The Federal High Court sitting in Ikoyi, Lagos State, and presided over by Justice Chukwujekwu Aneke, on Tuesday, adjourned all applications in respect of the Kogi State N20 billion salary bailout account domiciled in Sterling Bank Plc till October 15 for hearing.
Justice Tijani Garba Ringim had, on August 31, ordered the freezing of the account, following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC).
In a 13-paragraph affidavit in support of the ex-parte application, the EFCC had stated that it received a credible and direct intelligence, which led to the tracing of the funds reasonably suspected to be proceeds of unlawful activities in an account number 0073572696 domiciled in Sterling Bank Plc, with the name ‘Kogi State Salary Bailout Account.’
Moving the application for the interim forfeiture of the funds on August 31, counsel to the EFCC, A. O. Mohammed, had urged the court to grant the order to prevent further dissipation of the funds in the account.
The counsel had also told Justice Ringim that the N20 billion loan meant to augment the salary payment and running cost of the government was kept in an interest-yielding account with the bank.
According to him, “instead of using the money for the purpose, it was meant for, Sterling Bank Plc, acting on the instruction of the Kogi State Government, transferred the money from the loan account and placed it in a fixed deposit account.”
Mohammed had further told the court that the bank had yet to present any credible evidence to show that the facility was well secured.
After listening to the applicant’s counsel, Justice Ringim had ordered the freezing of the account number 0073572696, and also directed the publication of the order in a national newspaper by the EFCC.
He also ordered EFCC to make quarterly reports to the court on the progress of its investigation.
At the resumed hearing of the matter on Tuesday, counsel to the Kogi State government, Prof. Sam Erogbo, SAN, told Justice Aneke, whom the matter was re-assigned to, that his client had filed processes against the interim order granted by Justice Ringim, and that the EFCC had equally filed a reply to the same.
Erogbo, thereby, told the court that he needed time to respond to EFCC’s counter-claim, and also asked for a short date to hear his applications.
In his response, counsel to the EFCC, Rotimi Oyedepo, admitted being served with the processes, adding that he had equally filed his counterclaims.
Justice Aneke thereby adjourned the matter till October 15 for a hearing of all the applications.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Court fixes Oct 15 for hearing of applications over N20bn Kogi salary bailout loan
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state… Court fixes Oct 15 for hearing of applications over N20bn Kogi salary bailout loan
and then