Friday, 15 October 2021

Kogi State Loses N20bn Bailout Fund, As Court Orders Sterling Bank To Return Money To CBN

Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Friday, October 15, 2021, granted the application filed by the Economic and Financial Crimes Commission, EFCC, seeking to discontinue the matter in Suit No. FHC/L/ CS, 1086/2021 involving the N20bn Kogi State Salary bail-out loan. 

The application, according to the Commission’s counsel, Kemi Pinheiro, SAN, is sequel to the decision of the management of Sterling Bank Plc to return the total sum of N19, 333,333,333.36 standing in the credit of the frozen account back to the Central Bank of Nigeria.

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