The Economic and Financial Crimes Commission (EFFC), has intensified its investigation into the culpability of bank chief executive officers (CEOs) in the mismanagement of COVID-19 funds and World Bank loans.
Also under probe is the alleged mismanagement of recovered Abacha loot given to the Humanitarian Affairs, Disaster Management and Social Development ministry for disbursement to beneficiaries of the Federal Government support-for-the-poor programme.
The agency explained this yesterday in a statement by its spokesman Dele Oyewale, which clarified its investigation into the ministry.
The EFCC also announced yesterday that it had received N32.7 billion and $445,000 so far from top officials of the ministry under its searchlight.
Shedding light on the probe of malfeasance in the Humanitarian Affairs, Disaster Management, and Social Development ministry, the agency said: “At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.
“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.
“Investigations have also linked several interdicted and suspended officials of the ministry to the alleged financial malfeasance.
“It is instructive to stress that the commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices.
“Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly.
“Additionally, the EFCC has not cleared anyone allegedly involved in the fraud.”
