The Witness is reporting that Sterling Bank Limited has been indicted as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) seeking the temporary forfeiture of N1,373,180,510.07 Kaduna State fund allegedly hidden in the bank.
The fund is believed to have been diverted from the Kaduna Light Rail Project’s budget into the account of a private company.
Although the project was funded by the government of former Governor Nasir el-Rufai, it was never executed.
The commission reported tracing N1.373 billion to an account belonging to Indo Kaduna Marts JV Nig. Ltd.
The anti-graft agency stated that the money was “allegedly diverted into a private account.”
While a source confirmed a Joint Venture agreement between the Kaduna State Government and the company in 2016, the ICPC revealed that N11,099,579,455.14 was deposited into the company’s account between December 23, 2016, and January 17, 2017, before the company was registered with the Corporate Affairs Commission (CAC).
According to ICPC findings, the company was registered with the CAC on the 10th of May, 2017.
ICPC made the revelations in a motion ex-parte before the Federal High Court, Kaduna Division on Friday February 14th, 2025.
No date has been fixed for the hearing of the motion bordering on the activities of Kaduna State Government during the Nasir el-Rufai administration.
The ICPC wanted the forfeited cash which is currently in the custody of the Central Bank of Nigeria (CBN), to be returned to the Kaduna State Government for the use of the people of the state.
The motion was brought pursuant to section 17(1), (2), (3), & (4) of the Advance Fee Fraud and other fraud related offences Act 2006, Section 48 (1), ), (2), & (3) (a) & (b) of the Corrupt Practices and Other Related Offences Act, 2000, Sections 7, 8, 9, 10 11 and 12 of the proceeds of crime: (Recovery and Management) Act, 2022 and Section 6 (6) (a) of the 1999 Constitution of the Federal Republic of Nigeria (As amended)
The ICPC asked for the following reliefs:
Source- TheWitness
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