The sum of N20 billion bail out fund meant for workers which was allegedly diverted to a private account domiciled in Sterling Bank PLC, has been returned to the Central Bank of Nigeria (CBN).
The fund which was meant for settlement of workers arrears of salaries in Kogi State was never used, but kept in the account in a very questionable manner, untill the lid was blown open that resulted into altercation between the Economic and Financial Crimes Commission (EFCC) and Kogi State government.
The fund was secretly kept amid huge debts owed workers whose career have been ruptured due to the ill-fated status audit carried out by Kogi State government.
The outcome of the audit led to claims and counter claims that has left thousands traumatised as they couldn’t know why their salaries were stopped.
The Central Bank of Nigeria acknowledged receipt of the fund in a letter addressed to the Economic and Financial Crimes Commission Chairman, Abdulrasheed Bawa, and signed by the Director, Development Finance Department.
“We refer to your letter dated November 5, 2021, and wish to confirm the details of the receipt of the amount as stated below:
“Bank: Sterling Bank Plc
Amount: N19, 333 333,333.36
Date of Receipt: 04 November 2021
Please accept the assurances of our greatest regards,” the CBN said in the document signed by the Director, Development Finance Department.
Documents showed that Bello government returned the money from Sterling Bank account to CBN on 4th November, 2021.
Another document related to the unutilised bail out fund read: /BNF/ RETURN OF DISB OF FUNDS TO STERLING BANK IFO KOGI STATE UNDER THE SALARY BAILOUT FACILITY.”
The return followed the order of Court that the fund should be returned to CBN, since it has become a subject of controversy.
The court order had read, “It is hereby ordered as follows; that the Account upon which this Suit was instituted was frozen by an order of this honourable court.
“That the management of the Sterling bank Plc, whose account no, 0073572696 with the name Kogi State Salary Bail Out Account is domiciled has clarified the questions resulting to the commencement of this suit.
“That the management of Sterling Bank has since acknowledged the existence of the said account in their book but claimed same was a mirror account.
“That it is expedient for the suit to be discontinued and the account unfrozen to enable the transfer and return of the sum to the coffers of the CBN where the said bailout fund was disbursed.”
Source:Capitalpost
