Some EFCC cash recoveries

The Economic and Financial Crimes Commission (EFCC) has recovered about N500 billion, according to the Acting Chairman Ibrahim Magu. Speaking in Abuja during the inauguration of the anti-graft agency’s N24-billion new headquarters, Magu said the commission secured 486 convictions from November 2015 till date He said: “In 2018 alone, we have secured 89 convictions. We have recovered funds in different currencies and, so far, we have recovered more than N500 billion.” Below are some of the notable recoveries made by the EFCC. Diezani’s $153m The Federal High Court in Lagos on February 16, 2017, based on EFCC’s application, ordered the final forfeiture of $153 million allegedly belonging to former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, to the Federal Government. Justice Muslim Hassan ordered the forfeiture of unclaimed N23.4 billion, $5 million as well as $40 million (the naira equivalent is N9.08 billion). The EFCC said the money was laundered for the former minster and was unclaimed. NIMASA’s hidden funds On February 5, the Federal High Court in Lagos ordered the forfeiture of £578,080 (about N292million) allegedly stolen from the Nigerian Maritime Administration and Safety Agency (NIMASA) and hidden in a Diamond Bank Plc account. The money was found in an account of a maritime firm, ZAL Marine Limited, EFCC said. EFCC said it received intelligence on monumental fraud in NIMASA and that part of the proceeds of the fraud was transferred to ZAL Marine by NIMASA employees – Irene Macfoy and Chukwuemeka Emmanuel. Ikoyi cash haul On June 6, 2017, the Federal High Court in Lagos ordered the forfeiture of $43,449,947 (about N13billion), N23, 218,000 million and £27,800 (about N10.6 milion) cash found in Flat 7B, Osborne Towers, 16, Osborne Road, Ikoyi, Lagos. The court later ordered the flat’s forfeiture to the Federal Government on January 19. Lagos shop cash On May 19, 2017, Justice Rilwan Aikawa of the Federal High Court in Lagos ordered the forfeiture of N449.6million found in an abandoned Bureau De Change shop on Victoria Island in Lagos. EFCC said the Shop LS64 at Legico Shopping Plaza was not opened for two years, and that the money was found in several sacks. Ex-Naval chief’s N1.8b The Federal High Court in Lagos on April 6, 2016, ordered the forfeiture of N1.8billion recovered from a former Chief of Naval Staff, Dele Ezeoba. EFCC said the money was traced to the account of a company, Aquila Leasing Limited. It said Ezeoba allegedly used the name of Chukwuka Onwuchekwa to open a fraudulent account while he (Ezeoba) was the one who “truly” laundered the money. Governors’ Forum’s N1.4b On April 26, Justice Mojisola Olatoregun of the Federal High Court in Lagos ordered the forfeiture of N1, 442,384,857.84 belonging to the Nigeria Governors’ Forum (NGF) to the Federal Government. The sum is said to be part of unrefunded Paris and London Club Loans, domiciled at Access Bank Plc and Guaranty Trust Bank (GTBank). Major oil marketers In July 2017, EFCC said it recovered 328.9 billion from major oil marketers nine in one year. They are NNPC Retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc. EFCC said the recovery was made by its Kano office between July 2016 and July 2017 following a petition against the management of the Nigeria National Petroleum Corporation, NNPC, and its subsidiary, Pipelines and Product Marketing Company (PPMC). The petition alleged that N40 billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC. Banks’ unremitted tax On December 29, 2017, the EFCC recovered over N27.7billion from six banks being unremitted withholding tax on dividends. The banks are Zenith Bank Plc, First Bank Plc, Access Bank Plc, Standard Chartered Bank, Unity Bank Plc and Stanbic IBTC Bank. “One bank allegedly accounted for more than 80 percent of the amount as N26, 468,223,358.24 was recovered from the bank between November and first week of December, 2017,” EFCC said. Hidden Paris Club funds On March 27, 2017, EFCC recovered N500million from First Generation Mortgage Bank which was allegedly diverted by a governor out of his share of N19billion Paris Club Refunds. Wasp Network refund Last year, EFCC secured the refund of N220million by Wasp Networks and Thebe Wellness Services out of N3.5billion controversial consultancy fees on London Paris Club refunds. Poll scam EFCC said it recovered over N1billion from a former military administrator, a former Resident Electoral Commissioner, former ministers and some Independent National Electoral Commission (INEC) officials who benefitted from N23.29 poll bribery scam. For instance, a former Minister of the Federal Capital Territory (FCT), Jumoke Akinjide, who was accused of money laundering, was said to have returned N650million to the Federal Government.]]>