Governor using $3M out of funds to build 100-room hotel – EFCC

monjola sotubo

May 12, 2017 3:52 PM

Meanwhile, the EFCC has placed a restriction on the bank accounts of the Nigerian Governors Forum (NGF) over allegations that it laundered Paris club funds.

Acting Chiarman of EFCC, Ibrahim Magu

The Economic and Financial Crimes Commission (EFCC) has traced $3 million out of the

The money is being used to build a 100-room hotel in Lagos, according to The Nation.

“The EFCC is still investigating the N19billion allegedly diverted from the loan refund. The commission has so far interrogated 15 companies, more than 10 individuals and over eight bureaux de change used to divert the cash,” a source said.

“The latest bend of the investigation is the discovery of $3million linked with another governor who benefited from the illegal deduction. The governor had engaged a member of the House of Representatives (who was also a former commissioner) to launder his share.

“The lawmaker was said to have wired the $3million into his brother’s account before moving it into his own. Upon interrogation, one of the suspects admitted that the cash was for the ongoing construction of a 100-room hotel for the governor.

“About $500,000 of the $3million has been recovered by the EFCC. It is a scam in which many people benefited and a sizeable number of proxies used to launder the funds,” the source added.

ALSO READ: 7 Govs reportedly under investigation by EFCC over alleged diversion of Paris Club loan refund

Meanwhile, the EFCC has placed a restriction on the bank accounts of the Nigerian Governors Forum (NGF) over allegations that it laundered Paris club funds.

monjola sotubo