N5 Billion ‘CBN Election’ Fund: 12 Top Military Officers In Trouble (DETAILS)

N5 Billion ‘CBN Election’ Fund: 12 Top Military Officers In Trouble (DETAILS)

By The Nation on March 20, 2016
Zenith Bank Fayose Ikoyi DSS governor Ibrahim Magu EFCC Diezani Alison-Maduekwe
Ibrahim Magu, Chairman of the Economic and Financial Crimes Commission

The army segment of the $2.1billion arms slush funds has landed 12 top army officers in trouble with the Economic and Financial Crimes Commission (EFCC)

Three serving major generals, a retired major general, three brigadier generals, four colonels, and one lieutenant colonel are being interrogated by the anti-graft agency for their alleged involvement in the deal.

They were referred to the EFCC by the army authorities following an internal probe.

READ ALSO: SHOCKING: Rotimi Amaechi Receives N5 Billion Cash From Presidency At Port Harcourt Airport (PHOTOS)

RELATED: VIDEO: Private Jet That Landed With N5 Billion Cash For Amaechi From The Presidency [WATCH]

The illegal fund, which was drawn from the Central Bank of Nigeria, was allegedly used for personal service.

Investigation by our correspondent revealed that the N5 billion was illegally drawn for the Army from the CBN by ONSA.

Some Army officers were said to have helped themselves to the N5 billion cash since “operation funds” were regarded as “mere fluid budget.”

A security source familiar with the development branded it “a monumental fraud” on Saturday, MArch 18, 2016.

The source said that from the evidence already gathered, what transpired in the air force with the arms procurement fund might turn out to be a child’s play.

“This is the most crucial aspect of the $2.1billion arms deals because the Nigerian Army was at the centre of the procurement. The case of the Nigerian Air Force might be a child’s play.”

Sources said:”already, we have started interrogating the officers referred to the commission. At the appropriate time, we will release their names to the public.

“Certainly, we will interact with two former Chiefs of Army Staff on the procurement process and inventory of arms and military hardware.”

The Army had said those found guilty of fraud by the EFCC will be tried by a Military Court Martial.

The Acting Director of Army Public Relations, Col. Sani Kukasheka Usman said in a terse statement that

“However it should be noted that at the end of the commission’s investigations, those found culpable will be tried by a Military Court Martial.”

Some retired and former military officers are also under investigation for allegedly diverting a N5 billion vote earmarked for election operation.

The fund was released by the Office of the National Security Adviser (ONSA).

It was learnt another vote was budgeted for the Army in the 2015 budget for operations leading to duplication of funds.

A reliable source said: “Some top Army officers are under probe over N5 billion election operation funds from ONSA. The funds were illegally drawn under curious overhead from CBN.

“But preliminary findings have indicated that the cash was diverted to personal use. There is no record of disbursement and utilization.

“Some of the affected officers have been invited to Abuja. If found guilty of mismanagement of funds and political indulgence, they might face severe sanctions including dismissal or retirement.”

About N16.5 billion was released to the Nigeria Police, Nigerian Air Force, Nigerian Army and ONSA for “logistic requirement for 2015 elections.”

The breakdown is as follows: IGP General Election OPS Fund Account (N10 billion); Nigerian Air Force OPS Account (N1 billion); Nigerian Army Operations Account (N5 billion) and ONSA (N500 million).

Read More


Leave a Comment

To leave a comment anonymously, simple write your thoughts in the comments box below and click the ‘post comment’ button.