Court orders interim forfeiture of Paris Club and London Club loans in Banks custody

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A Federal High Court in Lagos on Friday, issued an order directing Access Bank Plc and Guaranty Trust Ltd to surrender N1.4 billion Paris and London Club loans in their custody.
Justice Mojisola Olatoregun ordered the banks to temporarily forfeit the loans.

Olatoregun made the order while granting an ex-parte application filed and argued before her court by the Economic and Financial Crimes Commission (EFCC) through its lawyer, Mr Ekene Iheanacho.




Listed as respondents in the suit are: Melrose General Services Limited: WASP Networks Ltd and Thebe Wellness Services.

The court also ordered the EFCC to notify whoever is interested in the said money to appear before it and show cause why same should not be finally forfeited.
The Judge directed the EFCC to publish the temporary forfeiture order in a National newspaper for the respondents or anyone who is interested in the money to appear before the court and show cause within 14 days why final forfeiture order will not be made.

The EFCC in an affidavit deposed to by one of its investigators, Usman Zakari, stated that on May 26, 2016, the 36 state-governors through the Nigerian Governors Forum (NGF) engaged the services of consortium of consultants.

He said it was for the purpose of verification, reconciliation and recovery of over-deductions on Paris and London Club Loans on the account of states and local government between 1995 to 2002.
The deponent stated that the consortium carried out the said assignment of verification, reconciliation and recovery of the said Paris and London Club loans on the states and local government between 1995 and 2002.

He said it came up with a total sum of $6. 483, 282, 424. 61, as due for refund to the states.


Daily Trust 

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