EFCC Uncovers N13bn Illegal Fuel Subsidy Payments
The Economic and Financial Crimes Commission, EFCC, has recovered an estimated N13bn as proceeds of illegal payments made under the subsidy regime between 2017 and 2021.
This was contained in the National inherent risk assessment of money laundering and terrorist financing in the Nigerian extractive sector document obtained by Punch from the website of the Nigeria Financial Intelligence Unit.
The report partly read, “The Economic and Financial Crimes Commission, the agency responsible for the investigation and prosecution of fraudulent subsidies in the oil and gas in Nigeria recovered N12,998,963,178.29 as proceeds of illegal payment made under the subsidy regime between 2017 and 2021.”
A breakdown of the figures shows that approximately N4.67bn was recovered in 2017, N4.29bn...