EFCC finds N500m in NERC’s Man’s Account.

From Yusuf Alli,
Managing Editor, Northern Operation

OFFICIALS of the Economic and Financial Crimes Commission (EFCC) have found N500 million in a fixed deposit account of a top official of the Nigerian Electricity Regulatory Commission (NERC).

The EFCC, which yesterday intensified investiga

tion into the N1.5 billion scandal in NERC, found the details of the transaction in the official’s home.

NERC Chairman Ransome Owan and his six commissioners were arrested on Wednesday by EFCC operatives over the financial scandal.

The others are: Abdul-Rahman Ado(Vice-Chairman and Commissioner, Market Competition and Pricing); Muhammed Baba Gana Bunu (Finance and Support Services); Prof. O.C. Iloeje (Research and Development); Dr. Muhammed Alimi Abdul-Rasaq (Legal, Licensing and Enforcement); Abimbola Odubiyi (Engineering Standards and Safety); and Dr. Grace Eyoma (Government and Consumer Affairs).

Their houses in Abuja were searched yesterday.

A source said: "After taking statements from the suspects, it was important to search their homes as part of our ongoing investigations.

"During the search at the home of one of the suspects, we discovered a tenor certificate on how he put N500million in a fixed deposit. The official is already being grilled on how he came about the money.

"Also, a major bend in the investigation was the retrieval of a list of how the suspects got N100million each as unspecified allowance. This is apart from the N1.5billion for which they were initially held.

"So far, we are still detaining the suspects and their interrogation is in progress."

Asked how long it will take to interrogate the suspects, the highly-placed source said: "Going by our investigations, we may even take them to court for trial from detention – if necessary."

EFCC spokesman Femi Babafemi said: "All I can tell you is that we are still investigating the suspects."

As at press time, there was no formal reaction yesterday from the NERC.

A source at the commission said: "Since our officials are incommunicado, we have no information on why they were held."

A national daily had on Wednesday quoted the General Manager (Public Affairs) of the commission as saying: "I don’t think we have such kind of money (N1.5billion) to give out contract because we are not a contract-awarding agency. The money is too much for our agency."