The hidden 'loot' was uncovered by an investigation conducted by the Economic and Financial Crimes Commission, EFCC, Vanguard reports.
The anti-graft agency told a Federal High Court sitting in Lagos that the officers fraudulently withdrew the funds from the Defence Headquarters' overhead expenses accounts through their three companies.
It was further reported that the Federal High Court ordered that N200 million be temporarily forfeited to the Federal Government, pending the outcome of investigation.
The accused officers and their three companies
The identity of the accused officers have been given as Adamu Bello Argungu of the Nigerian Army and John Onimisi Ozigi, of the Nigerian Air Force.
The companies reportedly used by the military personnel to defraud the Defence Headquarters are Falsal & Co Global Services Nigeria Limited, Diamond Head Ventures & Development Company Limited and Sweetex Bureau De Change Limited.
According to the report by Vanguard, Argungu and Ozigi withdrew funds from the Defence Headquarters Overhead Expenses Account and deposited the funds in the 11 different bank accounts.
Adamu Bello Argungu and Falsal & Co Global Services Limited: Seven bank accounts
John Onimisi Ozigi and Diamond Head Ventures & Development Limited: four bank accounts
Why the 11 bank accounts were frozen
EFCC's Clever Ibrahim explained to the court why the order of the interim forfeiture was sought on the case.
Ibrahim said that a post-no-debit had been placed on the accounts by the provision of Section 6(5) of the Money Laundering and Prohibition Act, 2011, but had lapsed after 72 hours, hence, the need for the order of forfeiture to stop the Argungun and Ozigi or their three companies from tampering with the money.