Things are getting more better and improvement is at hand.
Economic and Financial Crimes Commission (EFCC) has recovered over N1.65 trillion ($11 billion) since its inception in 2003 to March 2011. The bulk of this, that is, $6.5 billion was recovered in the last two years alone, EFCC chairman , Mrs Farida Waziri, has said.
She noted that a substantial portion of these recoveries are government funds that had been siphoned and criminal proceeds from bank frauds.
Referring to a United Nations (UN) report, Waziri disclosed that around N22.2 trillion ($148 billion) is annually stolen from Africa by the political leaders, the business elite and civil servants with the collusion and connivance of banking industries in Europe and other developed economies. "This is staggering," she lamented.
Waziri also faulted those saying that it was wrong for the commission to try former bank chiefs that were recently arrested at both the Federal High Court and Lagos High Court. The anti-graft commission had recently swooped on the Erastus Akingbola (Intercontinental Bank), Okey Nwosu (Finbank), Sebastine Adigwe (Afribank) and some of the former directors of the banks.
Waziri disclosed that the offences for which the bank executives were arraigned before the Federal High Court were different from the ones for which they would be charged before the Lagos High Court.
In a statement by the Head, Media and Publicity, Femi Babafemi, the EFCC boss noted that while the offences at the Federal High Court were bordering on the Banks and Other Financial Institutions Act (BOFIA), Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act and the Money Laundering Act for which only the court has jurisdiction to entertain, the charges at the Lagos High Court are bordering on theft, and stealing which only a state High Court can hear.
Meanwhile, the former managing director of Bank PHB, Mr. Francis Atuche, his wife Elizabeth and two of their associates were Tuesday arraigned before different courts by the EFCC, and charged with offences bordering on stealing depositors funds.
While Atuche and Messrs Lekan Kasali and Femi Ademosun appeared before Justice S.A Onigbanjo of Ikeja High Court, Mrs. Atuche was arraigned before Justice Lateefa Okunnu also of Ikeja High Court. While Justice Onigbanjo ordered that Atuche and his accomplices be remanded in the custody of the EFCC, Okunnu ordered that his wife be remanded in prison custody.
A statement from EFCC spokesman, Babafemi , said Atuche was arraigned twice in the same court on different charges bordering on stealing.
In the first case, he was arraigned alongside Kasali on a three count-charge bordering on conspiracy to commit felony and stealing. According to one of the charges, in August 2008 the defendants conspired and stole the sum of N3.6billion which they fraudulently claimed to be a loan to Cog par Nigeria Limited. A total of N10.8billion was allegedly transferred to the company by the accused persons.
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