NewStats: 3,262,364 , 8,176,934 topics. Date: Monday, 02 June 2025 at 12:38 AM 6i6o1n

$500,000 for hotel seized


Our plans, by Ogun, Osun, Benue, others

Posted By: Yusuf Alli




A governor has forfeited to the Federal Government the N500 million he allegedly laundered in a mortgage bank.

A Federal High Court in Abuja approved an application by the Economic and Financial Crimes Commission (EFCC) for the forfeiture of the cash, which is believed to have been diverted from the London-Paris Club refund.

Also, the court has seized $500,000 of the $3million diverted by another governor from the refund for the building of a 100-room hotel in Lagos.

But the court has given a 14-day deadline to anyone or group who has interest in the funds to show cause why the cash should not be forfeited to the government.

The federal government yesterday released a state-by-state breakdown of another tranche of Paris Club refund of over-deductions on Paris Club/London Club loans and multilateral debts on the s of states and local governments from 1995-2002.

A statement from the Ministry of Finance said these payments — N243, 795,465,195.20 —”were made to the 36 states and the Federal Capital Territory upon the approval of the President on May 4, 2017”.

Akwa-Ibom, Bayelsa, Delta, Kano and Rivers states received the largest disbursements of N10 billion each.

According to the enrolment order, which was obtained last night by our correspondent, Justice Nnamdi Dimgba granted EFCC’s prayer for an interim forfeiture of the cash traced to both First Generation Mortgage Bank Limited and Gosh Projects Limited.

While N500million was linked with the bank, about $500,000 was credited to the of the Gosh Projects Limited as part of the cash for the 100-room hotel.

The EFCC legal team, led by Prince S.B. Ikani, filed an ex-parte motion on June 19.

The anti-graft agency sought for an order of:
interim forfeiture to the Federal Government (1st Applicant) of the N500million recovered from the first respondent, First Generation Mortgage Bank Limited and presently in the possession of EFCC in its Recovered Funds domiciled at the CBN;
interim forfeiture to the Federal Government (1st Applicant) of the sum of $500,000 recovered from the second respondent, Gosh Projects Limited and presently in the possession of EFCC in its Recovered Funds domiciled at the CBN; and
directing the publication of a notice in any national daily newspaper inviting any person(s) or body who may have interest in the subject funds to, within 14 days of the publication of the Order, show cause why an Order of final forfeiture to the Federal Government of the said funds should not be made.

Justice Dimgba said: “Upon reading the affidavit in of the motion ex-parte deposed to by Osas Azonabor and after hearing Prince B. S. Ikani for the applicants, it is hereby ordered as follows:

“That an order is hereby made granting interim forfeiture to the Federal Government of N500million recovered from First Generation Mortgage Bank Limited and presently in possession of EFCC in its Recovered Funds domiciled at the CBN.”

“That an order is hereby made granting interim forfeiture to the Federal Government of $500,000 recovered from Gosh Projects Limited and presently in possession of EFCC in its Recovered Funds domiciled at the CBN.”

The court asked person(s) or body interested in the funds to come up with a claim within 14 days or lose the cash.

Besides the forfeiture of the cash, the EFCC indicated last night that the two governors implicated in the diversion of the funds will face trial after their tenure.

A source in EFCC said: “We have been unable to the governors as respondents because they have immunity in line with Section 308 of the 1999 Constitution, which prevents any law enforcement agency from prosecuting them for criminal cases.

“But the case-files have shown their complicity on how they diverted the London-Paris Club refunds to personal use. Those affected will complete their tenure in two years.

“One of the governors is noted for mass looting of public funds. His cup is full with anti-corruption agencies.

“As for others used in laundering the cash, we will prosecute them after the final forfeiture of the cash because in seeking justice, you cannot build something on nothing.”

Before the release of the second tranche of London-Paris Club refund on Monday, the Presidency had remitted about N1.266.44trillion to the 36 states in the past one and a half years including N713.70billion special intervention funds.

Following a protest by states against over deductions for external debt service between 1995 and 2002, President Muhammadu Buhari had approved the release of N522.74 billion (first tranche) to states as refund pending reconciliation of records.

Each state was entitled to a cap of N14.5 billion being 25% of the amounts claimed.
The Minister of Finance, Mrs. Kemi Adeosun said the payment of the claims would enable states to offset outstanding salaries and pension, which had been “causing considerable hardship”.

