N500m Paris Club Cash Recovered From Governor

Filed in News by on March 14, 2017 4 Comments
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EFCC grills more suspects

Four more suspects were grilled on research N19billion illegally deducted from the London-Paris Club loan recovery.
After that, about N500million of cash were found in the account of the governor. Economic and Financial Crimes Commission (EFCC) researchers are probing how the money, which was meant to pay a consultant, found its way into the governor yet unnamed account.

President Muhammadu Buhari received an interim report on the scandal, The Nation learned yesterday. Seven governors allegedly played key roles in turn part of N388.304billion convert to two accounts opened by Nigeria Governors Forum (NGF).

The EFCC was investigating the fraud.
The source, who asked not to be named because he is not allowed to speak on the matter, said: “In spite of protestation governors and EFCC has decided to complete the ongoing analysis of N19billion prevented from loan recovery. “Search, grilled four more suspects and retrieved bank details on how the money was wired to other accounts. “EFCC operatives identified about N500million, which was meant for a consultant, to the account of a governor. The cash has since been paid back after return.
“The operatives are trying to determine whether the governor is one of the consultants engaged for consulting service NGF.

“The details of how refunds are turned away will be made public, particularly those involved,” the source said.
Answer a question, the source added: “The country is expected to get a status report from the EFCC on research.
“It is a challenging time for the EFCC but unwavering leadership. Some of them benefit from N19billion have vowed to frustrate the confirmation of the Acting Chairman of the EFCC, Mr. Ibrahim Magu, if future research.”
A presidency source, who spoke in confidence, said: “President Muhammadu Buhari, who is awaiting remarks, will not shield anyone implicated in the scandal.

“The President and understanding of the Council of Governors that refunds should be used for. It will cancel all infractions. During the diversion, the Presidency has issued a warning.” I think the ultimate goal is for the Presidency cured N19billion m. ”
Seven governors have been fingered in the alleged diversion of cash.

Two accounts (account naira and domiciliary account) were used to disburse the controversial cash NGF.
In addition to the payment of 2 per cent of refunds to consultants, about 3 per cent is shared out to other governors. Investigators described as “absurd”.
The Nation special report that the Presidency was consistent with the behavior of some governors and management of recovery.

The federal government has released N388.304billion N522.74 billion to convert to 35 states as over-deductions on London-Paris Club loans. States at the top of the list with higher reimbursements are controlled by the opposition Peoples Democratic Party (PDP), contrary to what they assert is treating President Muhammadu Buhari.

The high earners Akwa Ibom, Bayelsa, Rivers, Delta, Katsina, Kaduna, Lagos, Imo, Jigawa, Borno, Niger, Bauchi and Benue.
Only Kano State and Abuja did not benefit from the reimbursement.

Ondo was paid 50 percent (N6,513,392,932.28) for the state in a period of transition from a governor.
The top benefit is: Akwa Ibom – N14,500,000,000.00. Bayelsa – N14,500,000,000.00. Delta-N14,500,000,000.00. Kastina -N14,500,000,000.00. Lagos – N14,500,000,000.00. Rivers N14,500,000,000.00. Kaduna – N14,362,416,363.24. Borno N13,654,138,849.49. Bauchi – N12,792,664,403.93. Benue – N12,749,689,453.61. Sokoto N11,980,499,096.97. Osun- N11,744,237,793.56. Anambra- N11,386,281,466.35. Edo- N11,329,495,462.04. Cross River – N11,300,139,741.28. Kogi – N11,211,573,328.19. Kebbi – N11,118,149,054.10.

The federal government reached a conditional agreement to pay 25% of the amount claimed subject to a cap of N14.5 billion each State. Balances due later will be revisited when fiscal conditions improve.

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