N20b Bailout loan: EFCC withdraws case against Kogi State

The Economic and Financial Crimes Commission (EFCC) on Friday withdrew its suit seeking the forfeiture of the N20billion bail out funds granted to the Kogi State Government by the Central Bank of Nigeria.

The money was meant for the payment of Kogi State workers, but was alleged to have been instead domiciled in an interest yielding account with a commercial bank.
Justice Chukwujekwu Aneke granted the order of withdrawal, following a motion filed and argued by the counsel to the EFCC, Kemi Pinheiro, SAN.

According to him, questions resulting in the commencement of the suit had been clarified, and an intention had been shown to return the sum of N19.3bn back to the CBN.

Another judge of the Federal High court had in August granted an ex-parte application brought by the EFCC for an interim forfeiture of the funds, pending the conclusion of an investigation or possible prosecution by the EFCC.
At the resumption of proceedings Friday, Mr Pinheiro also told the court that it is expedient for the suit to be discontinued, because,
“That the management of Sterling Bank Plc, has since acknowledged the existence of the said account in their book but claimed same was a mirror account.
The bank is also said to have indicated intention to return the total sum back to the CBN.

Justice Aneke granted the application and ordered That the account be unfrozen so as to enable the management of Sterling Bank Plc, effect the return of the funds back to the CBN.