The Independent Corrupt Practices and Other Related Offences Commission (ICPC) successfully recovered a staggering N50 billion earmarked for vulnerable citizens during the tenure of former President Buhari Minister Sadiya Umar-Farouq of the Humanitarian Affairs and Poverty Alleviation Ministry.
The funds, which were on the brink of being misappropriated, were intercepted by the ICPC between July and August 2023 and subsequently deposited into the Central Bank of Nigeria (CBN).
As reported by The PUNCH, the funds faced obstruction during an illicit attempt to transfer them into private bank accounts. This substantial recovery was orchestrated under the leadership of the former ICPC Chairman, Bolaji Owasanoye.
Insiders reveal that the retrieved funds were handed over to the Federal Government led by President Bola Tinubu. The recovery coincided with the transition period of former President Muhammadu Buhari and Minister Umar-Farouq, and prior to the appointment of a new Minister of Humanitarian Affairs.
Upon the appointment of the suspended Minister of Humanitarian Affairs, Betta Edu, President Tinubu directed the Accountant-General of the Federation to refund the funds to the ministry. This reimbursement was designated as part of the Infrastructure Support Fund for the 36 states and the Federal Capital Territory, intended to mitigate the impact of the fuel subsidy removal.
The refunded sum forms a part of the alleged N44 billion laundering in the National Social Investment Programme Agency, along with the N585 million authorized by Edu for disbursement, according to a reliable source.
Another insider disclosed that during the naira scarcity between late 2022 and 2023, ICPC, under Prof Owasanoye’s leadership, intervened by blocking and recovering N50 billion from the Ministry of Humanitarian Affairs. Initially, N32 billion was recovered, but further investigations led to the discovery and retrieval of an additional N18 billion. These funds, intended for the vulnerable and impoverished, had been stalled due to currency shortages during the naira redesign period.
The funds were deposited into government coffers between July and August 2023. Attempts to disburse the funds into private accounts were thwarted by ICPC officials, who detected suspicious and fraudulent practices. The money was subsequently recovered.
Tinubu’s announcement of the Infrastructure Support Fund for the 36 states and the Federal Capital Territory prompted the Federal Government to deposit the funds into the Humanitarian Affairs Ministry under Betta Edu’s administration, overseeing poverty alleviation projects.
