General news

N20bn bailout: Kogi to seek legal redress, says commissioner



N20bn bailout: Kogi to seek legal redress, says commissioner

By Lizzy Okoji

The Kogi Government says it will seek legal redress over allegations of mismanagement of a N20 billion bailout loan meant to augment payment of workers’ salaries.

A Federal High Court sitting in Lagos on Tuesday had ordered the freezing of a bank account belonging to the Kogi Government over a N20 billion loan obtained from Sterling Bank Plc.

Justice Tijjani Garba Ringim ordered that the said account be frozen pending the conclusion of investigation or possible prosecution by the Chairman of the Economic and Ficial Crimes Commission (EFCC), Abdulrasheed Bawa.

EFCC had approached the court for the order in an ex parte application brought pursuant to section 44(2) of the Constitution and section 34(1) of the EFCC Act, and under the inherent jurisdiction of the court.

But addressing a press conference in Abuja on Thursday, the Kogi Commissioner for Information, Kingsley Fanwo, rejected reports of a section of the media claiming the state government mismanaged funds belonging to the state government.

He said: ” His Excellency, Governor Yahaya Bello and his New Direction Administration in Kogi State would like to assure our citizens, partners, investors and the general public that our commitment to transparency, probity and accountability in office will remain unrivalled in the country.

” We shall continue to provide good goverce and the dividends of democracy without wavering, and in spite of unholy distractions such as this one.

” We shall also continue to expand our investments in the security, unity, peace and prosperity of all our people while promoting cooperation and integration, affirmative action, youthful endeavour equality, equity and justice as the basis for our co-existence as citizens of one state and one nation.

” Sections of the media ran with the EFCC’s fantastical tales – unverified, unexamined and unchecked.

” They serially reported that the alleged funds in the alleged account was a loan sought and obtained by the Kogi State Government from Sterling Bank Plc in 2019 for the purpose of paying salaries to workers which were later deposited in a fixed deposit account upon the instruction of the Kogi State Government, and allegedly to yield interest and with parts of it dissipated for other unascertainable purposes other than payment of salaries.”

He said Kogi governor, Yahaya Bello, was the only one ever to score 100 percent in the States’ Fiscal Transparency, Accountability and Sustainability programme of Nigerian states.

” We recently received commendations from the Office of the Accountant General of the Federation for being one of the very few States to have adopted the IPSAS Accrual Basis Accounting which is to enhance transparency, and accountability in ficial reporting in the public sector,” the commissioner added. (www.)

(Edited by Mufutau Ojo)

Source: NAN

Short Link:


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @

Recent Posts

Pharmaceutical company reasserts commitment to achieving zero malaria tolerance 77 teachers smile home with laptops in Surulere, Lagos Defection: President Buhari welcomes Femi Fani-Kayode to APC Lack of fice hinders women participation in politics – Emir 85, 265MT of LPG supplied nationwide in August – PPPRA African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet DPR seals 11 illegal gas plants, 2 petrol stations in Abuja Africa faces 470m COVID-19 vaccine shortfall in 2021 – WHO Wada Maida’s daughter lauds FG for naming HQ after father Somali president withdraws PM’s powers in escalating row China fully vaccinates more than 1 billion people Angola’s National Oil, Gas and Biofuel’s Agency (ANPG) Highly Satisfied with Final Results from 2020 Bid Round Alert raised over quake surge around Canaries volcano Our chairman is hale, hearty – EFCC Putin to attend 2022 Beijing Olympics: minister In Dialogue with Eswatini, Committee on the Rights of the Child welcomes legislative progress and asks about child Health West Africa bloc ECOWAS meets over Guinea coup Meet Africa’s New Generation of Health Innovators Kenyans voice fury over fuel price hike Coronavirus: Africa faces 470 million COVID-19 vaccine shortfall in 2021 The International Organization for Migration is calling on Journalists to enter the inaugural West and Central Africa Migration Journalism Award 2021 Majority of fans favour more frequent men’s FIFA World Cups – global survey Short Stories on Sustainable Development Goals (SDGs) by African Young People AMISOM conducts field inspection of ongoing Quick Impact Projects in Baidoa UNESCO steps up efforts for biodiversity conservation with the designation of 20 new biosphere reserves International Islamic Trade Finance Corporation signs ten high-level Trade Agreements representing more than US$1.2bn The Gambia Launches Ambitious Renewable Energy Projects (By Miguel Artacho) Biden backs top general on calls to China over Trump mental state Philippines’ Duterte will not cooperate with ICC drug war probe Pandemics: UK expert advises Nigerian leaders, others on collaborations At least 50 killed in Yemen clashes: military sources Ghana launches National Breastfeeding Week White House offers Nicki Minaj phone call after viral vaccine claims: reports New South Sudan Parliament can ‘infuse urgency’ into peace process Putin says dozens in Kremlin inner circle have Covid ‘Kill them’: Philippines’ Duterte wages war on drugs Indian peacekeepers in Malakal teach youth carpentry, welding, masonry and more Hapag-Lloyd inaugurates its own representation in Morocco Ugo Obasi joins Ingenico to drive new business in Nigeria and West Africa President of Egypt Receives Credentials of Qatari Ambassador United Nations Police (UNPOL) builds community policing capacities to bolster safety and security of residents on Tonj south Liquid Intelligent Technologies connects the Democratic Republic of Congo and Congo Brazzaville with high-speed connectivity using wireless optical communication technology Secretary-General of Ministry of Foreign Affairs Meets the Ethiopian Ambassador Envoy fears heightened abductions as Nigeria schools resume ECOWAS meets today to decide next step on Guinea DPR targets N3.2 trillion revenue by December 2021 I have no apologies saying Buhari has good heart – Umahi Nigeria to assist DR Congo to establish national fire service Chimamanda tasks German Chancellor Merkel on power deal FG says 25 % of diseases in Nigeria caused by mycotoxins – Minister