EFCC Chairman Ibrahim Lamorde Involved in N2trn scam allegation---The petitioner, George Uboh

The hearing session of the Economic and Financial Crimes Commission (EFCC) Chairman, which was held on Wednesday, August 26, revealed shocking details about how the commission may have milked the country of N2.051trillion from seized properties and funds of individuals under investigation.

The petitioner, George Uboh, made series of allegations backed with facts and figures.

He revealed that, "In a December 02, 2011 letter EFCC sent to the Chairman, House Committee on Drugs, Narcotics and Financial Crimes, EFCC stated that the aggregate recoveries from 2004 to 2011 (8 financial years) was N1,326,754,554,482:80. EFCC did not mention where the N1.3 Trillion recovered was remitted to. EFCC’s claim that it did not recover up to a Trillion is complete false."

He submitted the figures below:
2004—N7,070,693,130:00
2005—N965,651,737,039:00
2006—N6,622,261,783:79
2007—N7,700,150,381:20
2008—N18,141,628,546:98
2009—N130,885,187,726:83
2010—N52,877,464,867:00
2011—N137,805,431,008:08

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He disclosed further that ”In EFCC’s “SUMMARY OF EFCC MONETARY RECOVERIES 2003-MARCH, 2013” (11 financial years), EFCC stated that the aggregate recoveries for eleven financial years is N497,385,427,485:63; EFCC did not mention where the N497.3 Billion recovered was remitted to, going by the following breakdown -

2003—N974,783,213:06
2004—N21,018,557,263:28
2005—N71,053,996,008:60
2006—N8,199,908,189:03
2007—N41,479,032,319:70
2008—N44,542,822,622:30
2009—N255,306,693,033:55
2010—N10,559,513,355:91
2011—N11,117,460,717:88
2012—N27,844,769,688:19
2013—N5,287,891,074:13

Uboh said that the documents submitted were prepared under the chairmanship of Lamorde, adding that total recoveries to be remitted as confirmed by EFCC are 1.995 Trillion + 48.9 Billion + 7.3 Billion + .4 Billion = N 2.051 Trillion. He asked, “after recovering over 2 trillion, how did the funds melt away?
He further alleged that in defrauding the Nation of seized funds from corrupt Nigerians under investigation, EFCC under Lamorde also indulges in doctoring of Bank Accounts and diversion of already seized loots.
He said, "two access bank recovery account statements tendered herein show Opening balances of -0- as of 1, July 2004, but no transaction occurred until June/July 2008 respectively. These transactions are expunged Where are the funds deposited between July 2004 and June/July, 2008?“EFCC diverted and concealed N779 Million Naira of recoveries from Tafa Balogun in its record (aggregate should be 3,037,255,521.60 – not 2,258,100,516.98); Instead of transferring 3.3 billion from Spring bank to its Access bank recovery account, EFCC transferred only 2.2 billion and concealed it by understating the summation of the balances in the various accounts hence the access bank statement had 2.2 Billion Naira after the concealment”In conclusion, he urged the committee to make the Federal Government compel EFCC to remit 2.051 Trillion to the Federal Government of Nigeria.
He added, “Access bank should be compelled to bring complete and unadulterated statements from 2004 till date.“Aminu Ibrahim and co, Auditors, should be compelled to come and shed light on discrepancies in its records and that of the already traced EFCC accounts.

In reaction to Uboh's submissions, the Committee Chairman,Sam Anyanwu, acknowledged that the allegations are very serious, noting that the Committee is on a fact-finding mission and not out to run any agency down. It assures that it will look into the matter.