ICPC seeks forfeiture of N1.3bn Kaduna fund ‘hidden’ in Sterling {Bank account} with no CAC doc
Sterling {Bank} Restricted has been indicted because the Impartial Corrupt Practices and Different Associated Offences Fee (ICPC) seeks the momentary forfeiture of N1,373,180,510.07 Kaduna State fund allegedly hidden within the {bank}.
The fund is believed to have been diverted from the Kaduna Mild Rail Mission’s price range into the account of a non-public firm.
Though the venture was funded by the federal government of former Governor Nasir el-Rufai, it was by no means executed.
The fee reported tracing N1.373 billion to an account belonging to Indo Kaduna Marts JV Nig. Ltd.
The anti-graft company said that the cash was “allegedly diverted into a non-public account.”
Whereas a supply confirmed a Joint Enterprise Contract between the Kaduna State Authorities and the corporate in 2016, the ICPC revealed that N11,099,579,455.14 was deposited into the corporate’s account between December 23, 2016, and January 17, 2017, earlier than the corporate was registered with the Company Affairs Fee (CAC).
In response to ICPC findings, the corporate was registered with the CAC on the tenth of Could, 2017.
ICPC made the revelations in a movement ex-parte earlier than the Federal Excessive Court docket, Kaduna Division on Friday February 14th, 2025.
No date has been mounted for the listening to of the movement bordering on the actions of Kaduna State Authorities in the course of the Nasir el-Rufai administration.
The ICPC wished the forfeited money which is presently within the custody of the Central {Bank} of Nigeria (CBN), to be returned to the Kaduna State Authorities for the usage of the individuals of the state.
The movement was introduced pursuant to part 17(1), (2), (3), & (4) of the Advance Charge Fraud and different fraud associated offences Act 2006, Part 48 (1), ), (2), & (3) (a) & (b) of the Corrupt Practices and Different Associated Offences Act, 2000, Sections 7, 8, 9, 10 11 and 12 of the proceeds of crime: (Restoration and Administration) Act, 2022 and Part 6 (6) (a) of the 1999 Structure of the Federal Republic of Nigeria (As amended)
The ICPC requested for the next reliefs:
An order of this Honourable Court docket quickly forfeiting the sum of N1,373,180,510.07 (One Billion, Three Hundred and Seventy-Three Million, One Hundred and Eighty Thousand, 5 Hundred and Ten Naira, Seven Kobo) being an quantity allegedly diverted into a non-public account to wit: Indo Kaduna Marts JV Nig Ltd, and was recovered into the fee’s restoration account domiciled with the Central {Bank} of Nigeria in the midst of an ongoing investigation exercise towards officers of Kaduna State Authorities between 2015 and 2023.
An order of this Honourable Court docket directing the Applicant to publish a discover in any two (2) nationwide newspapers calling for individuals whether or not human, juristic of synthetic having curiosity within the moveable property to indicate trigger in court docket why the aforesaid moveable property shouldn’t be completely forfeited to the Federal Authorities of Nigeria. And for such additional or different orders because the Honourable Court docket might deem match to make within the circumstances.
In an affidavit in help via a Litigation Officer, Idris Abubakar, ICPC stated it “acquired a petition towards officers of Kaduna State Authorities underneath the administration of Mallam Nasir El-Rufai. A duplicate of the petition is hooked up and marked as Exhibit ICPC 1.
“The fee, throughout preliminary investigation, retrieved related paperwork from Sterling {Bank} Restricted regarding {financial} transactions involving Kaduna State Authorities.
“The fee’s investigators analysed the paperwork retrieved from Sterling {Bank} Restricted and the evaluation revealed the next:
“The Kaduna State Authorities had a purported three way partnership Contract with the Respondent signed on 18th October, 2016. A duplicate of the three way partnership Contract is hereby hooked up and marked as Exhibit ICPC 2.
“The three way partnership Contract was for the development of sunshine rail service for the State Authorities.
“Thereafter, Respondent opened a {bank account} with Sterling {Bank} Restricted on the fifteenth day of December, 2016.
“Previous to the opening of the {bank account} for Indo Kaduna Mrts JV Nigeria Restricted, the corporate was not included with the Company Affairs Fee.
“That following the opening of the account with the Sterling {Bank} Restricted, former Governor of Kaduna State, Mallam Nasir Ahmad El-Rufai, authorised the lodgment of a complete sum of N11,099,579,455.14 into Indo Kaduna Mrts JV Nigeria Restricted account from numerous accounts of Kaduna State Authorities in numerous tranches into the Respondent’s account.
