N31b Arms Fraud: EFCC Freezes Suspicious Accounts

All the banks, where monies suspected to be slush funds from phoney arms deals connected with the Office of the National Security Adviser are domiciled, have been asked to restrict access to the accounts.

The Economic and Financial Crimes Commission, EFCC said that Section 34(1) (2) of the EFCC Act permits it to place the restriction order.

According to a source at the anti graft agency,
“The PNB ( Post No Bill) order is limited to accounts where the slush funds were deposited and other traceable accounts . In some instances, we obtained court orders to freeze a few accounts.

“We decided to place restriction as part of our ongoing investigation into the scandal. We have informed all relevant banks that we are probing some transactions relating to such accounts.

“Those affected are the accused persons and all those named as having benefited from the disbursement of funds. The list is longer than you have been reading about. On the list are companies, individuals serving as fronts, accused persons, PDP stalwarts, and some serving or former members of the House of Representatives.

“We want to be at an advantage where we can recover looted funds as may be determined by the court.”