Court freezes Kogi’s account over N20bn bailout loan

It was gathered that over N20bn loan was obtained from the bank by the state government.

The EFCC had approached the court for the order in an ex-parte application brought pursuant to section 44 of the 1999 Constitution, section 34 of the Economic and Financial Crimes Commission Act, and under the inherent jurisdiction of the court. “Instead of using the money for the purpose it was meant for, Sterling Bank Plc, acting on the instruction of the Kogi State Government, transferred the money from the loan account and placed it in a fixed deposit account.“Sterling Bank Plc has yet to present any credible evidence to show that the facility is well secured,” Mohammed said.

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