Nigeria: EFCC Recovers Over N70 Billion Bank Debt

But it has a long way to go yet, as it had confirmed last weekend that 60 per cent of another $3.6 billion stashed away by bank chiefs has been traced to Dubai in the United Arab Emirate (UAE), with efforts still being made to repatriate it.
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The biggest debt recovery last week came from Zenon Oil and African Petroleum (AP) Chairman, Femi Otedola, who returned N3 billion to Afribank on Friday.
But the top slot belongs to Intercontinental which had N15.5 billion of its debt repaid, said EFCC Spokesman, Femi Babafemi.
Union got back N10 billion and Oceanic N15 billion.
Babafemi noted that the rate at which the debtors have responded to the directive to repay the loans they had failed to service for years is encouraging.
He said the EFCC makes such recoveries on a daily basis.
By last Friday, it had got back about N66.7 billion from over 90 debtors.
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Babafemi lamented that while the Nigerian economy battles to get out of coma, those entrusted with public funds take them to other countries, "And today the United Arab Emirate's economy ranks among the best performing in the world, but at the expense of the Nigerian economy."
He said the EFCC will not be swayed by the ethnic coloration that critics give to the drive to recover looted funds.
"Imagine a whopping 60 per cent of the total funds going to Dubai, while our own economy is suffocating, and the rest of the funds are shared between Europe, America, and Asia.
"Imagine what such a whopping sum of money would do to Nigerian economy. The EFCC will bring back that money."
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Meanwhile, former Rivers State Governor, Peter Odili, is expected to appear at the EFCC for questioning today over a N189 million loan he took from FinBank.
Also expected are Nigerian Stock Exchange (NSE) Director General, Ndi Okereke-Onyiuke, and five Directors of Transcrop over N40.8 billion owed Union Bank.
EFCC Chairman, Farida Waziri, explained to journalists on Monday that detectives "need to see her to settle certain issues concerning that loan. While we were in Lagos, she was invited but failed to show up. She rather sent her officers. She needs to show up herself."
In a twin drive, Lower House lawmakers have also urged the EFCC to intensify the recovery of about N680 billion owed banks.