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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

The PPA centers have not resumed so what next

Abi them no get coach again, Una shme don too much the shame come dey shame me even. Bad luck carry enter new season come collect 5 without scoring even one very bad, make them just go relegation to the last division so they can start all over and build the club again

Hunger is bad it knows no shame when it strikes

They all know what's going on but decide to keep quiet because their own people are not involved, but God will help us out of this mess

Na wow o

Na today

Very bad, for a crime she knows nothing about , paying with her blood is sacrilege and inhumane this is an irreversible action that is uncalled for rest in peace little girl

Animals

The gate of hell shall not prevail over you again. Go and continue with your dailies for I am with you says the Lord of host.

How much

It sounds genuine but Google the firm to see first whether they are advanced networking site

Gay from the pit of hell

Marriage death trap in disguise

Omo see gbege

At least there is a slothic progress

This info would have been from the minister of NPower so it will be authe

Rubbish in fact lubbish

GardenOfGod:
Evolution ni
Evaluation ko

Evolution ko evaluation in bayi Len soro

Witch hunting physically, politically and nepotistically

Chai uwa mmebi

Pregnancy is actually for the prepared couple some just get belle and eat anything that comes their way

Ok, instead of these people to scout for good representative a national flag bearer to oust this gun men and death ridden gunment they are dia fighting and quarreling over who should be the chairman and who shouldn't be, how are we not sure that after victory you people will not call the bearer back with court injunctions look at what they did to Dino PDP can't come together and defend him as a member after defecting , anyway there is still small time.

He can't do anything assuming its Atiku enhe things for right but this one say him be professor and person wey them say him no get cert dey control am upandan

ijoba222:
you think it's sex related ? I haven't had sex since June

Lol incubation period of the one you had is 2 months so its just showing the result of what happened in the night around 2-3 lol
Joke o pls go meet a physician before it becomes something else.

kwyllancy:
Igbo Amaka...

Ofu ......obi
Are you member of Igbo Amaka progressive Union

They are in power no one fights the gunment and wins but after 2023 if they don't implant their terrorist then we can probe them for bad gunvernance. If you like correct my spellings that's just how I feel as spelling them

Minister don show wondering why this info is coming late