BREAKING: EFCC Withdraws N19.3bn Bailout Fund Case against State Govt, Gives Reasons

BREAKING: EFCC Withdraws N19.3bn Bailout Fund Case against State Govt, Gives Reasons

  • The EFCC has discontinued the N19.3bn bailout fund suit it filed against the Kogi state government
  • The agency had filed the suit over the allegation that the Kogi government kept the money meant for workers in an interest-yielding bank account
  • However, the case was withdrawn after the bank involved reportedly agreed to return the money to the CBN

Ikoyi, Lagos - A Federal High Court in Lagos on Friday, October 15, granted a motion by the Economic and Financial Crimes Commission (EFCC), seeking to withdraw a suit against the Kogi state government.

The anti-graft agency had filed the suit, seeking an interim order to freeze the sum of the N19.3 billion bailout fund in the account of the Kogi state government, PM News reported.

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N19.3bn Bailout Fund: EFCC Withdraws Case against Kogi Govt
The EFCC has withdrawn the N19.3bn bailout fund suit it filed against the Kogi state government. Photo credit: Alhaji Yahaya Bello
Source: Facebook

The EFCC had alleged that the money meant for the payment of salaries of the state workers was domiciled in an interest-yielding account with a new generation bank.

However, at the resumed hearing of the case on Friday, EFCC’s counsel, Kemi Pinheiro (SAN), presented the applicant’s grounds to withdraw the suit.

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The senior lawyer listed six grounds upon which the application for the withdrawal of the suit was granted, The Nation stated.

On its Facebook page, the EFCC briefly explained that the case was asked to be discontinued following the decision of the management of the bank involved to return the money (N19, 333,333,333.36) back to the Central Bank of Nigeria (CBN).

Justice Aneke held:

“I have listened to the submission of the learned Silk for the application, Mr Kemi Pinheiro SAN vis-a-vis perused the motion to withdraw. My humble opinion is that application is meritorious and ought to be granted

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“Accordingly, the application is granted as prayed.”

There's deep-rooted corruption among Nigerian bankers, EFCC boss says

Meanwhile, the chairman of the EFCC, AbdulRasheed Bawa, on Monday, October 11, decried the level of corruption existing among Nigerian bankers.

Bawa while speaking at a three-day capacity building workshop for law enforcement agencies in Abeokuta, Ogun state capital city said bank officials in the country engage in different shades of fraudulent activities.

At the workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), Bawa said the banking industry is riddled with many corrupt individuals.


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