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EFCC uncovers $12.9 billion more arms deal fraud

27 April 2016, 07:34

Abuja – The Economic Financial Crimes Commission (EFCC) has reportedly uncovered $12.9 billion more arms deal fraud during former president Goodluck Jonathan’s administration.

According to The Nation, this was revealed on Tuesday.

The EFCC also said that it had frozen an account, whose owner had not been identified, with $500 million.

A wrist watch worth £600 000 and jewelry in gold and diamond have been confiscated from Mrs Alison-Madueke, the report said.

 The development has brought arms funds, which were diverted to other uses, to $15billion as the initial probe covered only $2.1billion.

"We have discovered that the total money in the arms scandal is over $15bn, not $1.2bn that was initially discovered. The $2.1bn was just for one transaction. Many of these military officers set up companies for the purpose of diverting money meant for the prosecution of the anti-insurgency war," Punch quoted the source as saying.

- News24 Nigeria


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