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APC governor diverts N500 million from Paris-club loan refund to re-pay personal loan

buhari-meeting-with-APC-governors

– Detectives have recovered N500million allegedly diverted by a governor from the London-Paris Club loan refund.

– The governor diverted the N500million (out of his state’s share of the N19b first tranche) to a mortgage bank

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– The Economic and Financial Crimes Commission (EFCC) tracked and secured the cash

A report by The Nation claims that detectives have recovered N500million allegedly diverted by a North-west governor from the London-Paris Club loan refund.

President Buhari (left) recently released the second tranche of the loan refund to the governors (right)

According to the report, the governor diverted the N500million (out of his state’s share of the N19b first tranche) to a mortgage bank.

NAIJ.com checks reveal that the governor is definitely an All Progressives Congress (APC) governor as the ruling party is the dominant party in the region.

A break down of what each state received from the federal government. Image credit: BudgIT

See below:

Jigawa – Badaru Abubakar (APC)

Kaduna – Nasir El-Rufai (APC)

Kano – Umar Ganduje (APC)

Katsina – Aminu Masari (APC)

Kebbi – Atiku Bagudu (APC)

Sokoto – Aminu Tambuwal (APC)

Zamfara – Abdul-Aziz Abubakar Yari (APC)

EFCC traced N2.2billion payment to another consultant, which allegedly gave the yet unnamed governor N500million.

The governor directed that the cash should be transferred to a mortgage bank where he was indebted to the tune of N800million.

The governor used the “cash-at-hand” to defray his debts with a waiver by the mortgage company.

An unnamed source close to the investigation was quoted as saying: “Of the N19billion, we discovered that a consultant brought by the North-west governor was paid N2.2billion. From the N2.2billion, the governor got N500million.

“He then instructed that the N500million be transferred to the mortgage bank where he had borrowed money to buy two properties in 2013 and was unable to pay.

“The debts accumulated to N800million but with N500million cash-at-hand, the governor renegotiated the debts and used the cash to defray his liabilities.”

According to the source, the mortgage bank decided to refund the N500million to the EFCC. “We have all the evidence of the recovery in our records,” he said.

Meanwhile, Governor Nyesom Wike of Rivers state has cried out that the federal government underpaid his state in the first tranche of Paris Club refund to states.

This comes even as the governor dismissed insinuations that the state squandered what it got from the first tranche of refunds to states.

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