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How EFCC arrested Sterling Bank MD Adeola [Full story]

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The Economic and Financial Crimes Commission ]EFCC] on Friday recovered a staggering sum of five billion Naira from detained Sterling Bank Managing Director, Yemi Adeola.

Mr. Adeola, ElombahNews earlier reported, was arrested after EFCC agents yesterday raided the offices of Sterling Bank Plc. in Lagos in search of documents related to illicit financial transactions involving former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

Adeola’s detention and interrogation, it was gathered, had to do with the role played by the bank in handling transactions during the President Goodluck Jonathan’s administration.

Meanwhile, a Federal High Court Sitting in Lagos ordered the interim forfeiture of a sum of N7,646,700,000 said to have been illegally kept in the bank.

EFCC told Justice Chuka Obiozor via an ex parte application that the N7.6 billion was part of a sum of $153,310,000 which Mrs. Alison-Madueke allegedly siphoned from the coffers of the Nigerian National Petroleum Corporation sometime in 2014.

The EFCC also alleged that Diezani stashed the money in three banks, and the Federal Government had since February last year, through an order granted by another judge, Justice Muslim Hassan also of the Federal High Court, recovered part of the money from the other banks.

The anti-graft agency recalled that the Federal Government had recovered N23.4 billion, $5 million and another N9.08 billion out of the $153.3 million.

It urged the court to order Sterling Bank to deliver up to the Federal Government the N7.6 billion still in its custody.

Justice Obiozor granted the order and directed the commission to cause it to be published and directed the bank and any other interested party to appear before him to show to know why the funds should not be permanently forfeited to the Federal Government.

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