NBC #fraud: #EFCC recovers N10b

The Economic and Financial Crimes Commission (EFCC) has recovered N10 billion from the National Broadcasting Commission(NBC) being alleged inflation of collateral funds meant for Digital Set-Top -Boxes.

The commission is set to prosecute a former Director-General of NBC, Emeka Mba and three others.

Also to face trial is  the NBC’s Director of Finance, Patrick Areh, who received a curious transfer of N390million and another N20million cash gift from the contract sum.



Others are  the Managing Director, Technology Advisor, Basil Udotai, and the Managing Director of In-View Technology Limited and D-Vine Partners Limited, Babatunji Amure.

According to EFCC’s investigation, NBC under Mba defied the Federal Government’s directive  of August 7, 2015 on Treasury Single Account (TSA) to divert N15 038 400,000, out of N34 114 500,000 received from MTN for Spectrum Band Width, to finance the contract for the Digital Set-Top -Boxes.

Out of the diverted N15 038 400,000 as collateral security to Zenith Bank Plc, EFCC investigators discovered that only N4 977 227 400 was needed.

Source: Nation