The Economic and Financial Crimes Commission (EFCC) has said that it has secured final forfeiture of N827.6m from two Niger Delta Development Commission (NDDC) contractors.
The anti-graft agency made this known in a statement on Monday by its Head, Media and Publicity, EFCC, Dele Oyewale.
He noted that on June 29, 2020, Justice C. J. Aneke of the Federal High Court in Lagos ordered the forfeiture of the money from the two firms, Flank Power Resources Limited and GMFD Ventures Limited, for failure to execute NDDC projects, while the funds were diverted and laundered.
According to the spokesman of the anti-graft agency, investigation revealed that the two firms also inflated costs of the projects.
He said, “Matthew Edevbie is the Chief Executive Officer of Flank Power Resources Limited. It was discovered that between 2018 and 2019, Flank Power Resources Limited received the funds from the NDDC through its account number: 1015642852 , while the GMFD received through account number: 1014657819, both of which are domiciled in Zenith Bank Plc for de-silting contracts, which aside being inflated, were not executed, but diverted and laundered.
“The sum of N616,679,098.32 recovered from Flank Power Resources Limited was facilitated through 62 Zenith Bank drafts in favour of the EFCC Recovered Funds Account with the Central Bank of Nigeria, while the N211m from the GMFD came through 22 Zenith Bank drafts in favour of the same account.”
