• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Business

EFCC confirms returning N19.33 billion Kogi State salary bailout funds

Justina Mboho by Justina Mboho
November 20, 2021
in Business, Legal & Regulations, Spotlight
Yahaya Adoza Bello,

Yahaya Adoza Bello

Share on FacebookShare on TwitterShare on Linkedin

The Economic and Financial Crimes Commission (EFCC) has confirmed the return of N19.33 billion Kogi State bailout funds to the Central Bank of Nigeria (CBN).

In a statement by the Commission’s spokesperson, Mr Wilson Uwajaren, he said the refund aborts dissipation of the funds and puts an end to further controversies relating to the source and ownership of the funds, News Agency of Nigeria reports.

Reacting to the statement by EFCC, Kogi State Commissioner for information, Mr Kingsley Fanwo on Friday said the statement vindicates the state government from the accusation by EFCC.

RelatedStories

TSTV Africa re-launches on Independence Day, exactly three years after failed start

TStv MD, Bright Echefu, re-arraigned over N1bn and $1.3m alleged investment fraud, seeks out-of-court settlement 

July 8, 2025
EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent 

EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent 

July 7, 2025

Backstory

The EFCC had instituted a suit marked: FHC/1/CS/1086/2021 against the Kogi State government seeking to freeze its account with bank account number 0073572696.

EFCC had alleged that the sum was deposited in an interest yielding account by the Kogi State government officials domiciled in Sterling bank. The Commission moved a motion for the interim forfeiture of the funds to prevent further dissipation of the funds in the account.

 On August 31, Justice Tijani Garba Ringim ordered the freezing of the said account following the ex-parte application filed by EFCC.

The money deposited with the account name “Kogi State Salary Bailout Account” was meant for the payment of salaries in the state.

In an application filed by the Commission’s counsel, Kemi Pinheiro (SAN) EFCC sought to discontinue the suit following the decision of Sterling Bank Plc to return the money back to CBN.

On October 15, Justice Chukwujekwu Aneke of the Federal High Court Ikoyi division, granted the application as prayed by EFCC.

What the EFCC is saying

Mr Uwujaren said returning the funds to CBN would effectively put to rest the campaign of misinformation and unconscionable denials by the Kogi State government that no funds were recovered from its bailout account.

According to him, the EFCC had urged the court to discontinue the suit to enable the management of Sterling Bank effect the transfer of the sum of N19, 333, 333, 333.36 back to CBN, where the said bailout funds were originally disbursed from.

Uwajerem said that CBN in a letter referenced, DFD/DIR/CON/EXT/01/099 dated November 9, 2021 to the EFCC chairman, Abdulrasheed Bawa, the CBN had confirmed the receipt of the money.

“We refer to your letter dated Nov. 5, 2021 with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 on the above subject and wish to confirm the details of the receipt of the amount as stated below: Bank: Sterling Bank Plc; Amount:  N19, 333, 333,333.36; Date of receipt: 04 Nov., 2021, ” the letter read in part.

Mr Uwajarem said the money was returned to CBN in compliance with the court’s order.

Kogi State Government reacts

Mr Fanwo, who described EFCC’s allegation as false and laughable said the allegation was a malicious attempt to involve the state into a matter that doesn’t relate to it.

He assured indigenes of the state that the state government would prepare a comprehensive response to EFCC’s moves.

“Quoting a letter signed by the CBN, has not said anything different from what had been said so far on the controversial N20 billion bailout fund,” Mr Fanwo said.

“The statement by the commission is a malicious attempt to rope the state into a matter that ordinarily has nothing to do with it.”

“We maintain the unassailable truth that the Kogi government did not operate such account with the bank as affirmed in a letter by the bank.

“Every option that is legal will be considered to maintain the innocence and transparency of our government,” he added.

In case you missed it

Nairametrics had reported that the state government revealed that Sterling Bank had opened the controversial fixed deposit account without the knowledge or directive of the state.

Nairamaetrics also reported that Kogi State government demanded an apology from EFCC for freezing its account.

Tags: EFCCKogi State
Justina Mboho

Justina Mboho

For further inquiries about this article, contact: Email: justina.mboho@nairametrics.com Twitter: bb_ladyj LinkedIn: Justina Mboho

Related Posts

TSTV Africa re-launches on Independence Day, exactly three years after failed start
Exclusives

TStv MD, Bright Echefu, re-arraigned over N1bn and $1.3m alleged investment fraud, seeks out-of-court settlement 

July 8, 2025
EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent 
Legal & Regulations

EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent 

July 7, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says
Crime and Insecurity

Alleged $7.2bn fraud: EFCC still investigating immediate past NNPCL Top Officials 

June 24, 2025
Federal High Court, REA
Financial Services

Supreme Court Judgement: Judge to hear committal suit against CBN Governor on June 23 

June 17, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says
Crime and Insecurity

EFCC arraigns Ponzi scheme director Precious Williams over alleged N13.8 billion fraud  

June 17, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025
Next Post
Stocks worth over one trillion appreciate by 0.86% as Airtel investors gain N162.73 billion during the week

Stocks worth over one trillion appreciate by 0.86% as Airtel investors gain N162.73 billion during the week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • FG sets 16 as minimum admission age for Nigerian tertiary institutions 
  • OPay partners with Olabisi Onabanjo University in groundbreaking N1.2 Billion, 10-year scholarship drive 
  • Redmi Pad 2 and Redmi Pad 2 4G officially launched in Nigeria: Performance meets elegance 

Follow us on social media:

Recent News

FG inaugurates 25-member committee to establish Nigerian Education Data Initiative 

FG sets 16 as minimum admission age for Nigerian tertiary institutions 

July 8, 2025
OPay partners with Olabisi Onabanjo University in groundbreaking N1.2 Billion, 10-year scholarship drive 

OPay partners with Olabisi Onabanjo University in groundbreaking N1.2 Billion, 10-year scholarship drive 

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics