The Economic and Financial Crimes Commission (EFCC) has
withdrawn the suit seeking the forfeiture of N20billion bailout funds granted
to the Kogi state government.
On August 31, 2021, Tijani Ringim, a Lagos high court judge,
had frozen the Kogi state account domiciled in Sterling Bank Plc, following an
ex parte application brought by the EFCC.
The commission had alleged that the money, which was meant
for the payment of salaries in the state, was instead kept in an
interest-yielding account with the name ‘Kogi State Salary Bailout Account’.
At the resumption of proceedings on Friday, Kemi Pinheiro,
counsel to the EFCC, moved an application dated October 13, seeking
discontinuance of the matter.
The application titled ‘Notice of discontinuance’ stated
that “the applicant, the Economic and Financial Crime Commission has resolved
to discontinue this matter in SUIT NO: FHC/L/CS/1086/2021 pending before this
Honourable Court against the Respondent’s Account herein”.
One of the grounds of the application was that N19.3 billion
will be returned to the Central Bank of Nigeria (CBN).
“That the management of Sterling Bank Plc, where account No
0073572696 with the name Kogi salary bailout account is domiciled, has since
acknowledged the existence of the said account in their book but claimed same
was a mirror account,” the application reads.
“That the sum of N19.3 billion is still standing in the
credit of the account frozen pursuant to the order of this honourable court.
“That the management of Sterling Bank Plc, where account No
0073572696 is domiciled, has pursuant to a letter dated Sep.21, 2021, signed by
its managing director, indicated intention to return the total sum of
N19,333,333,333.36 back to the Central Bank of Nigeria.
“That it is expedient for the instant suit to be
discontinued and the account unfrozen to enable the management of Sterling Bank
Plc, effect the transfer/return of the sum to the coffer of the Central Bank of
Nigeria where the said bailout funds were disbursed.”
Granting the EFCC’s application, Chukwujekwu Aneke, the
presiding judge, said: “I have listened to the submission of the learned silk
for the application, Mr Kemi Pinheiro SAN, vis-a-vis perused the motion to
withdraw. My humble opinion is that application is meritorious and ought to be
granted. Accordingly, the application is granted as prayed.”
Responding, Sam Erogbo, counsel to the Kogi state
government, commended the EFCC for its “professional approach”.
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