by Azeez Adeniyi
The Economic and Financial Crimes Commission (EFCC) has traced $3 million of the London Paris Club loan to a governor, The Nation reports.
According to the newspaper, the fund is part of N19billion deducted from the refund by the Nigeria Governors Forum (NGF).
It was reportedly found in the account of a member of the House of Representatives.
The $3million is reportedly being spent on building a 100-room hotel in Lagos.
A source said: “The EFCC is still investigating the N19billion allegedly diverted from the loan refund. The commission has so far interrogated 15 companies, more than 10 individuals and over eight bureaux de change used to divert the cash.
“The latest bend of the investigation is the discovery of $3million linked with another governor who benefited from the illegal deduction. The governor had engaged a member of the House of Representatives(who was also a former commissioner) to launder his share.
”The lawmaker was said to have wired the $3million into his brother’s account before moving it into his own.
“Upon interrogation, one of the suspects admitted that the cash was for the ongoing construction of a 100-room hotel for the governor.
“About $500,000 of the $3million has been recovered by the EFCC. It is a scam in which many people benefited and a sizeable number of proxies used to launder the funds,” the source said.
“The $3million was transferred to the lawmaker for the governor from the $86million in the NGF’s domiciliary account.
“We will do our best to recover the already diverted part of the $3million. We may also apply for the forfeiture of the hotel to the Federal Government,” the source said, pleading not to be named so as not to jeopardise the investigation.”