EXPOSED: Governor Who Built Lagos Hotel With Stolen Funds Is From Northern State

Economic and financial Crimes Commission officials in Lagos said they have found a hotel being constructed by Governor Yari of Zamfara state with $3m he stole from London-Paris Club loan refund to Nigerian states.

The governor who is the chairman of the Governor’s Forum illegally diverted N19billion reportedly meant for “consultants” from the Paris club loan refund which had been illegally paid into the account of the Nigeria Governors Forum (NGF) by Nigeria’s Minister of France, Kemi Adeosun and the Central Bank of Nigeria.

SaharaReporters learnt that the hotel is a 100-room property situated in Lekki area of Lagos.
EFCC officials said they have already marked down the hotel as proceeds of corruption and plan to take it over after obtaining a court order.
Apart from the $3million, Governor Yari also diverted N500 million from the Paris Club refund to pay off a loan, an Economic and Financial Crimes Commission (EFCC) source revealed to SaharaReporters.

According to the source, Mr. Yari withdrew N500m from the N19 billion Paris Club refund from the account of Nigeria Governors Forum from the N522b allocated to the 36 states and deposited the sum into a mortgage bank account.

Mr. Yari then transferred the sum to the mortgage bank from which he had borrowed N800m to purchase to properties in 2013. According to the source, the governor was able to renegotiate his debt from N800m to N500m.

Overall the governor is said to have embezzled the sum of N2.2 billion from the N19billion set aside illegally to pay “consultants.”

SaharaReporters had earlier revealed that Senate President Bukola Saraki and his cronies are also being investigated by the EFCC for his role in the embezzlement of N3.5b from the Paris Club loan through the slush fund placed at the Access Bank by the Nigeria Governors Forum, who claimed it was meant for consultants.

1 Comment

  1. Mariokelechi

    May 18, 2017 at 9:40 am

    Hmmmm. Africa my Africa. How can we get over all these atrocities ravaging Africa particularly Nigeria. Today, Mr ‘A’ stole millions, tomorrow Mr ‘B’ made away with Billions and next tomorrow it is Mr ‘C’. He just stole trilions belonging to the masses and they know, the effect of is endless. As much as I hate all these looters with passion , this Yari or whatever he calls himself, even invested his own loot in Nigeria many have theirs scattered abroad. But my major question is: should we continue this way ? Now everything is grounded so if they are sick they fly overseas for treatment. Wonders they say shall never end. The saddest truth is that there is no future for our children if the status quo continues…..Vampires in rampage.

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