• Wednesday, May 22, 2024
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BusinessDay

EFCC exposes fraudulent handling of Covid-19 funds, Abacha loot in Humanitarian Ministry

EFCC probes 11 suspected oil thieves in Lagos, docks Jos woman for N12.2m land fraud

…recovers a total of N32.7bn and $445,000 from humanitarian ministry

The Economic and Financial Crimes Commission (EFCC) has uncovered fraudulent activities related to Covid-19 funds and the Abacha loot, amidst mounting concerns over financial mismanagement within the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

The Commission in a statement on Sunday addressed the growing concerns surrounding its ongoing investigations into suspected financial mismanagement within the ministry.

Read also: We will investigate and prosecute anyone involved in naira abuse, EFCC says

According to Dele Oyewale, Head of Media & Publicity for the EFCC, the initial investigations have led to the recovery of a substantial sum of N32.7 billion and $445,000.

He noted that these investigations, initially focused on past and suspended officials of the ministry, have since broadened to uncover alleged fraudulent activities related to Covid-19 funds, the World Bank loan, and the Abacha recovered loot designated for poverty alleviation initiatives.

The EFCC emphasized that its inquiries are not centered around individuals but rather aim to uncover systemic fraudulent practices.

“This included scrutinizing the involvement of various banks, with managing directors of implicated banks providing crucial information to investigators.

The statement stressed that those found culpable will face prosecution, with ongoing investigations progressing steadily.

According to Oyewale, the EFCC is actively tackling Naira abuse and the dollarization of the economy.

“The Commission acknowledges the public’s increasing awareness and support in reporting instances of Naira abuse, underscoring the importance of collaborative efforts to preserve the integrity of the national currency”, he stated.

Regarding the recent surge in videos depicting Naira abuse, the EFCC clarifies that its Special Task Force against Naira Abuse and Dollarization commenced operations in February 2024.

Read also: Emefiele remanded in EFCC custody, faces fresh corruption charges

While older videos are noted, the Commission assures the public that new instances will be thoroughly investigated and prosecuted.

Oyewale noted that celebrity involvement in Naira abuse is also under investigation, with several individuals already providing statements to the EFCC.

The Commission reiterated its commitment to upholding the law without exception, warning the public against engaging in criminal activities.