…reveals fraudulent dealings involving Covid-19 funds, World Bank loan, returned Abacha loot
The Economic and Financial Crimes Commission (EFCC) says it is making progress in its ongoing investigation into alleged financial misappropriation within the Ministry of Humanitarian Affairs, Disaster Management and Social Development.
In a press statement by its Head of Media & Publicity, Dele Oyewale, the anti-corruption agency said it has already recovered a staggering N32.7 billion and $445,000.
According to Oyewale, discreet investigations by the EFCC have opened other fraudulent dealings involving Covid-19 funds, the World Bank loan, and Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate. The statement also added that investigations have also linked several interdicted and suspended officials of the ministry to the alleged financial malfeasance.
The probe initially targeted past and currently suspended officials of the ministry, unveiling a complex network of fraudulent activities. These activities reportedly involve mismanaged Covid-19 funds, misuse of World Bank loans, and misappropriations of recovered Abacha loot intended for poverty alleviation initiatives by the ministry.
Oyewale emphasized that the scope of the EFCC’s investigation extends beyond individuals to include a systemic examination of widespread corrupt practices. The statement detailed that several banks and their managing directors are under scrutiny, having allegedly facilitated these financial crimes. All parties found culpable will face prosecution, underscoring the commission’s commitment to thorough and impartial justice.
“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,” the statement said.
“Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary,” it said.
The statement also said adding to the financial fraud investigation, the EFCC has also heightened its efforts against abuses of the Nigerian currency and the illegal dollarization of the economy. A Special Task Force initiated on February 7, 2024, is at the forefront of these efforts. The public’s increasing involvement in reporting such violations has been notable, with many citizens providing video evidence of currency misuse.
“To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7, 2024. However, going forward, new videos of such infractions will be investigated and prosecuted,” it said.
The statement concluded with a warning from the EFCC, reinforcing that its operations will persist in a “no-sacred-cow” mode, and urging the public to adhere to legal standards to avoid penalties.
“At the moment, the Commission is investigating several celebrities involved in Naira abuse. Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime,” it said.
