10 things to know about alleged N10billion fraud linked to Ambode

Here are 10 things you should know about an alleged N10bn fraud in which Ambode's name has prominently featured.

Immediate past Governor of Lagos State, Mr. Akinwunmi Ambode, has been linked to an alleged fraud to the tune of N9.9bn (approximately N10bn). 

Here’s what we know about the case thus far:

1.   Three bank accounts containing a total of N9.9bn have been linked to Ambode, who governed Nigeria’s commercial capital city of Lagos from 2015 to 2019.

2.   The funds are domiciled in the following banks: First City Monument Bank with account number 5617984012; Access Bank with account number 0060949275; and Zenith Bank with account number 1011691254.

3.   These three accounts belong to the Lagos State government, in a manner of speaking.

4.   Adewale Adesanya, a Permanent Secretary in the Office of the Chief of Staff to former Governor Akinwunmi Ambode, operated these bank accounts.

5.   According to an affidavit deposed to by Kungmi Daniel, an operative of the Economic and Financial Crimes Commission (EFCC), there was “a huge inflow of N9,927,714,443.29 from the state accounts into an FCMB bank account opened on September 17, 2018 during the administration of the immediate past governor of the state, Akinwunmi Ambode, and operated by Adesanya”.

6.   Counsel to the EFCC, Mohammed Abbas, told the court that: “The trend is that the accounts always witnessed huge inflow from Lagos State Government managed by the respondent (Adesanya). Without freezing the nominated accounts and temporarily forfeiting the money to the Government of the Federal Republic of Nigeria, there is no way the fraud being perpetrated using the scheduled accounts can be stopped”. 

7.   The EFCC has prayed the court to freeze the accounts pending the conclusion of investigation and possible prosecution of Adesanya.

8.   Justice Chuka Obiozor of the Federal High Court sitting in Ikoyi, Lagos, has granted the EFCC’s prayers.

9.   The accounts have now been frozen.

10.        Further hearing of the case has been adjourned to September 9, 2019.

Ambode lost a re-election 'party primary' election to Mr. Babajide Olusola Sanwo-Olu, who would go on to beat Mr. Jimi Agbaje of the opposition PDP to emerge Lagos Governor in March 2019.

Sanwo-Olu was sworn in as Ambode's successor on May 29, 2019.

Source: pulse.ng