REVEALED: EFCC freezes N126billion from 120 accounts

As the anti-corruption battle continues, hard fighting anti-corruption agency,
Economic and Financial Crimes Commission (EFCC) has revealed that it has
frozen over N126billion in the accounts of some suspects in order not to
jeopardise investigations.
In a statement signed by the commission’s spokesperson, Wilson Uwujaren,
more than 120 bank accounts are affected by the freeze order with
N126,563,481,095.43 temporarily seized pending the conclusion of
corruption-related cases.
Other cash and assets under Interim Forfeiture is $9,090,243,920.15, seized
from suspects facing trial or under investigation.
The statement said: “In recent times, a lot of interest has been generated by
the action of the Commission in freezing the accounts of suspects that were
investigated or are currently being investigated. Some commentators have
tended to ascribe vindictive motives to this action
“In order to prevent misinformation, it is imperative to explain the reason
behind the Commission’s actions in this regard.
“Freezing of accounts suspected of being used for commission of financial
crimes is a mandatory investigative step backed by law. Indeed, Section 34
(1) of the EFCC Act 2004 empowers the Commission to freeze any account
suspected of being used for financial crimes.
The section stipulates that “the Chairman of the Commission or any officer
authorised by him may, if satisfied that the money in the account of a person
is made through the commission of an offence under this Act or any
enactment specified under Section 6(2) (a)-(f) of this Act, apply to the
court ex-parte for power to issue or instruct a bank examiner or such other
appropriate authority to freeze the account”.
“Similar provision in the Money Laundering Prohibition Act 2012 (as
amended) also empowers the EFCC Chairman or his representatives to place
a stop order on any account or transaction suspected to be involved in any
crime.
“The intendment of these provisions is to ensure that the Commission
safeguards suspected proceeds of crime pending the completion of its
investigation. It is without prejudice to the social standing of the holder of
such accounts or whether they are individual, corporate or government
accounts.
“Freezing orders are incidental to investigation and doing otherwise will
jeopardise the prospects of recovering stolen assets.”
High profile suspects with accounts among the over 120 frozen include ex-
Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, ex-National
Security Adviser (NSA) Col. Sambo Dasuki (retd), ex-Chief of Defence Staff
Air Chief Marshal Alex Badeh; ex- Chiefs of Air Staff Air Marshals Adesola
Amosu and Mohammed Dikko Umar; Robert Azibaola( ex-President
Jonathan’s cousin) and ex-Minister of Aviation Femi Fani-Kayode.
EFCC has also frozen N32.8 billion from six suspects implicated in the police
pension office.