The governors sought for the loan refund to states and local governments at a meeting with President Muhammadu Buhari on May 24, 2016.

http://thenationonlineng.net/governor-forfeits-n500m-states-get-n243b-refund/

lalasticlala

All these monies that EFCC have been recovering, how much is it as at now? Because am tired of 200 million naira or 1million dollars have been recovered but when it is time for the Government to tell us how much, they start running from pillar to post.

Democracy in Nigeria is a scam.

Chai! He forfeited 500m so he can delve handsomely into the new Paris club fund. Things are happening in this country.

State Governors over to you


Spend Wisely

madridguy:
Democracy in Nigeria is a scam.

Buhari is the worst scam

I guess that would be Zamfara state governor of one of the poorest states in Nigeria. I am just wondering how much would remain for his state. Till we hold our leaders able and enact stricter laws and punishment, corruption fight would be nothing but a mirage.
The most appalling thing is that those that would have made the laws are the definition of corruption itself. Nigeria is just joke

From Fry pan to fire. We keep merry-go round about the breeding of all this dubious Politicians.

Hope Bayelsa, Ondo, Ekiti, Osun and Oyo(lautech crisis) can hopefully pay the civil servants in their respective States the right amount of cash

APC sharing Abacha loots, same loots been re-looted by APC governors... wicked world.

Firefire:
APC sharing Abacha loots, same loots been re-looted by APC governors... wicked world.

abacha's loot is just 1/50th of what jonathan stole from Nigerians

Did I just see But the court has given a 14-day deadline to anyone or group who has interest in the funds to show cause why the cash should not be forfeited to the government.

Men make we Nairaland Guys form group oh... Who is a lawyer to lead us.

Governor without a name

Nigeria government is a scam

Rubbish

Lol, greatest looter loyalist. Atiku should go and fight for Mogaji in his family compound. No Vacancy in Aso Rock.

Atiku2019:



Buhari is the worst scam

good

I need to understand the modalities about how these moneies are shared

Chai... "THERE WAS A COUNTRY "



16K followers instagram for sale. Call or whatsapp 08084334575

APC @ it again

But they said that is only PDP that are being "persecuted" ?

Oh well. The money is legitimately for the state except the FG is planning to keep hold of it until the he steps down.

they should use the money to pay Osun workers and settle LAUTECH wahala. Irresponsible governors.

KANO DON BECOME OIL PRODUCING STATE ABI?

NO WORRY MY FELLOW SOUTHERNERS BY THE TIME WE WAKA FROM THE ZOO,
I GO SEE WHERE THE NORTH GO GET BILLIONS FROM.

UNLESS SAY NA DEM COWS DEM GO PRICE

madridguy:
Lol, greatest looter loyalist. Atiku should go and fight for Mogaji in his family compound. No Vacancy in Aso Rock.

How do you guys sleep at Night with the current hardship we are all facing in Nigeria from an Incompetent Federal Executive? :-/

Atiku the chief of scammers.

Atiku2019:



Buhari is the worst scam

Names pls

True federalism, fiscal federalism, and restructuring of Nigeria will change the dynamics of Nigeria and give little chances to this mass looting by our governors.

As government will be much nearer to the citizen and most states have to look inward for their own IGR ( INTERNALLY GENERATED REVENUE )

The big money at the centre with a MISDIRECTION by the federal government is making so much corruption possible.

Let most of these states look internally for their own economic survival.

Too much baby feeding, spoon feeding by the federal government and this is not enhancing creativity as most of the governor just sit, wait for their monthly allocation from the federal purse.

While oil producing states are groaning under the hammer of their depleting resources which is being denied them by courtesy of the military Constitution that is operated in Nigeria.

Northern Nigeria have completely abandoned Agriculture which is their main stay to wait for the FREE MONEY from the federal government.

What are the Northerners doing with their vast land which is good for massive industrial Agriculture?

All these monies you people are sharing, there is God o

Come again with your message .

Atiku2019:



How do you guys sleep at Night with the current hardship we are all facing in Nigeria from an Incompetent Federal Executive? :-/

fistonati:
Atiku the chief of scammers.

Evidence Please?

Should we compare the OBJ/ATIKU government to PMB's Change?

Even the telecommunication boom Obj/Atiku initiated in Nigeria is now looking Gloomy... Etisalat is about to reduce 25% of its workforce

Ipobs idi*ts turn your frustration to you governor's...

Cownu donkeys

The governor doesn't have a name right?

Useless report.

Nigerian journalists and protection of big crooks are like..