EFCC Secures Final Forfeiture Of N827.6m From NDDC Contractors
The Economic and Financial Crime Commission (EFCC) has secured the final forfeiture of N827,679,098.32 (Eight hundred and twenty seven million, six hundred and seventy-nine thousand, ninety-eight naira, thirty-two kobo) from two contractors of the Niger Delta Development Commission (NDDC).
The contractors are Flank Power Resources Limited and GMFD Ventures Limited.
The forfeiture followed the order of the Federal High Court, Ikoyi, Lagos, through Justice Chukwujekwu Aneke sequel to an affidavit deposed by an EFCC investigator.
In the affidavit, the commission prayed the court for the forfeiture of the sum to the federal government of Nigeria, being proceeds of unlawful activity, traced to some contractor’s account with Zenith Bank.
Analysis of the recovery shows that N616,679,098.32 was recovered from Frank Power Resources Limited, while N211 million was recoverred 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 Ventures Limited received through account number:1014657819 both of which are domiciled in Zenith Bank Plc 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, while the N211 million from GMFD came through 22 Zenith Bank drafts in favour of the same account.
The EFCC secured the interim forfeiture of the money on June 8, 2020 and it’s final forfeiture was granted by the court on June 29, 2020.