Ex Education Minister, Shekarau In EFCC custody - Investigation Reveals How N950m was Shared

Details of how ex-Minister of Education, Ibrahim Shekarau, shared N950million campaign funds to candidates of the Peoples Democratic Party (PDP) have emerged after Economic and Financial Crimes Commission began investigation into the matter.

Security and party sources have revealed how the former minister appropriated and shared campaign funds in his residence on the eve of the election. Today NG reports

Mr. Shekarau, who is currently in EFCC custody, had earlier denied knowledge of how the money was shared, admitting that the funds were only shared in his house.

DON'T PANIC: CBN assures public over EFCC clampdown on banks

Central Bank of Nigeria, (CBN) has assured the banking public and indeed financial stakeholders not to panic over the on-going investigations of some financial transactions in some banks by the Economic and Financial Crimes Commission (EFCC).

The apex bank noted that such exercise is aimed at strengthening the financial sector and the economy, while assuring that all the banks would continue to do their normal businesses and meet their obligations.

The CBN, in its latest statement signed by the Acting Director, Corporate Communications, Isaac Okorafor, said that it was fully aware and was indeed a part of the on-going investigations of certain financial transactions in some banks by law enforcement authorities, noting that it was also carrying out its own special examinations and investigations to ascertain the veracity of some allegations, as well as the extent and persons that might be involved in such activities.

How EFCC reportedly traces $88m from Alison-Madueke to Sterling Bank MD, Yemi Adeola

The Economic and Financial Crimes Commission (EFCC) has reportedly traced more than $88 million to a hidden account managed by the Managing Director and Chief Executive Officer (CEO) of Sterling Bank of Nigeria, Yemi Adeola.

The said money was transferred to Mr. Adeola from Fidelity Bank of Nigeria, whose managing director, Nnamdi Okonkwo, was last week detained by the EFCC.

Mr. Okonkwo has been granted bail.

SaharaReporters reports that the $88 million found at Sterling Bank was separate from the $115m given to Fidelity Bank by the ex-oil minister, Diezani Alison-Madueke.