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EFCC finally withdraws N20b Bailout loan case against Kogi State

The Economic and Financial Crimes Commission (EFCC) has withdrawn its suit seeking the forfeiture of N20billion bailout funds granted to the Kogi State Government by a new generation bank.

Published

3 years ago

October 15, 2021

Babs Ayandayo

EFCC finally withdraws N20b Bailout loan case against Kogi State

What a case of widespread criticism and appraisal, the Economic and Financial Crimes Commission (EFCC) has withdrawn its suit seeking the forfeiture of N20billion bailout funds granted to the Kogi State Government by a new generation bank.

Recall that in August, the Lagos Division of the Federal High Court ordered the freezing of the Kogi State salary bailout account domiciled in Sterling Bank over an N20 billion loan obtained from the bank.

Moreover, the money, which was meant for the payment of Kogi workers, was alleged to have been domiciled in an interest-yielding account with the bank by officials of the state government.

Sequel to a motion filed and argued by EFCC counsel, Mr Kemi Pinheiro, SAN, leading Mr Rotimi Oyedepo, Justice Chukwujekwu Aneke granted the order of withdrawal on Friday.

Pinheiro listed six grounds upon which the judge granted the prayer, adding that “the EFCC is a responsible body”.

One of the grounds was that questions resulting in the commencement of the suit had been clarified, and an intention had been shown to return the sum of N19,333,333,333.36 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. Accordingly, the application is granted as prayed.”

RNN.NG

EFCC finally withdraws N20b Bailout loan case against Kogi State