The Economic and financial crimes commission(EFCC) has frozen over N8.627,458,773.36 billion in three accounts of Nigerian business woman, Bola Shagaya following its investigation between her and about 10 forms/accounts. Hajia Shagaya, who started her career with the audit department of the Central Bank of Nigeria before venturing into commercial activities in 1983, is a friend to former first lady of Nigeria,Patience Jonathan.
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The billionaire business woman has dragged Unity bank to the High Court for allowing EFCC to post No Debit(PND) on her accounts without a valid court order.
According to documents which Shagaya filed and deposed to the Court by her counsel, Napoleon Emeaso-Nwachukwu, she claimed that the action taken against her violates section34(1) of the EFCC Act.2004, and the withdrawal ban placed on one of her accounts has prevented her from defraying N514, 800,000 incurred as cumulative costs in the course of an Aircraft Lease Agreement of a Bombardier Jet.
The EFCC in a letter to the Unity Bank Managing Director in respect of one of the frozen accounts said:
“The commission is investigating a case in which the above-mentioned account featured. In view of the above, you are requested to kindly check the table below and provide us with Certified True Copies (CTC) of the following information, which should include but not limited to the following:
(i) The deposit slips/telex copies (front and back) that conveyed the authority of the transactions;
(ii) Any investment made with the funds in any of your products which should include fixed/term deposit and their liquidation and the interest incurred, Banks Acceptance, Commercial Papers and any other relevant information in relation to these”.
The anti-graft agency also listed the transactions in the said account as “N300m(Bola Shagaya RTGS); N300m (Additional N300FTD at 15% TRAN); N500m (Time Deposit); N2,317,013,698.64 (BNG COLLAOS FOR FTD-CUSTOMER ACCOL); N2.3billion (Opening a Time Deposit Account); N292, 495, 029.82 (Withdrawal from Time Deposit); N292, 495, 029.82 (TAK Asset Mgt Limited); N300m (Term Loan booked for 356 days); and N2,025,455,015.08 (BNG COLLAPS OF FTD Customer Account.”
In a separate letter Cr: 3000/EFCC/LS/STF/ STF3MP/ Vol.11/182 which Shagaya made available to the court, the EFCC asked Unity Bank to Post No Debit(PND) on 10 accounts linked with her. The account names are (i) First Deep Water Discovery Limited; (ii) Bola Shagaya; (iii) FAPLiNs Nigeria Limited (iv) Lingo Nigeria Limited; (v) Buri Barclays BDC; (vi) Links Global Synergy Ltd; (vii) OKIOIL Nig. Ltd; (vii) JEMARVIZ Nig Ltd; (ix) PJ Oil and Gas Ltd; and (x) AFDIN Ventures Ltd.
The EFCC said;
“The commission is investigating a case in which the above mentioned accounts featured. You are requested to kindly place the account on Post No Debit (PND) category pending the conclusion of the investigation.
This request is made pursuant to Section 38(1) and (2) of the Economic and Financial Crimes Commission (Establishment) Act, 2004 and Section 21 of Money Laundering (Prohibition) Act, 2011.”
The Anti-graft agency also said it was looking into two other accounts including Voyage Oil and Gas and Bola Shagaya from 2008 to date.
It said:
“The commission is investigating a case in which the above mentioned accounts featured. In view of the above, you are requested to kindly provide us with Certified True Copies (CTC) of the following information which should include but not limited to the following:
(i) The Mandate Card and statement(s) of all domiciliary and Naira account(s) in the above mentioned accounts from 2008 to date with letter of certification in accordance with Section 84 of the Evidence Act 2011;
(ii) any investment made with the funds in any of your products which should include fixed/term deposit and their liquidation and the interest incurred, Bank Acceptance, Commercial Papers and any other relevant information related to these.
You are further requested to kindly place the account on Post No Debit (PND) category pending the conclusion of investigation.”
Shagaya said the Aircraft Lease Agreement between her and Global Apex Air Limited has been terminated with her forfeiting US$1million and accused Unity Bank of complicity on her travails following the bank’s alleged failure to exercise the requisite due diligence.
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