Home SOCIETY GIST COMMUNITY GIST EFCC DROPS CASE OF N20 BILLION BAILOUT LOAN AGAINST KOGI STATE

EFCC DROPS CASE OF N20 BILLION BAILOUT LOAN AGAINST KOGI STATE

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By Aishat Momoh. O.

The Economic and Financial Crimes Commission (EFCC) has dropped its lawsuit demanding that a new generation bank disgorge N20 billion in bailout monies given to the Kogi State Government.

The money, which was supposed to be used to pay Kogi workers, was allegedly deposited in an interest-bearing account with the bank by state government officials.

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Following a motion submitted and argued by EFCC counsel, Mr Kemi Pinheiro, SAN, representing Mr Rotimi Oyedepo, Justice Chukwujekwu Aneke issued the order of withdrawal on Friday.

The judge granted the motion on six reasons, according to Pinheiro, who also stated that “the EFCC is a responsible entity.”

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 (CBN).
“I have listened to the submission of the learned Silk for the applicant, Mr Kemi Pinheiro SAN, as he studied the move to withdraw,” Justice Aneke said. “Accordingly, the application is granted as prayed,” I believe the application is meritorious and should be granted.

On August 31, Justice Tijjani Ringim granted an ex-parte suit filed by the EFCC for the temporary forfeiture of N19, 333, 333.36 billion allegedly stashed in the State’s account number.

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.

More details shortly…..

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