{"id":1877,"date":"2021-11-19T19:46:29","date_gmt":"2021-11-19T19:46:29","guid":{"rendered":"https:\/\/ebirareporters.com\/?p=1877"},"modified":"2021-11-19T20:05:13","modified_gmt":"2021-11-19T20:05:13","slug":"cbn-confirms-return-of-hidden-n19-3bn-kogi-salary-bail-out-funds-as-efcc-chides-kogi-govt","status":"publish","type":"post","link":"https:\/\/ebirareporters.com\/cbn-confirms-return-of-hidden-n19-3bn-kogi-salary-bail-out-funds-as-efcc-chides-kogi-govt\/","title":{"rendered":"CBN Confirms Return of Hidden N19.3bn Kogi Salary Bail-Out Funds, as EFCC Chides Kogi Govt"},"content":{"rendered":"<p style=\"text-align: justify;\">..<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The Central Bank of Nigeria, CBN, has confirmed it has received the sum of N19, 333,333,333.36 (Nineteen Billion, Three Hundred and Thirty-three Million, Three Hundred and Thirty-three Thousand, Three Hundred and Thirty-three Naira, Thirty-six Kobo) recovered by the Economic and Financial Crimes Commission, EFCC from the Kogi State Salary Bail-out account domiciled in Sterling Bank Plc.<\/span><!--more--><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The confirmation was contained in a letter from the CBN referenced DFD\/DIR\/CON\/EXT\/01\/099 to the EFCC Chairman, Abdulrasheed Bawa.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">Wilson Uwujaren who is the Head, Media and Publicity of EFCC disclosed the contents of the letter in a press statement on Friday.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The letter reads in part: \u201cWe refer to your letter dated November 5, 2021 with Ref. No: CR:3000\/EFCC\/LS\/CMU\/REC-STE\/VOL.4\/047 on the above subject and wish to confirm the details of the receipt of the amount as stated below: Bank: Sterling Bank Plc; Amount: N19, 333, 333,333.36; Date of receipt: 04 November, 2021\u201d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">Uwujaren tagged the correspondence an end to the controversy, accusing the state government of embarking on campaign of misinformation.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">He said: &#8220;This effectively puts to rest the campaign of misinformation and <a href=\"https:\/\/ebirareporters.com\/2021\/09\/02\/kogi-govt-denies-fixing-funds-with-sterling-bank-accuses-efcc-of-doing-bad-job\/\">unconscionable denials by the Kogi State Government that no fund was recovered from its bail out account.<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The return of the money to the apex bank is in compliance with the October 15, 2021 Order of a Federal High Court sitting in Ikoyi Lagos directing the unfreezing of the Kogi State Salary Bail-out account to enable Sterling Bank to remit the balance in the account to the Central Ban of Nigeria. Justice Chukwujekwu Aneke gave the Order pursuant to an application filed by the EFCC.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The Commission had told the court that the management of Sterling Bank Plc, where the account was domiciled had acknowledged the existence of the said account with the staggering sum of N19, 333,333,333.36 in its books.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The Commission further brought to the attention of the court that \u201cThe sum of N19, 333,333,333.36 is still standing in the credit of the account frozen\u201d, adding that \u201cthe management of Sterling Bank PIc, has, pursuant to a letter dated 15 September, 2021, signed by its Managing Director, indicated intention to return the total sum of N19, 333,333,333.36 back to the Central Bank of Nigeria.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The EFCC prayed The court that it \u201cis expedient for the instant suit to be discontinued and the account unfrozen to enable the management of Sterling Bank PIc effect the transfer\/ return of the sum of the sum of N19, 333, 333, 333.36 back to the coffer of the Central Bank of Nigeria , where the said bailout funds was disbursed.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The transfer has put paid to any further controversy regarding source and ownership of the funds and most importantly, aborted the funds dissipation.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">On August 31, 2021, Justice Tijani Garba Ringim, a vacation Judge, had ordered the freezing of the account, following an ex-parte application filed by the EFCC.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">The EFCC, in a 13-paragraph affidavit in support of the ex-parte application, had stated that it received a credible and direct intelligence, which led to the tracing of the funds reasonably suspected to be proceeds of unlawful activities in account No. 0073572696 domiciled in Sterling Bank, Plc with the name Kogi State Salary Bailout Account.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif; font-size: 12pt;\">After listening to the EFCC application, Justice Ringim on August 31, 2021, ordered the freezing of the account and directed the publication of the order in a national newspaper by the EFCC.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":".. &nbsp; The Central Bank of Nigeria, CBN, has confirmed it has received the sum of N19, 333,333,333.36&hellip;\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[240,34],"class_list":{"0":"post-1877","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-news","7":"tag-efcc","8":"tag-kogi"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - 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