Fraud investigation: EFCC orders bank to dishonor NDDC’s payment instruction

A financial institution has been instructed to not honour NDDC’s request for funds over alleged cash laundering.The EFCC alleged that funds had been being diverted from NDDC’s accounts in a suspeced case of fraud Particularly, EFCC claimed that funds had been being diverted from NDDC’s account domiciled with CBN into industrial banks In efforts to research a case of fraud, diversion of funds and cash laundering, the Financial and Monetary Crimes Fee (EFCC) has instructed a industrial financial institution to not honour Niger Delta Growth Fee (NDDC’s) request for funds. The Guardian stories that this was revealed in a letter addressed to the managing director of the financial institution. In line with EFCC, funds had been being diverted from NDDC’s accounts in what it suspects to be a case of fraud. The anti graft company mentioned preliminary investigation revealed that funds had been being diverted from NDDC’s account domiciled with the Central Financial institution of Nigeria (CBN) into industrial banks.

“In view of the above you might be requested to henceforth reject any cost instruction from NDDC’s account to accounts of company our bodies domiciled in your financial institution till additional discover to forestall additional diversion of funds,” the letter reads.The EFCC additionally disclosed that its request to the financial institution was made in pursuant of Part 38 and 34 of EFCC (Institution) Act 2004, part 21 and 6 of the Cash Laundering Prohibition Act 2011,” the letter learn.

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