“Kaduna State Authorities started funding the account of Indo Kaduna Marts JV. Nigeria Restricted with an preliminary deposit of N890,300,000 (Eight Hundred and Ninety Million, Three Hundred Thousand Naira) from the Kaduna State Single Treasury Account on the 23” day of December, 2016.
“On the tenth day of January, 2017, the sum of N2,300,000,000.00 was acquired by Indo Kaduna Mris JV Nigeria Restricted from the workplace of the Accountant Common Kaduna State.
“Subsequent deposits of N3,000,000,000.00 and N4,909,279,455.14 had been made into the stated account from Kaduna State via the workplace of the Accountant Common of the state on the seventeenth day of January, 2017
“That the N11,099,579,455.14 lodged into the Respondent’s account was dissipated earlier than the formal registration of Indo Kaduna Marts JV Nigeria Restricted with the Company Affairs Fee.
“The whole sum acquired into Indo Kaduna Mrts JV Nigeria Restricted from Kaduna State Authorities accounts was N11,099,579,455.14. A duplicate of the account assertion of Indo Kaduna Marts JV Nigeria Restricted is hereby hooked up and marked as Exhibit ICPC 3.
“That the Respondent (Indo Kaduna Mrts JV Nigeria Restricted) was formally registered with the Company Affairs Fee on the tenth day of Could, 2017. A duplicate of the incorporation paperwork is hooked up and marked as Exhibit [CPC 4.
“The N11,099,579,455.14 was meant for the supply of sunshine rail companies for the usage of the individuals of Kaduna and Nigerians usually.
“There was no such venture executed by the Kaduna State Authorities as revealed in the midst of investigation.”
ICPC stated its investigation revealed additional that:
▪Among the many signatories to the account of the alleged unregistered firm had been officers of Kaduna State Authorities and the Indian consultant of Skipper Nigeria Restricted.
▪Someday in January, 2017, the Group President of Skipper Nigeria Restricted, one Jitender Sachdeva, (vide a letter dated the 17* day of January, 2017, instructed Sterling {Bank} Restricted to repair the N11,099,579,455.14 in an interest-yielding account. A duplicate of the letter is hereby hooked up and marked as Exhibit ICPC 5.
▪The curiosity on the mounted deposit amounted to the sum of N326,823,818,68.
▪Investigation additionally revealed that the curiosity on the mounted deposit was diverted to completely different accounts of Skipper Nigeria Restricted domiciled with Sterling {Bank} Nigeria Restricted. Copies of the stated account statements are hereby hooked up and marked as Reveals ICPC 6 & 6A respectively.
▪ On the tenth day of July, 2019, N10 billion was returned again to Kaduna State Authorities from Indo Kaduna Marts JV Nigeria Restricted account with Sterling {Bank} Restricted.
▪The steadiness of N1,046,300,000.00 was diverted in two (2) tranches of N890,300,000.00 and N156,000,000.00 to the account of GTA Engineering Nigeria Restricted domiciled with Sterling {Bank} Restricted and Entry {Bank} Plc. Copies of the account statements of GTA Engineering Nigeria Restricted of each banks are hereby hooked up and marked as Reveals ICPC 7 & 7A respectively.
▪Investigation additional revealed that GTA Engineering Nigeria Restricted is a subsidiary of Skipper Nigeria Restricted.
▪From investigation actions, no official of Kaduna State Authorities was a signatory to the {bank} accounts of Skipper Nigeria Restricted and GTA Engineering Nigeria Restricted besides Indo Kaduna Marts JV Nigeria Restricted.
▪ The alleged N1,046,300,000.00 transferred into accounts of GTA Engineering was tagged “cost for feasibility research” however investigation revealed that no such feasibility research was carried out.
▪The fee has recovered each the N1,046,300,000.00 transferred to GTA Engineering Restricted accounts of Sterling {Bank} Restricted and Entry {Bank} Plc for the alleged feasibility research and the curiosity on the mounted deposit of the N11,099,579,455.14 from Sterling {Bank} Restricted.
▪I do know as a indisputable fact that the grant of this utility won’t have an effect on the rights of any individual to personal property as assured underneath the Structure of the Federal Republic of Nigeria, 1999.
▪ The diversion of the alleged sum has disadvantaged the individuals of Kaduna State the advantages of rail transportation system the cash was meant for.
▪ This utility seeks the Honourable Court docket’s indulgence to repatriate the recovered sums again to Kaduna State Authorities to allow the Authorities channel the cash to extra people-oriented initiatives.