Ex-PPMC Boss, Haruna Momoh To Loose N2.4bn, Property To Federal Government

Former Managing Director of the Pipelines and Product Marketing Company, Haruna Momoh

The Independent Corrupt Practices and other related offences Commission on Monday said the N2.4bn recovered from a former Managing Director of the Pipelines and Product Marketing Company, Haruna Momoh, as well as property illegally acquired and linked to him would be seized by the Federal Government after an interim forfeiture order was secured by the commission.

A statement by the spokesperson for the commission, Rasheedat Okoduwa, said investigation revealed that the former PPMC boss misused his office to enrich himself, using cronies.

The statement read, “Already, the ICPC has secured an interim forfeiture order from a High Court of the Federal Capital Territory, Abuja, to seize the N2,417,037,404 comprising foreign and local currencies stashed in multiple accounts in four different banks, as well as five landed properties located in different parts of Abuja.

“The commission, before approaching Justice O. A. Adeniyi, for the interim forfeiture order, had found through investigation that the former PPMC boss allegedly abused his position by using cronies and shell companies to divert government funds.

“He allegedly used Multi-Functions Nigeria Limited, Blaid Property Limited and Blaid Construction Limited to carry out several unlawful activities running into billions of naira. Contracts were secured for the companies from the Nigerian National Petroleum Corporation without any corresponding evidence of execution.

“Investigation revealed that N1.4bn was traced to six accounts in two different banks operated by Momoh’s wife, Eileen Momoh, who is the owner of Blaid Construction as shown by the incorporation details of the company.”

The statement said Momoh’s wife operated four bank accounts with the United Bank for Africa, where the combined sum of N469.2m in foreign and local currencies was stashed, and two other accounts with Union Bank, where the commission found $1,678,975m and N496,137,895m.

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It added, “The ICPC further discovered €173,601.55, $5,563.21 and N876,209,744m in three Stanbic IBTC bank accounts traced to Multi-Functions Nigeria Limited and N800,663.43m in Citibank belonging to the same company.

“The properties likely to be forfeited are Plot 199, Ebitu Ukiwe Street, Utako, Nos. 21, 22, 23 and 26 Olympia Estate, Kaura District, Plot 1824, Cadastral Zone, BO7, Katampe, plot 1827, Cadastral Zone, BO7, Katampe and No. 6 Casamance street, Wuse Zone 3, all in Federal Capital Territory, Abuja.”

The ICPC noted that while granting the order, Justice Adeniyi ruled that the money be placed in an interest-yielding escrow accounts in the name of the commission.

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