• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Thursday, February 9, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Beyonce Breaks Grammy Record For Most Wins Ever

    Beyonce Breaks Grammy Record For Most Wins Ever

    Nigerian Singer Tems Bags Her First Grammy Award

    Nigerian Singer Tems Bags Her First Grammy Award

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    29 Nigerian Referees Get FIFA Badges

    29 Nigerian Referees Get FIFA Badges

    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Beyonce Breaks Grammy Record For Most Wins Ever

    Beyonce Breaks Grammy Record For Most Wins Ever

    Nigerian Singer Tems Bags Her First Grammy Award

    Nigerian Singer Tems Bags Her First Grammy Award

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    29 Nigerian Referees Get FIFA Badges

    29 Nigerian Referees Get FIFA Badges

    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home National

How Ex-military Chief Stole N4bn, Purchased Assets – ICPC

by Idonosan Debe
September 10, 2022
in National, Headlines
3 min read
0
0
School Kids in Lagos Affected as N2.67bn Feeding Fund Illegally Diverted to Private Accounts
Share on FacebookShare on Twitter

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has revealed that an ex-military chief stole the sum of N4bn from military budget and deposited it into the accounts of two companies where he is the beneficial owner and sole signatory.

He further stated that the proceeds from the loot were used to purchase properties in Abuja in the names of cronies and proxies of the military chief, and some of the properties paid for by his service were also fraudulently converted to his use.

Owasanoye made this known on Friday during an event tagged, ‘National Policy Dialogue on Corruption and Insecurity in Nigeria’, held at the ICPC headquarters in Abuja.

He noted that research and investigations by the National Security Agency and the ICPC on the issue of insecurity had shown that public sector corruption directly and indirectly enabled insecurity and could sometimes complement it.

He said, “Some former military and security personnel are being investigated by the ICPC and our sister agency (the Economic and Financial Crimes Commission) 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 N4bn from 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.”

He noted that cases of job racketeering abound in the security sector, disclosing that many of them were under investigation by the ICPC.

Owasanoye said corruption was a major contributory factor to the continued existence and propagation of insecurity in the country.

The ICPC boss lamented Nigeria’s worsening insecurity challenges, noting that the resulting impact on her economy and image had continued to be cause of concern to Nigerians, including the leaders in the three arms of government and anti-corruption practitioners.

He said, “Another case under investigation is theft of part of special intervention fund approved for security operations by some civil servants in the line ministry who transferred about N1bn to four Shell companies.

“A special investigative team under the leadership of NSA and ICPC recovered some of the diverted assets, including state of the art building located in Abuja and over N220m cash. Investigation on this matter is still ongoing.

“In fact, a clinical diagnosis of the insecurity menace in the country reveals that to effectively combat insecurity, we require the collaborative efforts of security agencies (the military, intelligence, police, customs, Prisons, others), as well as law enforcement and anti-corruption agencies.

“There are also ongoing investigations into military contracts spending. Recently, ICPC arrested a military contractor that received over a period of less than 10 years cumulative sum of about N6bn from the Nigerian Army in suspicious circumstances and in violation of extant legislation.

“The commission’s recovery of huge cash sums in local and foreign currencies, luxury cars, customised mobile phones, designer watches, including three Rolexes, as well as property documents from the premises of the contractor, underscore the corruption that often attend military procurement.”

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: FraudIndependent Corrupt Practices and other related offences Commission (ICPC)LootNigerian Military
Previous Post

DSS raids Homes of Mamu’s In-law, Other Family Members

Next Post

FG Drags ASUU To Industrial Court, Says Negotiations Have Failed

Idonosan Debe

Idonosan Debe

Related Posts

Naira Redesign: Buhari Accuses Banks Of ‘Greed’ 

Supreme Court Judgement On Naira: Buhari, Emefiele Meet

by Segun Adewunmi
February 9, 2023
0

President Muhammadu Buhari, on Wednesday, met with the Governor of the Central Bank of Nigeria, Godwin Emefiele, at the State...

Nigeria benefits from IMF’s $23bn COVID-19 relief

IMF advises CBN to extend date for currency swap

by Idonosan Debe
February 9, 2023
0

The IMF has advised the Central Bank of Nigeria, CBN, to extend the deadline for the swap of the old...

Next Post
Buhari Worried Over Fresh Niger Delta Militants’ Threats

FG Drags ASUU To Industrial Court, Says Negotiations Have Failed

Please login to join discussion

Recommended

Just In: Tribunal Sacks Osun State Governor, Ademola Adeleke

Just In: Tribunal Sacks Osun State Governor, Ademola Adeleke

2 weeks ago
Makinde Pilot Sisters: Mopelola, Oluwaseun and Oluwafunmilayo

Makinde Pilot Sisters: Mopelola, Oluwaseun and Oluwafunmilayo

3 months ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency Academic Staff Union of Universities (ASUU) ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Drug Trafficking EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: