Wednesday, September 22, 2021

    N20bn bail-out loan: Court freezes Kogi State’s account in commercial bank.

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    A Federal High Court sitting in Lagos, yesterday, ordered the freezing of Kogi State salary bailout account number; 0073572696 domiciled in one of the new generation banks over a N20 billion loan obtained from the bank.

    Counsel to the commission, A. O. Mohammed, moving the application, told the court that the N20 billion loan meant to augment the salary payment and running cost of the state government was kept in an interest yielding account with the bank.

    He argued that instead of using the money for the purpose it was meant for, the bank acting on the instruction of the Kogi State Government transferred the money from the loan account and placed same in a fixed deposit account.

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