Court Forfeits N250m Of Former NDDC’s MD To FG

Economic and Financial Crimes Commission-EFCC straightnews
Economic and Financial Crimes Commission-EFCC

Based on a court’s ruling, an unnamed former Managing Director of the Niger Delta Development Commission (NDDC), has forfeited N250,000,000 to the Federal Government.

The Economic and Financial Crimes Commission, in a statement released by on Friday, did not reveal the name of the Managing Director.

A statement signed by EFCC’s spokesman Dele Oyewale said based on an application for final forfeiture of the fund by the Lagos zonal office of the EFCC, Justice Rilwan Aikawa of the Federal High Court in Lagos, recently granted the final forfeiture of the money.

The EFCC had approached the court, seeking the forfeiture of the fund, arguing that it was traced, recovered, and reasonably suspected to be part of the proceeds of unlawful activities.

The commission discovered that a contractor with the NDDC received funds for a purported contract and transferred N250 million, suspected as kickbacks, to a real estate company, for the acquisition of a property in favour of the former MD of the NDDC.

The EFCC, “armed with enough facts and figures involved in the transaction, approached the court for the forfeiture of the money to the government.

“Justice Aikawa granted the order of final forfeiture accordingly.”