The Chairman of the Independent Corrupt Practices and other related offences Commission, Prof. Bolaji Owasanoye, has disclosed that an ex-military chief embezzled N4 billion from military budget and deposited it into the accounts of two companies where he is the beneficial owner and sole signatory.
Owasanoye made the disclosure during a national policy dialogue on corruption and insecurity in Nigeria, organised by the ICPC in Abuja on Friday.
According to him, the stolen funds were used to purchase properties in Abuja in the names of cronies and proxies of the military chief, adding that some of the properties paid for by his service were also fraudulently converted to his use.
He said, “Some former military and security personnel are being investigated by the ICPC and our sister agency (EFCC) for embezzlement of funds allocated to security.
“For example, a former head of one of the arms of the military, in the twilight of his tenure, deposited the sum of N4 billion from military budget into the accounts of two companies where he is the beneficial owner and sole signatory.
“The proceeds were used to purchase properties in Abuja in the names of cronies and proxies.
“Some of the properties paid for by his service were also fraudulently converted to his use. ICPC’s prosecution of this high ranking officer to recover all the implicated assets was strangely and perversely frustrated by a recently retired High Court judge who decided to forfeit some of the assets to FGN and the rest left to the suspect.
“While the Commission has filed notice of appeal, this strange development aggravates an already bad situation and escalates insecurity and impunity.”
The ICPC boss highlighted another fraud case being handled by the Commission, stating that some civil servants in line ministry transferred about N1 billion to four shell companies. Owasanoye noted that about N220 million cash has been recovered and that investigations are still ongoing.
