A Review of the Nigerian Energy Industry

N5bn recovered, 40 arrested over oil subsidy fraud— EFCC

11 November 2014, Abuja – Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ibrahim Lamorde, yesterday, in Enugu, said the commission had cracked oil subsidy fraud in which over N5 billion had been recovered and more than 40 suspects arrested

Lamorde, who disclosed this at a workshop on effective reporting of financial crimes organized by the commission for journalists in South-East zone, also said a couple had been arrested in Port Harcourt, Rivers State, for allegedly defrauding a new generation bank of N855 million.Represented by the Deputy Director, Public Affairs Department, Mr. Osita Nwajah, the EFCC chairman said: “Cases abound in our offices across the six zones of the country.

“In the oil subsidy fraud being investigated by the commission, over N5 billion has been recovered, while more than 40 suspects are being prosecuted in court.“In the pension fraud matter, the commission has secured one conviction and recovered property valued at over a billion naira.“We need to pay attention to these cases. It is not only when a former governor is arrested that the media would be interested.

– Vanguard

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