After the EFCC’s condition of forfeiture was met, the Economic and Financial Crimes Commission (EFCC) abandoned its action seeking forfeiture of the N20 billion bailout monies handed to the Kogi State Government by Sterling Bank on Friday.
One of the grounds was that the questions that led to the filing of the complaint had been answered, and an intention to restore the sum of N19,333,333.36 to the Central Bank of Nigeria had been demonstrated.
The money was supposed to be used to pay Kogi State employees, but instead ended up in a bank account with a high interest rate.
Following a motion submitted and argued by the EFCC’s counsel, Kemi Pinheiro, SAN, Justice Chukwujekwu Aneke granted the order of withdrawal.
The judge granted the motion on six reasons, according to Mr Pinheiro, who also stated that “the EFCC is a responsible body.”
On August 31, Justice Tijjani Ringim granted an ex-parte plea filed by the EFCC for the temporary forfeiture of N19, 333, 333.36 billion, which was believed to be held in the state’s Sterling Bank account number 0073572696.
After hearing arguments from the EFCC’s counsel, Abbas Muhammed, Justice Ringim issued the interim forfeiture order.
The injunction was stayed pending the outcome of an investigation or prospective prosecution by the EFCC, according to the judge.
When Justice Aneke heard the case on September 28, he deferred it to hear all of the loan applications.
Mr Pinheiro submitted the EFCC’s grounds for discontinuance, which were contained in an October 13, 2021 application, at the commencement of proceedings on Friday.
The grounds for the discontinuance were stated in the application titled “Notice of Discontinuance,” which said: “That the account upon which this Suit was instituted was frozen by an Order of this Honourable Court.”
“That the Management of Sterling Bank Plc, where account No 0073572696 with the name KOGI STATE SALARY BAIL OUT ACCOUNT is domiciled, has clarified the questions resulting to the commencement of this suit.
“That the management of Sterling Bank Plc, where account No 0073572696 with the name KOGI STATE SALARY BAIL OUT ACCOUNT is domiciled, has since acknowledged the existence of the said account in their book but claimed same was a mirror account.
“That the sum of N19,333,333,333.36 is still standing in the credit of the account frozen pursuant to the Order of this Honourable Court.
“That the management of Sterling Bank Plc, where account No 0073572696 is domiciled, has pursuant to a letter dated 21st 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.
