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EFCC recovers N27bn, $19m in money laundering cases, probes ex-governors

EFCC recovers N27bn, $19m in money laundering cases, probes ex-governors
October 12
11:03 2023

The Economic and Financial Crimes Commission (EFCC) says it has recovered N27,184,357,542 and $19,084,419 from three different money laundering cases.

The anti-graft agency disclosed that it would soon make details of an ongoing probe of some former governors, ex-ministers, and other government officials public.

Speaking with select journalists during a briefing in Lagos on Wednesday, Dele Oyewale, EFCC spokesperson, said the agency is investigating “monumental” procurement fraud involving some officials of the federal ministry of power and ministry of agriculture.

According to Punch, the agency said it has seized several houses in Abuja, Lagos, and Cross River, believed to be proceeds of funds meant for the Mambilla and Zungeru power projects.

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He added that the funds were diverted through bureau de change operators.

“In three different cases, the commission has recovered N27,184,357,524.52 and $19,084,419.33,” he said.

“While ongoing recovery is being made, the commission’s works are progressing in line with our mandate as prevention initiatives, risk assessments and recovery efforts are being intensified.

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“Petitions were received in respect of several public officials, some of them former governors, some former ministers, and some ministry officials, and investigations are ongoing on those petitions.

“However, details of their involvements and our investigations will soon be made public.

“Also, investigations are ongoing in respect of monumental fraud involving some officials of the federal ministry of power and agriculture — procurement fraud actually.

“Funds meant for the Mambilla and Zungeru power projects were diverted through sundry bureau de change operators.

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“For now, several houses purchased with the funds are being recovered. The houses are in Abuja, Lagos and Cross River states.”

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