A Federal High Court in Lagos on Tuesday froze a Kogi
State salary bailout account domiciled at Sterling Bank
Plz over a N20 billion loan obtained through the bank.
Justice Tijjani Garba Ringim made the order pending the
conclusion of investigation by the Economic and Financial
Crimes Commission (EFCC).
The agency approached the court via an ex parte application
brought pursuant to Section 44(2) of the Constitution and
Section 34(1) of the EFCC Act.
Its counsel, Mr. A. O. Muhammed, informed the court that
the order was necessary to preserve the res (subject matter)
and abate further dissipation of the funds in the account.
Moving the application, Muhammed alleged that the N20
billion loan was meant to augment salary payment and
running cost of the state government, but was allegedly kept
away.
Granting the application, Justice Ringim ordered the EFCC
to publish the order in a national newspaper and make a
quarterly report to the court on the progress of its
investigation.
The judge adjourned the matter till December 1 for the
report of investigation.