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?

After all the effort by the guy to explain the whole thing, you couldn't get anything from the explanation?
The fix money you saw there was collateral that was deposited by CBN in favour of Starling bank. No government official has access to that. Interest or no interest, that is between CBN and starling bank not government officials.

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



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

was there 19.3 billion in the Kogi state bailout account?

truthCoder:


Lets do some small accounting.

Kogi spends around 44bn annually on salaries out of total recurrent costs of around 67bn. Most of the salaries go to teachers. Capital expenditure is just 24bn for the whole year.

Kogi makes an average of 60bn from the federation and 15bn internally. The rest comes from loans, some pittance from some grants and the capital development fund.

In summary, Kogi is drowning. Total of all bankable inflows can barely cover recurrent expenditure, talkless of building roads.

If all salary arrears are to be paid, the whole FAAC and IGR won't even be enough.

The only miracle would be if IGR can grow.

But Kogi is a civil servant state with everyone just resuming to work to mark register. So everything there na cruise.

Chai!! Thanks for the explanation.

Some states needs to be merge in Nigeria.

We can just have 4 states each in the 6 Geopolitical region

DubaiLandLord:
Chai!! Thanks for the explanation.

Some states needs to be merge in Nigeria.

We can just have 4 states each in the 6 Geopolitical region

Sincerely, some states should be converted to large farm estates run by the federal ministry of agric and some housing structures to home the inhabitants who work in other viable states

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.

see the way you are writing long epistle just because you want to defend a thief. I pity una.

It is only the people of Kogi, resident in the state that will know the truth of this matter.