The Economic and Financial Crimes Commission (EFCC) is investigating the the Yahaya Bello-led Kogi State government over alleged mismanagement of a N20 billion loan.
In an application filed before a Federal High Court in Lagos, the agency requested the freezing of Kogi State’s salary bailout account domiciled in Sterling Bank Plc.
The government reportedly obtained over N20 billion loan from the bank to augment salary payment, and running cost of the state.
However, the fund was then transferred from the state’s loan account and kept in an interest-yielding account with Sterling Bank.
“Sterling Bank Plc has yet to present any credible evidence to show that the facility is well secured,” EFCC counsel, A. O. Mohammed, told the court, according to a report by The Punch.
Justice Tijjani Ringim granted the anti-graft agency’s ex-parte application to freeze the account pending conclusion of investigations, in a ruling delivered on Tuesday, August 31, 2021.
The agency is to make quarterly reports to the court on the progress of its investigation.
Ringim adjourned the case till December 1 for the EFCC’s first progress report of its investigation.
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