beneficiary banks.

e) Of course verification by EFCC confirms that the said 20B was judiciously utilised as agreed.

Lastly the 20B paid to SB as collateral (now 19.3B) would be returned to CBN in tranches dictated by the loan facility repayment by KGSG until the loan is liquidated.

I hope my clarification above would help in whatever measures clear some grey areas.

It's obvious that EFCC only succeded in exposing their inefficiencies and lack of due diligence.

So EFCC rushed to media to drop a different case

Oluboh:
Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

SB opens 3 accounts not necessarily at the same time.

SB disbursed 20B loan into the 1st account opened for KGSG.

KGSG instructs SB to open a "Bailout Salary Account" and the 20B is moved into this.

KGSG profiled the salary account on Remita platform, it's payment gateway.

KGSG proceeded to disburse the funds from the salary account directly into beneficiaries account in various banks.

For the second account opened by SB, as is the procedure in similar transactions, CBN paid 20B into this account as a kind of collateral should the state become insolvent or unable to pay for whatever reason.

The 3rd account SB opened was for managing the loan facility repayment, as is the practice in banking industry.

Facts That Checks

A) Before EFCC rushed to court when they got "inside info" they neither contacted KGSG or SB for proper information gathering or investigation .

b) EFCC only approached the bank, SB and KGSG only after the court judgment.

c) EFCC requested for and got all the payments reports that shows complete details of payment made from the funding account to beneficiaries accounts including details of the beneficiaries and time stamped from Remita platform.

d) All these reports can easily be verified through either the beneficiaries or through the various beneficiary banks.

e) Of course verification by EFCC confirms that the said 20B was judiciously utilised as agreed.

Lastly the 20B paid to SB as collateral (now 19.3B) would be returned to CBN in tranches dictated by the loan facility repayment by KGSG until the loan is liquidated.

I hope my clarification above would help in whatever measures clear some grey areas.

It's obvious that EFCC only succeded in exposing their inefficiencies and lack of due diligence.

Interesting.

Still want to know maybe EFCC has some pointers:

The funds were kept at Sterling bank account for many years, unused by the State Government in a Fixed deposit Account yielding interest. Who was benefiting from the interest yielded in the account? Was it going to a personal account of a Top Government Official?

EFCC goofed, that's why they withdrew the case

Over to EFCC.

No need, Kogi governor is the biggest scamm in Nigeria

Watch how Yahaya Bello and his supporters will use this to campaign for his Presidential ambition.

As if this takes away the fact that civil servants in Kogi are committing suicide because of frustration and depression as result of non payment of salaries.

What are we to believe, I thought they said the case was withdrawn because Kogi state forfeited the money in question.

Is this article another paid article by Yahya

Noted

Yahaya Bello tyrannical attitude is equal to none in Nigeria. If you dare raise your voice against the injustice going on in Kogi state, you're gone.

Very terrible English by the reporter

It's clear the EFCC were arm-twisted

hmm

Naija which way

The level of corruption in this government is damn much.

According to the mumuu that wrote this, salaries are being smoothly paid in kogi, is it the 25% salary workers have been collecting since bello came or another one?
And pls why is the money kept for years in the bank, where is the interest? Even those that collect 25% salary do they collect it every month? You should be ashamed of yourself for attempting to defend a colossal failure of a youth like bello, may God run your life henceforth the way yaya bello run kogi

AroleOduduwa2:
What are we to believe, I thought they said the case was withdrawn because Kogi state forfeited the money in question.

Is this article another paid article by Yahya

The person you should believe is the one who has taken possession of the money.
The suit was withdrawn because Kogi forfeited the money.

Oluboh your name looks like an Ayere Ijumu Name.
Koni da fun e
God will pinish you for supporting thieving Yahaya Bello.They initially claimed it was false so why return money that doesn't exist?

The OP has been paid to come and write rubbish here and swing public opinion. Nonsense.

Xcv

So withrawal of case means not guilty. Didn't Nigerian courts say that James Ibori had no case to answer until he was brought before a court in London, Ibori with his own mouth pleaded guilty as charged. This country matter tire me.

Gather here If you still don't understand

Alphafeezay:
EFCC goofed, that's why they withdrew the case

But Bello returned the money

kings4sera:
Oluboh your name looks like an Ayere Ijumu Name.
Koni da fun e
God will pinish you for supporting thieving Yahaya Bello.They initially claimed it was false so why return money that doesn't exist?

I think I like that

What stop him from paying the workers, yahoo GYB. Civil servant bailouts is now going back to CBN without it purpose.

Oluboh:
Someone dropped this, and it actually clears the air a great deal. ���

There is no balance that would be returned to CBN.

"it is a face saving statement from EFCC".

For the benefit of those that would want to know let me try to state some fact about the whole saga...

Unlike what EFCC claimed, the loan wasn't from Sterling Bank but a bailout loan from CBN (not a single commercial bank in Nigeria will give an entity a loan @ 9% interest).

As we all know CBN does not give loan directly, they usually use DMBs for such facilities, and Sterling Bank was chosen for this particular facility in 2019 with the following details;

1. CBN request SB to give KGSG 20billion and monitor utilisation, meaning all the loan will be disbursed from SB.

SB opens 3 accounts not necessarily at the same time.

SB disbursed 20B loan into the 1st account opened for KGSG.

KGSG instructs SB to open a "Bailout Salary Account" and the 20B is moved into this.

KGSG profiled the salary account on Remita platform, it's payment gateway.

KGSG proceeded to disburse the funds from the salary account directly into beneficiaries account in various banks.

For the second account opened by SB, as is the procedure in similar transactions, CBN paid 20B into this account as a kind of collateral should the state become insolvent or unable to pay for whatever reason.

The 3rd account SB opened was for managing the loan facility repayment, as is the practice in banking industry.

Facts That Checks

A) Before EFCC rushed to court when they got "inside info" they neither contacted KGSG or SB for proper information gathering or investigation .

b) EFCC only approached the bank, SB and KGSG only after the court judgment.

c) EFCC requested for and got all the payments reports that shows complete details of payment made from the funding account to beneficiaries accounts including details of the beneficiaries and time stamped from Remita platform.

d) All these reports can easily be verified through either the beneficiaries or through the various beneficiary banks.

e) Of course verification by EFCC confirms that the said 20B was judiciously utilised as agreed.

Lastly the 20B paid to SB as collateral (now 19.3B) would be returned to CBN in tranches dictated by the loan facility repayment by KGSG until the loan is liquidated.

I hope my clarification above would help in whatever measures clear some grey areas.

It's obvious that EFCC only succeded in exposing their inefficiencies and lack of due diligence.

Epistles without sense. Did you read the judgement of court? Was it EFCC who gave the order or the court? You must be part of the corrupt fellows in this country trying to save the face of your cohort. Why not go to the media and spew this trash? Here's not the best medium to cajole people. Oniranu

sholatech:


Interesting.

Still want to know maybe EFCC has some pointers:

The funds were kept at Sterling bank account for many years, unused by the State Government in a Fixed deposit Account yielding interest. Who was benefiting from the interest yielded in the account? Was it going to a personal account of a Top Government Official?

Don't mind oluboh of a moniker.

Alphafeezay:
EFCC goofed, that's why they withdrew the case

The money is going back to it's source according to the verdict so, efcc had not option that withdraw.