N44bn fraud: EFCC freezes N30bn moved from NSIPA accounts

The Economic and Financial Crimes Commission (EFCC) has successfully traced and frozen N30 billion out of the N44 billion that was transferred from the accounts of the National Social Investment Programme Agency (NSIPA). This development occurred within 24 hours of the detention and arrest of Halima Shehu, the embattled National Coordinator of NSIPA, following her suspension by President Bola Ahmed Tinubu.

An undisclosed source revealed on Wednesday that multiple accounts linked to certain NSIPA officials involved in the financial transactions have been frozen as part of an ongoing investigation. The EFCC, after extensive interrogation and examination of numerous accounts, confirmed the suspicious movement of N44 billion from NSIPA’s account to various private and corporate accounts without proper authorization.

During the questioning on Wednesday, the EFCC grilled Shehu regarding the alleged fraud. The anti-graft agency also arrested NSIPA’s former Director of Finance and Accounts (DFA), Bwai Adamu Hamza, who retired from the agency in December. Both Shehu and Hamza were subjected to interrogation by a special team.

Following the tracking of cash movements, the EFCC managed to recover and freeze N30 billion that was traced to multiple accounts. Initially, as of Tuesday, the agency had intercepted and seized N17 billion. However, within the next 24 hours, an additional N13 billion was traced and frozen in various accounts, bringing the total amount seized to N30 billion.

It was revealed that the N44 billion had been suspiciously moved from NSIPA’s accounts into private and corporate accounts associated with individuals serving as fronts. Meanwhile, Sadiya Umar-Farouq, the former Humanitarian Affairs, Disaster Management, and Social Development minister under whom Halima Shehu worked, declined an EFCC invitation for interrogation. The invitation was related to allegations of money laundering amounting to N37,170,855,753.44 during her tenure, allegedly facilitated through a contractor named James Okwete. Umar-Farouq has denied these accusations.