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EFCC Exposes Financial Misconduct Involving Abacha Loot and COVID-19 Funds

EFCC’s investigation unveils financial misconduct tied to Abacha loot and COVID-19 funds, implicating Ministry officials in alleged malpractice.

Published

2 weeks ago

April 15, 2024

Stella Charles Akupue

EFCC Exposes Financial Misconduct Involving Abacha Loot and COVID-19 Funds

Nigeria’s Economic and Financial Crimes Commission (EFCC) has disclosed further revelations of financial impropriety involving COVID-19 funds, a World Bank loan, and recovered assets from the late dictator, Sani Abacha.

The federal government allocated these funds to the Ministry of Humanitarian Affairs, Disaster Management, and Social Development to address poverty alleviation initiatives.

In a statement released on Sunday by Dele Oyewale, the Head of Media and publicity at the EFCC, it was revealed that discreet investigations into alleged financial misappropriation within the ministry unearthed additional instances of fraud. The EFCC’s scrutiny of these matters has led to identifying irregularities pertaining to COVID-19 funds, the World Bank loan and the Abacha recovered loot.

According to Oyewale, several Ministry officials have been interdicted or suspended in connection with the financial malfeasance. The commission’s investigations are not limited to individual culpability but aim to unravel systemic corruption.

As part of its probe, the EFCC has recovered a substantial sum of N32.7 billion and $445,000. Oyewale emphasized that the focus of the investigations extends beyond individuals to encompass financial institutions implicated in the alleged fraud.

The managing directors of the implicated banks have cooperated with investigators and provided pertinent information regarding the infractions.

The EFCC remains committed to ensuring accountability and transparency in financial matters, with those found guilty of wrongdoing expected to face prosecution. Further updates on the investigation will be provided as developments unfold.

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