Economic and Financial Crimes Commission has realised N1,956,007,974 as interest on the loot recovered from convicted former Inspector-General of Police, Tafa Balogun; the late former Governor of Bayelsa State, Diepreye Alamieyeseigha, and other prominent Nigerians.

The Commission said between March, 2012 and March, 2013, it generated N185m rent from the forfeited properties of a former Managing Director of the defunct Intercontinental Bank, Erastus Akingbola; a convicted ex-Governor of Edo State, Lucky Igbinedion; a former Plateau State Governor, Joshua Dariye; and nine others.

It said this in a write-up titled, ‘What EFCC did with recovered loot’, which was published on its official website.

The commission explained it received permission from the then President Goodluck Jonathan, to spend N183m out of the interest generated on the recovered funds when it had financial constraints.

The commission gave the breakdown while reacting to a petition written against its former Chairman, Ibrahim Lamorde, who is the subject of a Senate inquiry.

In a petition by a security consultant, George Uboh, Lamorde was, among other things, accused of diverting the proceeds of Balogun’s forfeitures between 2008 and 2013 at an interest of 12 per cent per annum, amounting to N2,154,625,556.37.

In its response, however, the anti-graft agency said the recovered funds were deposited in some interest-yielding accounts on the instruction of the courts.

The EFCC said, “The placement of forfeited money in interest-yielding accounts is not an entirely new idea. The court, in various rulings, ordered some funds to be placed in interest yielding accounts.

Rather than warehousing forfeited funds in current accounts for a long period, the commission lodged such funds, including those of Tafa Balogun, in interest yielding accounts.

The EFCC, however, admitted that it withdrew over N183m from the interest in Access Bank to run its affairs after taking permission from Jonathan, the then President.

The anti-graft agency added, “Sometime in 2011, the EFCC was facing budgetary constraints with adverse consequences for its operations.

Consequently, the commission approached (former) President Goodluck Jonathan through the Attorney General of the Federation and received presidential approval to utilise interest, which accrued on recovered funds amounting to N183,124,185.94.

The anti-graft agency also denied allegations that Lamorde manipulated the forfeitures and recoveries to the tune of N3.7bn from Alamieyeseigha for two years before formally documenting the transaction

The EFCC said the money realised from the disposal of Alamieyeseigha’s properties was remitted to the commission’s account by Real Estate Derivatives Limited on July 24, 2008 while the last payment from the sale of the ex-governor’s assets in Nigeria was received in March, 2009.

The agency said it was still in possession of N157,708,387.64 from the loot recovered from Alamieyseigha.

It said it would remit the money to the Federal Government’s account soon.

The anti-graft agency dismissed allegations that Lamorde, while serving as the Director of Operations in September, 2008, diverted several cheques and drafts valued at N1,678,345,000.

According to the commission, looters, who return money through cheques and drafts, usually make deposits into Federal Government’s accounts in the Central Bank of Nigeria, which the EFCC has no access to.