Fraud Scandal: EFCC Uncovers COVID-19 Fund Misuse and Abacha Loot Recovery

Nigeria’s Economic and Financial Crimes Commission (EFCC) has uncovered fraudulent dealings involving COVID-19 funds, the World Bank loan, and recovered funds looted by the late dictator, Sani Abacha.

These funds were said to have been released to the Ministry of Humanitarian Affairs, Disaster Management and Social Development by the Federal Government to execute its poverty alleviation mandate.

The agency’s discreet investigation into the alleged financial misappropriation in the ministry opened other fraudulent dealings involving COVID-19 funds and others.

Meanwhile, the EFCC spokesman stated that the agency probe was not about individuals but about a system and intricate web of fraudulent practices.

Banks involved in the alleged fraud are being investigated, and Managing Directors of the indicted banks have made useful statements to investigators. Those found wanting will be prosecuted accordingly.