N 1 Billion Local Govt Fraud: ICPC Arrests 4 Bank Officials!


Four Bank officials have been arrested by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for allegedly flouting the directive of a Court order in a case under investigation by ICPC.

Street Journal gathered that in the course of investigating a petition alleging a fraud of over N 1 billion Naira, ICPC had secured and served court orders freezing the personal bank account of the Chairman and other Principal Staff of a Local Government in the South-South geopolitical Zone of the Country.

However, one of the suspects (names withheld) withdrew the sum of N11.8 million from his personal account in spite of the subsisting court orders thereby impeding ongoing investigations.

The anti-graft agency bared its fangs and arrested four of the bank’s officials to determine their culpability or negligence. Meanwhile, ICPC directed the bank to immediately deposit the equivalent sum of N11.8 million withdrawn from the suspect’s account into the Commission’s Asset and Recovery Account until investigations are completed. The bank has complied with the directive.

ICPC has warned that henceforth any financial institution that refuses to carry out lawful directives of the Commission shall be made to face the wrath of the law as provided in the ICPC Act. Under the Act defaulting financial institutions, if prosecuted and convicted, risk a fine double the amount released in defiance of a Court order.


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