$50M recovered by agency moved to CBN

monjola sotubo

April 14, 2017 1:15 PM

The money, in separate sums of $43million, N23million and £27,000, was found by EFCC agents in an Ikoyi flat on Wednesday, April 12.

Acting Chiarman of EFCC, Ibrahim Magu

The $50 million which was recovered by the Economic and Financial Crimes Commission (EFCC) in Lagos has been to the Central Bank of Nigeria (CBN).

The money, in separate sums of $43million, N23million and £27,000, was found by EFCC agents in an Ikoyi flat on Wednesday, April 12.

The cash was found in two of the four rooms in the flat and was hidden in fireproof safes.

The EFCC had, on Thursday, April 13, obtained a temporary forfeiture order from the Federal High Court in Lagos with regards to the funds.

This means that the government will be allowed to keep the funds till an interested party shows up to claim the money.

“Barely 24 hours after the Economic and Financial Crimes Commission (EFCC) uncovered the sums of $43,449,947, £27,800 and N23, 218,000 at an apartment in the Ikoyi area of Lagos, a Federal High Court in Lagos has ordered an interim forfeiture of the funds to the Federal Government,” EFCC spokesman, Wilson Uwujaren said via a statement.

“In his ruling on Thursday, Justice Muslim Hassan ordered anyone interested in the money to appear before him at the next adjourned date to show reason why the money should not be permanently forfeited to the Federal Government.

“The commission was also directed to publish in any National Daily for anyone to show cause within 14 days why the order of final forfeiture should not be granted. The Interim Forfeiture was obtained pursuant to Section 17 of the Advance Fee Fraud and other related offences Act 2006," he added.

The case has been adjourned to May 5, 2017

Meanwhile former People Democratic Party (PDP) Chairman, Adamu Muazu has confessed to being the owner of the Ikoyi home in which the $50 million was found.

ALSO READ: Adamu Mu'azu reportedly owns property raided by EFCC

He however said that most of the apartments in the complex had been sold out to various tenants by real estate agents.

monjola sotubo