Nigeria: EFCC Recovers N21.2 Billion in 3 Days

Published 9 years ago by: Teeco Designer
[1] 2 3
at 11:53 AM, 5/09/2009 (9 years ago)

(27537 | Addicted Hero) (m)

The Economic and Financial Crimes Commission yesterday said it has recovered an additional sum of N21.2 billion from debtors of the five banks whose chief executive officers were sacked.

Briefing journalists in Abuja, the commission's Head of Media and Publicity, Mr. Femi Babafemi, said the money was recovered between Monday and Wednesday this week.

The recent recovery has brought to N66.7 billion, money recovered since it launched the campaign on debt recovery barely two weeks ago.

In a similar development, the EFCC has arrested an Executive Director in Union Bank, Samuel Oyinlola, for allegedly disbursing N34 billion to former Managing Director of Falcon Securities, Mr. Peter Ololo.

Babafemi, who confirmed that Ololo was arrested on Wednesday, explained that the commission's boss, Mrs. Farida Waziri, had charged operatives to intensify search for defaulters.

"The Chairman of the anti-graft agency, Mrs Farida Waziri, has directed that the operatives should intensify their search for more defaulters with a view to making more recoveries in the coming week", he said.

Giving a breakdown of the money recovered, Babafemi explained that the N21.2 billion included N1 billon from Mr. Goodie Ibru for Union Bank of Nigeria; N1.8 billion from Damana Cement for Union Bank, and N400 million from Ibeto Cement, also for Union Bank.

He further disclosed that the commission recovered N41.5 million from the Managing Director of Dangote Industries, Mr. Kunle Alake, N150 million from Haden Oil and N53 million from Rahmaniyya Oil, all three of them for Oceanic Bank International.

A summary of the recoveries between Monday and Wednesday showed N7.201 billion for Intercontinental Bank, N6.2 billion for Afribank, N2.270 billion for Oceanic Bank, N1.5 billion for Union Bank and N729 million for FinBank.

The EFCC spokesman, who maintained that the figures kept increasing by the day, disclosed that some recoveries were made yesterday but added he could not confirm the figures.

Reacting to the case brought against the Central Bank of Nigeria by shareholders of Oceanic Bank International in Lagos yesterday, Babafemi stated that the commission had no business with any action taken by any group of people against the CBN for taking over the five banks.

"Our case against the bank chiefs is a criminal procedure and we would still have gone ahead with our investigations and subsequent action", he explained.

Also yesterday, Babafemi described as blackmail the allegation going round that the EFCC had asked some detained bank directors to surrender their shares in their banks in exchange for their freedom.

"There is no iota of truth in this allegation," he said. "It is a known fact that once an accused has been arraigned in court, it is solely the discretion of the court to grant such person bail."

According to him, the fate of all the bank executives that had been arraigned in court for criminal charges lay in the court and the commission had no control over them other than ensuring diligent prosecution of the case.

He said, "The attempt to blackmail the EFCC with a weak and spurious allegation will bring no gain for those behind it, neither will it in any way stop the commission from going ahead with the trial which has already begun."

Meanwhile, a Federal High Court in Abuja yesterday restrained the EFCC from arresting a former governor of Rivers State, Dr. Peter Odili, over the N189 million debt he is said to owe one of the ailing banks, Finbank Plc.

Apart from restraining the EFCC from detaining, prosecuting or embarrassing him, Odili also secured an order of the court that his property in any part of the country must not be trespassed upon by the anti-graft body and the CBN or any of their agents for the purpose of obtaining any security for his indebtedness to the bank.

The court upheld the former governor's submission that he was a legitimate Nigerian who took a legitimate loan from a legitimate Nigerian bank.

The court further ordered that the EFCC, the CBN and Finbank must not act against Odili after being served with an originating summons in a suit in which Odili sought for protection of his fundamental rights.

While ruling on the ex-parte motion filed before the court by the former governor, the trial judge, Justice Gabriel Kolawole, held that even in the absence of a written order from the court for now, none of the defendants, upon receiving the said originating summons from the plaintiff, must take any step or act in any manner that would prejudice the issue already brought before the court.

Odili, through his counsel Chief Ifedayo Adedipe (SAN), had sued the EFCC, the CBN and Finbank, praying for an order restraining the three defendants from apprehending him or interfering with his banking operations and the relationship between him and his bank.

