EFCC Finds Mismanagement of Recovered Abacha Money, COVID-19 Funds, and World Bank Loan by Humanitarian Ministry

Nigeria’s Economic and Financial Crimes Commission (EFCC) has discovered fraudulent activities involving COVID-19 funds, a World Bank loan, and funds previously stolen by the late dictator Sani Abacha, which were intended for poverty reduction initiatives managed by the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

The EFCC shared these findings in a Sunday statement written by Dele Oyewale, the head of media and publicity. The statement detailed that a thorough EFCC investigation into the ministry’s finances “have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.”

Oyewale further explained, “Discreet investigations by the Agency have opened other fraudulent dealings” and noted that the probe led to the recovery of approximately “N32.7 billion and $445,000 so far.”

He emphasized that the EFCC’s focus is on the system rather than individuals, stating, “The EFCC is investigating a system and intricate web of fraudulent practices.” He added that bank officials involved are under investigation, and those found guilty “will be prosecuted accordingly.”

Read Also: Money Laundering Cases

Federal Government Cuts Excess Spending

Nigerians Transacting On Binance To Be Tracked By EFCC