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Banks involved in COVID-19 funds, W’Bank loans are under investigation—EFCC
Anti-graft agency, Economic and Financial Crimes Commission (EFFC), has intensified its investigation into the culpability of bank chief executive officers (CEOs) in the mismanagement of COVID-19 funds and World Bank loans.
Also under probe is the alleged mismanagement of recovered Abacha loot given to the Humanitarian Affairs, Disaster Management and Social Development ministry for disbursement to beneficiaries of the Federal Government support-for-the-poor programme.
The agency explained this on Sunday in a statement by its spokesman Dele Oyewale, which clarified its investigation into the ministry.
The EFCC also announced yesterday that it had received N32.7 billion and $445,000 so far from top officials of the ministry under its searchlight.
The agency hinted that many more people under investigation might be arrested and made to face the law.
Shedding light on the probe of malfeasance in the Humanitarian Affairs, Disaster Management and Social Development ministry, the agency said: “At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.
“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.
“Investigations have also linked several interdicted and suspended officials of the ministry to the alleged financial malfeasance.
“It is instructive to stress that the commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices.
“Banks involved in the alleged fraud are being investigated.
“Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly.
“Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.
“On the issue of the works of the Commission against Naira abuse, dollarisation of the economy and the enforcement of all extant laws relating to them, the EFCC appreciates the avalanche of public awakening, support and involvement demonstrated so far.
“Increasingly, members of the public are drawing the attention of the Commission to videos recording of abuse of the Naira by Nigerians from all walks of life.
“These gestures amply demonstrate the rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.
“To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira.
“Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarisation of the Economy commenced operations on February 7, 2024.
“Going forward, new videos of such infractions will be investigated and prosecuted.
“At the moment, the Commission is investigating several celebrities involved in Naira abuse.
“Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter.
“The EFCC will not relent in its ‘no-sacred-cow’ mode of operations and the public should be wary of running afoul of laws against the crime.”
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