– EFCC says it has frozen N126billion from
bank 120 accounts
– The anti-graft agency has also frozen
N32.8 billion from six suspects implicated in
the police pension office
EFCC chairman Ibrahim Magu
As the anti-corruption battle continues, hard
fighting anti-corruption agency, Economic
and Financial Crimes Commission (EFCC)
has revealed that it has frozen over
N126billion in the accounts of some
suspects in order not to jeopardise
investigations.
In a statement signed by the commission’s
spokesperson, Wilson Uwujaren, more than
120 bank accounts are affected by the
freeze order with N126,563,481,095.43
temporarily seized pending the conclusion of
corruption-related cases.
Other cash and assets under Interim
Forfeiture is $9,090,243,920.15, seized from
suspects facing trial or under investigation.
The statement said: “In recent times, a lot of
interest has been generated by the action of
the Commission in freezing the accounts of
suspects that were investigated or are
currently being investigated. Some
commentators have tended to ascribe
vindictive motives to this action
“In order to prevent misinformation, it is
imperative to explain the reason behind the
Commission’s actions in this regard.
“Freezing of accounts suspected of being
used for commission of financial crimes is a
mandatory investigative step backed by law.
Indeed, Section 34 (1) of the EFCC Act 2004
empowers the Commission to freeze any
account suspected of being used for financial
crimes.
The section stipulates that “the Chairman of
the Commission or any officer authorised by
him may, if satisfied that the money in the
account of a person is made through the
commission of an offence under this Act or
any enactment specified under Section 6(2)
(a)-(f) of this Act, apply to the court ex-
parte for power to issue or instruct a bank
examiner or such other appropriate authority
to freeze the account”.
“Similar provision in the Money Laundering
Prohibition Act 2012 (as amended) also
empowers the EFCC Chairman or his
representatives to place a stop order on any
account or transaction suspected to be
involved in any crime.
“The intendment of these provisions is to
ensure that the Commission safeguards
suspected proceeds of crime pending the
completion of its investigation. It is without
prejudice to the social standing of the holder
of such accounts or whether they are
individual, corporate or government accounts.
“Freezing orders are incidental to investigation
and doing otherwise will jeopardise the
prospects of recovering stolen assets.”
High profile suspects with accounts among
the over 120 frozen include ex-Minister of
Petroleum Resources Mrs. Diezani Alison-
Madueke, ex-National Security Adviser (NSA)
Col. Sambo Dasuki (retd), ex-Chief of
Defence Staff Air Chief Marshal Alex Badeh;
ex- Chiefs of Air Staff Air Marshals Adesola
Amosu and Mohammed Dikko Umar; Robert
Azibaola( ex-President Jonathan’s cousin)
and ex-Minister of Aviation Femi Fani-
Kayode.
EFCC has also frozen N32.8 billion from six
suspects implicated in the police pension
office.
bank 120 accounts
– The anti-graft agency has also frozen
N32.8 billion from six suspects implicated in
the police pension office
EFCC chairman Ibrahim Magu
As the anti-corruption battle continues, hard
fighting anti-corruption agency, Economic
and Financial Crimes Commission (EFCC)
has revealed that it has frozen over
N126billion in the accounts of some
suspects in order not to jeopardise
investigations.
In a statement signed by the commission’s
spokesperson, Wilson Uwujaren, more than
120 bank accounts are affected by the
freeze order with N126,563,481,095.43
temporarily seized pending the conclusion of
corruption-related cases.
Other cash and assets under Interim
Forfeiture is $9,090,243,920.15, seized from
suspects facing trial or under investigation.
The statement said: “In recent times, a lot of
interest has been generated by the action of
the Commission in freezing the accounts of
suspects that were investigated or are
currently being investigated. Some
commentators have tended to ascribe
vindictive motives to this action
“In order to prevent misinformation, it is
imperative to explain the reason behind the
Commission’s actions in this regard.
“Freezing of accounts suspected of being
used for commission of financial crimes is a
mandatory investigative step backed by law.
Indeed, Section 34 (1) of the EFCC Act 2004
empowers the Commission to freeze any
account suspected of being used for financial
crimes.
The section stipulates that “the Chairman of
the Commission or any officer authorised by
him may, if satisfied that the money in the
account of a person is made through the
commission of an offence under this Act or
any enactment specified under Section 6(2)
(a)-(f) of this Act, apply to the court ex-
parte for power to issue or instruct a bank
examiner or such other appropriate authority
to freeze the account”.
“Similar provision in the Money Laundering
Prohibition Act 2012 (as amended) also
empowers the EFCC Chairman or his
representatives to place a stop order on any
account or transaction suspected to be
involved in any crime.
“The intendment of these provisions is to
ensure that the Commission safeguards
suspected proceeds of crime pending the
completion of its investigation. It is without
prejudice to the social standing of the holder
of such accounts or whether they are
individual, corporate or government accounts.
“Freezing orders are incidental to investigation
and doing otherwise will jeopardise the
prospects of recovering stolen assets.”
High profile suspects with accounts among
the over 120 frozen include ex-Minister of
Petroleum Resources Mrs. Diezani Alison-
Madueke, ex-National Security Adviser (NSA)
Col. Sambo Dasuki (retd), ex-Chief of
Defence Staff Air Chief Marshal Alex Badeh;
ex- Chiefs of Air Staff Air Marshals Adesola
Amosu and Mohammed Dikko Umar; Robert
Azibaola( ex-President Jonathan’s cousin)
and ex-Minister of Aviation Femi Fani-
Kayode.
EFCC has also frozen N32.8 billion from six
suspects implicated in the police pension
office.
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