The Economic and Financial Crimes Commission, EFCC, has said Abdulazizz Yari, chairman of the Nigerian Governors Forum, NGF, authorised the diversion of N500m and $500,000 from the funds released to states as refunds from loans taken from the Paris and London Clubs of lenders.
The EFCC in its forfeiture application before a Federal High Court named two companies used as vehicles to launder the funds. They are First Generation Mortgage Bank Limited, and Gosh Projects Limited. The money was allegedly diverted from the NGF’s bank account and meant to offset a personal loan Yari took from the First Generation Mortgage Bank Limited.
Also, the second company named in the theft, Gosh Projects Limited, had procured building materials for Yari’s 100-room hotel project in Lagos.
Gosh Projects was also said to have used part of the looted funds for the purchase of treasury bills and transfers to offshore accounts.
Justice Nnamdi Dimgba who heard the case gave the forfeiture order, and also instructed owners of the fund must prove their ownership within 14 days of publishing the forfeiture order in newspapers.