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EFCC Faces Showdown with Oil-Producing State Governors Over N84.7 Billion Derivation Funds Scandal

January 1, 2024







Tensions rise as EFCC and nine governors clash over the alleged siphoning of N84.7 billion from the 13 per cent derivation meant for oil-producing states.

The states are Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.The money was allegedly siphoned by a consultancy firm, Olusegun Akindele Consultancy, and other accomplices engaged by the nine NDDC states to review and reconcile the payments due to them from the Excess Crude Account (ECA) between 2004 and 2016.Specifically, Olusegun Akindele Consultancy firm received a total sum of N84. 7 billion, being 9.84 per cent of N861,135,887,749.10 as consultancy fees and the money was shared among four groups.

The dispute intensifies with a demand for the release of N52 billion recovered from the former Accountant General of the Federation, Ahmed Idris.

Idris faces trial on charges including money laundering, diversion of public funds, abuse of office, and conspiracy.

The Akwa Ibom State Governor, Eno, wrote the EFCC seeking the release of the N52 billion to the nine states to a consultant, Messrs Platinum Resources Limited.

The EFCC turned down the request, insisting that each of the states should send the account details of their government for the release of the money. However, the EFCC’s directive was not complied with as Eno was said to have sent the account details of only four states – Akwa Ibom, Delta, Bayelsa, and Rivers to the EFCC, while the account details of the remaining five states were not sent.

The standoff revolves around the EFCC’s insistence on comprehensive account details from all nine states, stirring controversy and challenging the governors’ position.


Credit: Imran Muhammad/X

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