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Thursday, April 13, 2017

Seven Things You Need To Know About N17.3bn Cash Recovered In Ikoyi House

Operatives of the Economic and Financial Crimes Commission, EFCC on Wednesday stormed a residential building in the 7th Floor of a four – bedroom apartment at Osborne Towers located at 16, Osborne road Ikoyi, Lagos, and uncovered over $50 million cash in various foreign currencies and Naira notes.

The recovery is the third in the last three days after N250m cash in various currencies was intercepted at the popular Balogun market in Lagos on Monday and another staggering sum of N4billion was uncovered in fixed in deposit account domiciled in Guaranty Trust Bank on Tuesday.

Here are the things you should know about the EFCC’s recovery of over N17.3 billion and the emerging controversies.

1. Whistle-blower policy is working

The recent unprecedented recoveries is due to a whistle blower policy signed into law by President Muhammadu Buhari. According to the policy, Whistle-blower whose information leads to the recovery of up to 1 billion Naira will receive 5% of the amount; that the reward for any amount between 1 and 5 billion Naira will be 5% for the first 1 billion Naira and 4% of the remaining 4 billion Naira, and that any amount over 5 billion Naira will attract 2.5% reward. It is interesting that while some persons will become richer through whistle blowing.

2. Bureau De Change Maths Gives N17.3billion

The total amount recovered from the residential building in the 7th Floor of a four – bedroom apartment at Osborne Towers located at 16, Osborne road Ikoyi, Lagos, is $43.4m, £27,800 and N23.2m. When converted t Nigerian Naira, the money amounts to N17, 3907,100,000 (17.3 billion).  From photos, EFCC official counting the money were sweating profusely.

3. Disguising women come in and out of the apartment with ‘Ghana Must Go’ Bags

The EFCC said suspicious movement of bags in and out of a particular apartment in the building was noticed. While quoting a source, said the movers of the bags, make believe that they bring in bags of clothes. Another source who is conversant with the apartment of interest indicated that a woman usually appeared on different occasions with Ghana Must Go bags. ” She comes looking haggard, with dirty clothes but her skin didn’t quite match her outward appearance, perhaps a disguise”, the source said.

4. The EFCC obtained a search Warrant on the buliding

The apartment was locked when operatives of the EFCC got to the building, but the door was forced open with the anti-graft agency relying on a magisterial order contained in its warrant.

5. Shocking Discovery In a not-at-all suspicious looking fire proof cabinets 

Monies were found in two of the four bedroom apartment. Further probe of the wardrobe by operatives, revealed that one of the rooms, was found to be warehousing three fire proof cabinets disguisedly hidden behind wooden panels of the wardrobe. Upon assessing the content of the cabinets, neatly arranged US Dollars, Pound Sterling and some Naira notes in sealed wrappers.

6. Former PDP Chairman, Adamu Mu’azu Linked To Property 

A former National Chairman of the Peoples Democratic Party (PDP), Ahmadu Adamu Mu’azu, has been linked to being the owner of the Lagos apartment but he immediately denied the claims.

7. Former NNPC MD Esther Nnamdi-Ogbue Allegedly owned the money.

Esther Nnamdi Ogbue-Former NNPC MD on PPM

There are reports that the $50 million belongs to the a former Managing Director, Operations at the Nigeria National Petroleum Corporation (NNPC), Esther Nnamdi-Ogbue. Nnamdi-Ogbue, was sacked alongside other three top Managing Directors at the NNPC over the ‘missing’ petrol scandal involving Capital Oil & Gas Nigeria Limited owned by businessman, Ifeanyi Ubah. She is yet to react to the report as at the time of filing this report.

The post Seven Things You Need To Know About N17.3bn Cash Recovered In Ikoyi House appeared first on GL Trends.



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