He also urged the court to stop the defendants from trespassing on any of his property for the purpose of security for his indebtedness.

In the motions, Odili admitted being a customer of Finbank and that his indebtedness arose in the normal course of banking business.

Justice Kolawole held that his court had to intervene because of the nature of the suit which, he said, bordered on the fundamental human rights of the plaintiff.

He ordered that the originating summons be immediately served on the three defendants and that they must appear before the court on September 17 to show cause on why the plaintiff's fundamental rights must not be protected.


Source: Leadership

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divineproject at 12:01 PM, 5/09/2009 (9 years ago)
(12702 | Hero) (f)

Good step......we are waiting for more recoveries.......

Reply
teeco at 01:52 PM, 5/09/2009 (9 years ago)
(27537 | Addicted Hero) (m)

where is the money?Huh??

what are dey gonna use it for?Huh??

Reply
divineproject at 02:15 PM, 5/09/2009 (9 years ago)
(12702 | Hero) (f)

I guess they should return it to the owners naaa.......

but where dey money dey??.........it must not miss ooo

Reply
akinzobalinga at 03:43 PM, 5/09/2009 (9 years ago)
(33 | Newbie) (m)

at last waziri getting busy hope all the money will be recover and after te trial be given 10 years jail time regardless of their status in d society.
Reply
divineproject at 03:46 PM, 5/09/2009 (9 years ago)
(12702 | Hero) (f)

Na him be say you don already pass judgement........

Reply
Ify9ja at 04:18 AM, 6/09/2009 (9 years ago)
(246 | Upcoming) (f)

Quote from: teeco on 01:52 PM,  5/09/2009
where is the money?Huh??

what are dey gonna use it for?Huh??

Ha ooh teeco.  Na quick quick you want everything.  They just recovered the money.  Haba now, abeg, give them some time.
Reply
bali4real at 06:59 PM, 6/09/2009 (9 years ago)
(1216 | Gistmaniac) (m)

Quote from: teeco on 01:52 PM,  5/09/2009
where is the money?Huh??

what are dey gonna use it for?Huh??
to pay ASUU's debt. Grin Grin
Reply
ceejay58 at 07:56 PM, 6/09/2009 (9 years ago)
(8392 | Hero) (m)

na na na, summary pls.
Reply
teeco at 09:12 AM, 7/09/2009 (9 years ago)
(27537 | Addicted Hero) (m)

Quote from: Ify9ja on 04:18 AM,  6/09/2009
Quote from: teeco on 01:52 PM,  5/09/2009
where is the money?Huh??

what are dey gonna use it for?Huh??

Ha ooh teeco.  Na quick quick you want everything.  They just recovered the money.  Haba now, abeg, give them some time.

 Grin Grin Grin

Reply
Agatex at 10:48 AM, 7/09/2009 (9 years ago)
(1455 | Gistmaniac) (f)

the money is in my house, thats where they are storing it for the main time.
Reply
teeco at 10:52 AM, 7/09/2009 (9 years ago)
(27537 | Addicted Hero) (m)

ok I hear you

Reply
Brightg at 11:13 AM, 7/09/2009 (9 years ago)
(1160 | Gistmaniac) (m)

i come pass o
Reply
teeco at 11:20 AM, 7/09/2009 (9 years ago)
(27537 | Addicted Hero) (m)

passsss

Reply
Gbravo at 11:42 AM, 7/09/2009 (9 years ago)
(3269 | Gistmaniac) (m)

Quote from: teeco on 01:52 PM,  5/09/2009
where is the money?Huh??

what are dey gonna use it for?Huh??
4 job creation Grin
Reply
Brightg at 12:16 PM, 7/09/2009 (9 years ago)
(1160 | Gistmaniac) (m)

@ gbravo for your industry?
Reply
divineproject at 01:08 PM, 7/09/2009 (9 years ago)
(12702 | Hero) (f)

ok

Reply
Brightg at 01:19 PM, 7/09/2009 (9 years ago)
(1160 | Gistmaniac) (m)

alright
Reply
teeco at 01:42 PM, 7/09/2009 (9 years ago)
(27537 | Addicted Hero) (m)

lol

Reply
divineproject at 02:22 PM, 7/09/2009 (9 years ago)
(12702 | Hero) (f)

passing

Reply
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