Governor Wike in Battle With EFCC Over N117b Transactions
The Economic and Financial Crimes Commission has begun investigations on the Rivers State Government for suspicious cash withdrawals totaling N117bn.
There were reports that the withdrawals from the state accounts were laundered by some state officials.
According to the PUNCH, an official of the EFCC stated that the “curious” withdrawals violated the Money Laundering (Prohibition) Act.
He stated, “In all, we are investigating cash withdrawals totaling N117bn from the Rivers State accounts in the last three years. The manner the money was withdrawn was suspicious.”
Another source added that a bank chief was quizzed last Thursday and released on administrative bail.
“But he was asked to come back on Friday and we have been interacting with him up till Sunday. He admitted that all the withdrawals were made over the counter in cash.
“He also said the bank benefited about N5.2billion from the charges collected on the transactions,” the source said.
In 2007, the State took the EFCC to court over interferences with the State’s finances and the court restrained the EFCC from probing the accounts of Rivers State as the State was accountable only to the State House of Assembly. Curiously the EFCC has not been able to set aside the injunction.
“We plead the injunction and advise the Commission to respect the laws of the land as anything short of this is equal to political blackmail, the statement added.