EFCC recovers ‘hidden’ N19.3bn Kogi salary bail-out fund, returns cash to CBN

The Economic and Financial Crimes Commission (EFCC) disclosed Friday that it has returned N19, 333,333,333.36 Kogi State salary bail-out cash to the Central Bank of Nigeria (CBN).

The money was allegedly hidden in Sterling Bank Plc.

It added that the apex bank has since acknowledged the receipt of the money in the Kogi State Salary Bail-out account.

The ant-graft agency said the recovery and the deposit of the cash with CBN have cleared all doubts on the operation of the commission on the hidden cash saga.

The Head of Media and Publicity of EFCC, Mr. Wilson Uwujaren, confirmed that there was such an account, although the Kogi State government has persistently denied its existence.

The commission said: “This effectively puts to rest the campaign of misinformation and unconscionable denials by the Kogi State government that no fund was recovered from its bail out account.

“The apex bank in a letter referenced, DFD/DIR/CON/EXT/01/099 and dated 9th November, 2021 informed the Executive Chairman, EFCC, Abdulrasheed Bawa that it has received the money.

“The letter reads in part: “We refer to your letter dated November 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 November, 2021”

The EFCC, which gave insights into the recovery of the cash, said the management of Sterling Bank Plc admitted the existence of such an account.