Politics

Gov. Yari diverted millions of Paris Club refund to build hotel in Lekki

Published

9 years ago

May 15, 2017

A $3-million hotel being constructed by Zamfara Gov. Abdulazziz Yari at Lekki, Lagos, has been uncovered by the Economic and financial Crimes Commission officials/

The 100-bedroom property the agency said, was being funded by the money hauled from the London-Paris Club refund the finance ministry and CBN paid into the Nigeria Governors Forum Account,

Abdulazziz is the chairman of the Governor’s Forum.

According to Sahara Reporyers, the governor diverted N19billion, in the guise of “consultants” fees, from the Paris club loan refund which had been illegally paid into the account of the NGF.

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.

Governor Yari also diverted N500 million from the same fund to pay off a loan, an Economic and Financial Crimes Commission (EFCC) source reveal to the online whistleblower.

ALSO SEE: How Gov. Yari’s consultants pocket N42b Paris Club Refund

According to the EFCC source, Yari withdrew N500 million from the N522 billion refund allocated to the 36 states. He then deposited the sum into a mortgage bank account before transferring it to the mortgage bank.

He had borrowed N800m to purchase 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 “consultant fees”

Others fingered in the London-Paris Club refund scandal included Senate President Bukola Saraki and his cronies—all of whom are under investigation by the EFCC.

Saraki was said to have embezzled N3.5b from the Paris Club loan.