The Economic and Financial Crimes Commission (EFCC) says the sum of N1,956,007,975.81 has accrued to the federal government as interest from funds seized by a former Inspector General of Police, Tafa Balogun, and others.

The Nation reports that an EFCC document also showed that properties seized from the founder of the defunct Intercontinental Bank, Erastus Akingbola, former Edo State Governor Lucky Igbinedion, former Plateau State Governor Joshua Dariye and seven other people under investigation, have yielded about N185.6 million as rents for government.

Sources in the EFCC said the Commission put the records together following the controversy generated by the assets seized from the former IGP.

Pioneer EFCC chairman Mallam Nuhu Ribadu had uncovered huge amount of monies in Tafa Balogun’s account, which led to Balogun’s resignation as IGP on January 18, 2005.

The EFCC records says in part: “A total of 15 Spring Bank accounts were forfeited by Mr. Tafa Balogun. Of this number, four accounts had NIL (zero) balance.

“The total balance in the remaining 11 accounts as of January 2005 was N1, 226,518,163.09. In addition to this, seven treasury bills/commercial papers in the same bank had a total balance of N1,017,178,719.42.

“The two added together came up to N2,243,696,882.51. With the addition of the accrued interest of N14,403,634.36, the figure came to N2,258,100,516.87.

“This sum was what was paid to the Commission by Spring Bank and eventually remitted to the Federal Government, through the Federal Ministry of Finance.”

The Commission says that some of Balogun’s assets are yet to be disposed due to legal issues.

Continuing, the EFCC says: “There were legal issues on some of the properties recovered from Tafa Balogun. Other claimants emerged, with claims to the properties. The cases include the property at Plot 2220 Suez Crescent, Zone 4, Abuja, which the Commission eventually won in 2013, while the other involved a property at Plot 1488, Fugar Street, Asokoro which case the Commission lost in 2014.

”Apart from the Fugar Street Asokoro property that is now a subject of appeal by the EFCC; three other properties forfeited by Tafa Balogun are yet to be disposed of. One of the properties is located at Plot 110, Tunis Street, Wuse Zone 5, Abuja.

“Meanwhile, the total sum of N46,358,393.15 generated from the management of the property by Diya Fatimilehin & Co since 2009 was remitted to the Commission at various times.

“The remitted sum is in the Commission’s recovery account.

“The remaining two properties which appeared on the forfeiture order as Plot 75, Asokoro and Plot 2262B Maitama A6 District, Abuja, are also subject of legal disputes.”

The EFCC also admitted that it raked in about N1,956,007,975.81 from forfeited funds placed in interest yielding accounts.

It says: “The placement of forfeited monies in interest yielding accounts is not an entirely new idea. The court in various rulings ordered some funds to be placed in interest yielding accounts.”