Connect with us

News

Court orders final forfeiture of N827.6m traced to NDDC contractors

Published

on

The Economic and Financial Crimes Commission (EFCC) said on Monday it had secured the final forfeiture of N827, 679,098.32 from Flank Power Resources Limited and GMFD Ventures Limited.

The two firms are linked to contractors with the Niger Delta Development Commission (NDDC).

The forfeiture order, according to the commission, was granted by Justice Chukwujekwu Aneke of the Federal High Court, Lagos.

The EFCC had urged the court to grant the final forfeiture of the funds to the federal government, saying they were proceeds of unlawful activity.

The court had on June 8 granted the interim forfeiture of the funds to the federal government.

READ ALSO: Reps ask EFCC to retrieve stolen NDDC money from officials, contractors

The statement read: ”A breakdown of the recovery shows that N616, 679, 098.32 was recovered from Flank Power Resources Limited, while N211million was recovered from GMFD Ventures Limited.

“It was discovered that between 2018 and 2019, Flank Power Resources Limited received the funds from the NDDC, through its account number:1015642852, while GMFD received through account number: 1014657819 both of which are domiciled in Zenith Bank Plc for desilting contracts which aside being inflated, were not executed, but diverted and laundered.

“The sum of N616, 679, 098.32 recovered from Flank Power Resources Limited was facilitated through 62 Zenith Bank drafts in favour of the EFCC Recovered Funds Account with the Central Bank of Nigeria (CBN) while the N211million from GMFD came through 22 Zenith Bank drafts in favour of the same account.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now