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High Court orders forfeiture of N827.6m by NDDC contractors


The federal high court in Lagos has ordered two firms which are contractors of the NDDC to forfeit a total of N827.6m which was recovered by the EFCC.

The EFCC in court stated that the two firms, Flank Power Resources Limited and GMFD Ventures Limited were both awarded contracts by the NDDC but failed to deliver on projects and the funds for the contracts were laundered.

The EFCC added that upon investigations carried out it was discovered that the funds for the project was also inflated.

According to a statement made by the Head, Media and Publicity, of the EFCC, Mr. Dele Oyewale, the order to forfeit the N827.6m was made by Justice C. J. Aneke on June 29, 2020.

The statement with title: “EFCC secures final forfeiture of N827.6m from NDDC contractors”, Oyewale said: “Matthew Edevbie is the Chief Executive Officer of Flank Power Resources Limited. It was discovered that between 2018 and 2019, Flank Power Resources Limited received the funds from the NDDC through its account number: 1015642852 , while the GMFD received through account number: 1014657819, both of which are domiciled in Zenith Bank Plc for de-silting contracts, which aside being inflated, were not executed, but diverted and laundered.”

“The sum of N616,679,098.32 recovered from Flank Power Resources Limited was facilitated through 62 Zenith Bank drafts in favour of the EFCC Recovered Funds Account with the Central Bank of Nigeria, while the N211m from the GMFD came through 22 Zenith Bank drafts in favour of the same account.”


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