₦airaland Forum

The EFCC has identified and frozen N30 billion out of the N44 billion traced from the National Social Investment Programme Agency (NSIPA) accounts. This substantial amount was suspiciously transferred to various private and corporate accounts linked to individuals acting as fronts. Notably, officials from NSIPA are currently under investigation.



The suspended National Coordinator/CEO, Halima Shehu, and the retired Director of Finance and Accounts (DFA), Bwai Adamu Hamza, were extensively interrogated by the EFCC. The agency has also arrested Hamza, who retired in December, to clarify his role in overseeing the movement of the cash. It has been revealed that Shehu and Hamza had a close working relationship within the agency.



Former Minister Sadiya Umar-Farouq, accused of laundering money during her tenure, failed to attend the EFCC interrogation, leaving officials waiting in vain. The agency is considering declaring her wanted due to her non-compliance.



The EFCC, led by Chairman Mr. Ola Olukoyede, has successfully recovered and frozen N30 billion from multiple accounts involved in the suspicious transactions. The investigation is still ongoing to uncover the remaining N14 billion.



In a swift operation, the EFCC intercepted and seized N17 billion initially, then tracked and froze an additional N13 billion within 24 hours. The agency is actively pursuing the owners of the accounts and the alleged fronts or firms implicated in the cash diversion.



Halima Shehu allowed to leave custody on compassionate grounds, reported for further questioning, while Hamza, arrested over concerns about international travel, has made useful statements aiding the recovery of records and the freezing of the identified funds. The EFCC is diligently working to unveil the accounts holding the remaining N14 billion.



Accuser James Okwete, currently in EFCC custody, awaits Sadiya Umar-Farouq's appearance for interrogation. The EFCC may declare her wanted if she continues to disregard the agency's invitation.

NIRSAL has commenced the automatic retrieval of loans disbursed to Nigerians during the COVID-19 pandemic, deducting funds directly from beneficiaries' accounts. Many individuals, who obtained these loans through unofficial agents, now find themselves grappling with repayment challenges, as these intermediaries often took a significant portion of the loan, misleading them into thinking it was a government grant.



One female journalist, who secured a N2.5 million MSME loan in 2021, reported a deduction of N350,000 from her account, despite having paid N75,000 voluntarily the previous year. Discovering the debit alert labelled "GSI recovery" from NIRSAL Microfinance Bank, she sought confirmation at the bank's branch in Area 10 Garki.



A senior official at the bank's headquarters in Abuja emphasized that many borrowers were adhering to the repayment terms, asserting that defaulters would face unavoidable deductions. The official affirmed that the recovery process, facilitated by the GSI policy, is ongoing, making it challenging to provide a specific figure for the total amount recovered, as various branches continually retrieve funds from defaulters' accounts.