EFCC SAGA: I’ve only N500m, not N8.6bn in frozen accounts – Shagaya

By Mumini AbdulRaheem

Billionaire business mogul, Hajia Muinat Bola Shagaya last night disputed the amount quoted by Economic and Financial Crimes Commission (EFCC) as being the sum in her frozen accounts by the agency recently.

The anti-graft agency, in a report published by a national daily yesterday, purportedly froze over ₦8, 627,458,773.36 billion in three accounts of the oil magnate presently being investigated.

The EFCC in the report allegedly traced no fewer than 10 firms and accounts names to Shagaya, which it said are also being investigated.

But speaking exclusively to National Pilot on the issue last night, Shagaya said only N500 million was in the account frozen by the EFCC, adding that some of the listed companies do not belong to her.

This is the first time Shagaya will be speaking on the issue since it was reported, as her initial response was through an affidavit filed by her counsel.

The issue had been greeted with mixed reactions in Ilorin, the Kwara State capital yesterday.

According to her, “The report was faulty because the published narrative was not what transpired between us and the EFCC.

“My account that was frozen by EFCC only contained N500m and not the bogus over N8 billion reported. The figures they quoted are not in my accounts and most of the companies listed are not mine.

“I have dragged the Unity Bank to the High Court of Lagos State for allowing the EFCC to Post No Debit (PND) on the account without a valid court order.

“I didn’t do anything and this is nothing but defamation and I am sure it’s not the EFCC that posted that report. For now I cannot say those who are behind it but it’s not the EFCC because this was not what transpired between us,” she explained.

Shagaya did not however confirmed or deny whether she will institute legal action against those she may find out to be behind the report.

“I can’t comment on that yet” she said when asked.

In the report, Shagaya said the action taken on her accounts violated section34 (1) of the EFCC Act, 2004, adding that the withdrawal ban placed on one of her accounts has prevented her from defraying millions incurred as cumulative costs in the course of an Aircraft Lease Agreement of a bombardier Jet, according to documents which Shagaya filed and deposed to at the Court alongside with her counsel, Napoleon Emeaso-Nwachukwu.

But, Unity Bank said its hands are tied by the law in complying with the EFCC’s directives to freeze Shagaya’s accounts.

The EFCC listed the transactions in the said accounts as ₦300m (Bola Shagaya RTGS), ₦300m (Additional ₦300FTD at 15% TRAN), ₦500m (Time Deposit), ₦2,317,013,698.64 (BNG COLLAOS FOR FTD-CUSTOMER ACCOL), ₦2.3billion (Opening a Time Deposit Account), ₦292, 495, 029.82 (Withdrawal from Time Deposit), ₦292, 495, 029.82 (TAK Asset Mgt Limited); N300m (Term Loan booked for 356 days); and ₦2,025,455,015.08 (BNG COLLAPS OF FTD Customer Account.”

In a separate letter Cr: 3000/EFCC/LS/STF/ STF3MP/ Vol.11/182 which Shagaya made available to the court, the EFCC asked Unity Bank to Post No Debit (PND) on 10 accounts linked with her named) First Deep Water Discovery Limited, Bola Shagaya, FAPLiNs Nigeria Limited, Lingo Nigeria Limited, Buri Barclays BDC, Links Global Synergy Ltd, OKIOIL Nig. Ltd, JEMARVIZ Nig Ltd, PJ Oil and Gas Ltd; and AFDIN Ventures Ltd.

Hearing of the matter has been slated for September 28.

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