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Investigate Federation Account, NCP urges EFCC, ICPC

By Abdulwahab Abdulah
National Conscience Party, NCP, has asked Economic and Financial Crimes Commission, EFCC, and Independent Corrupt Practices and other offences Commission, ICPC, to immediately commence investigations into the alleged ongoing corruption in the operation and management of the Federation Account.

In the petition by its National President, Mr. Femi  Falana, the party alleged that there were massive fraud  going on through the “diversion and looting of several trillions of Naira from the Federation Account.”

Giving details of the alleged fraud, NCP said: “In view of the growing poverty in the land whereby the masses of our people are currently ravaged by cholera, malaria and other preventable diseases, it is time for the anti-graft agencies to commence investigation and subsequent prosecution of those involved in the alleged fraud and recover the funds allegedly looted back into the Federation Account in line with Section 162 of the Constitution.”


The petition gave the details of the said fraud to include: “Illegal diversion of N1.8 trillion from the NNPC account, N1.5 trillion gifts to various persons, $18 million loan to a sugar company, N650 million subvention to the DPR,  illegal withdrawal of $8.575 billion from the Federation Account.”

Others are: “The sum of US$8.245 billion (N1.2 trillion) withdrawn by the Federal Government from the Federation Account without authorization for NIPP, US$250 million (N37 billion) for the modernisation of the Nigerian Railways, US$80 million (N2 billion) for the Ibom Plant and missing trillions from the Federation Account.”

It also alleged huge funds collected by the Federal Government that had been withheld from the Federation Account, such as: “US$5 billion (N750 billion) earned from natural gas, US$2 billion (N600 billion) signature bonus, N3 trillion out of the internal generated revenue of N24 trillion, N400 billion from the concession of the Nigerian Ports Authority, NPA, and the N511 billion from sale of Federal Government’s assets.

NCP hoped that the agencies would not shy away from their responsibilities by acceding to its request without delay.

N1.8 trillion!

The party said: “In other words, apart from prosecuting the highly placed personalities involved in the grand corruption which has accentuated poverty in the country, NCP demands recovery and payment of the missing trillions of Naira into the Federation Account in line with Section 162 of the Constitution.”

It stated that apart from violating Section 162 of the Constitution by not paying the aforesaid sum of N1.8 trillion to the Federation Account, the ex Heads of State, who gave the illegal directives to the NNPC violated various provisions of the Criminal Code Act and the ICPC Act.


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