The Economic and Financial Crimes Commission (EFCC) has withdrawn the suit seeking the forfeiture of the N20 billion bailout fund granted to the Kogi State Government by a new generation bank.
The money which was meant for the payment of Kogi State workers was alleged to have been instead domiciled in an interest-yielding account with the bank.
Justice Chukwujekwu Aneke granted the order of withdrawal sequel to a notice of discontinuance filed and argued by the counsel to EFCC, Kemi Pinheiro (SAN).
Pinheiro listed six grounds upon which the judge granted the application, adding that “the EFCC is a responsible body.”
One of the grounds was that the management of Sterling bank where the account was domiciled had clarified questions resulting in the commencement of the suit and an intention had been shown to return the sum of N19,333,333,333.36 back to the Central Bank of Nigeria.