EFCC recovers N500m diverted by Governor to repay loan

The Economic and Financial Crimes Commission (EFCC) has recovered N500 million allegedly diverted by a governor from the London-Paris Club loan refund.

The governor diverted the N500million out of his state’s share of N19bn.

EFCC also traced N2.2billion payment to another consultant, which allegedly gave the yet unnamed governor N500million.

The governor directed that the cash should be transferred to a mortgage bank where he was indebted to the tune of N800 million.

The governor used the “cash-at-hand” to defray his debts with a waiver by the mortgage company.

An EFCC source told the Nation that: “Of the N19billion, we discovered that a consultant brought by the North-West governor was paid N2.2billion.

“From the N2.2billion, the governor got N500million.

“He then instructed that the N500million be transferred to the mortgage bank where he had borrowed money to buy two properties in 2013 and was unable to pay.

“The debts accumulated to N800million but with N500million cash-at-hand, the governor renegotiated the debts and used the cash to defray his liabilities.”

“The mortgage bank has refunded the N500million to the EFCC. We have all the evidence of the recovery in our records,” he said.

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