How Military Ex-chief Stole N4bn, Purchased Abuja Properties, ICPC Spills
A top ex-serviceman stole funds allocated to the Nigerian military and used the money to buy properties in Abuja
This revelation was made by the ICPC’s national chairman, Prof. Bolaji Owasanoye, on Friday, September 9
Prof. Owasanoye revealed that a prosecution by the commission to recover the funds was thwarted by a high court judge
The leadership of the Independent Corrupt Practices and other related offences Commission (ICPC) has revealed a massive fraud carried out by a former military chief.
At a national policy dialogue on corruption, the chairman of the ICPC, Prof. Bolaji Owasanoye, disclosed that the unnamed retired serviceman stole funds to the tune of N4 billion allocated to the military, Vanguard reports.
Owasanoye said the funds siphoned by the suspect were deposited into the accounts of two companies where he is the owner and sole signatory.
The anti-graft agency said the funds stolen by the military chiefs were used to buy properties in Abuja in the names of cronies and proxies and that some of the properties paid for by his service were also fraudulently converted to his use.
However, the ICPC boss lamented that the ICPC’s effort to recover the money was frustrated by a high court judge who is now retired.
Owasanoye added that the judge during a hearing ordered the forfeiture of the properties to the federal government while the rest was left to the suspect
“Some former military and security personnel are being investigated by the ICPC and our sister agency (EFCC) for embezzlement of funds allocated to security. For example, a former head of one of the arms of the military, in the twilight of his tenure, deposited the sum of N4 billion from the military budget into the accounts of two companies where he is the beneficial owner and sole signatory.
“The proceeds were used to purchase properties in Abuja in the names of cronies and proxies. Some of the properties paid for by his service were also fraudulently converted to his use. ICPC’s prosecution of this high-ranking officer to recover all the implicated assets was strangely and perversely frustrated by a recently retired High Court judge who decided to forfeit some of the assets to FGN and the rest left to the suspect. While the Commission has filed a notice of appeal, this strange development aggravates an already bad situation and escalates insecurity and impunity.”