A governor has forfeited N500 million he allegedly laundered in a mortgage bank to the Federal Government, The Nation reports.
The EFCC’s application for the forfeiture of the funds was granted by a Federal High Court in Abuja.
According to the newspaper, the fund is believed to have been diverted from the London-Paris Club refund.
The court has seized $500,000 of the $3million allegedly diverted by another governor from the refund for the building of a 100-room hotel in Lagos.
It however gave a 14-day period for anyone who owns the funds to argue why it should not be permanently forfeited.
Justice Nnamdi Dimgba granted EFCC’s prayer for an interim forfeiture of the cash traced to both First Generation Mortgage Bank Limited and Gosh Projects Limited.
$500,000 was allegedly credited to the account of the Gosh Projects Limited as part of the cash for the 100-room hotel, while N500m was linked with the bank.
A source in the EFCC told The Nation that the two governors implicated in the diversion of the funds will face trial after their tenure.
The source said, “We have been unable to join the governors as respondents because they have immunity in line with Section 308 of the 1999 Constitution, which prevents any law enforcement agency from prosecuting them for criminal cases.
“But the case-files have shown their complicity on how they diverted the London-Paris Club refunds to personal use. Those affected will complete their tenure in two years.
“One of the governors is noted for mass looting of public funds. His cup is full with anti-corruption agencies
“As for others used in laundering the cash, we will prosecute them after the final forfeiture of the cash because in seeking justice, you cannot build something on nothing.”