EFCC recovers N4.3bn subsidy fund

Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Larmorde has said the commission has recovered N4.3 billion from Oil subsidy suspects.

He revealed this yesterday when the management of the Petroleum Products Pricing Regulatory Agency (PPPRA) led by its Executive Secretary, Mr. Farouk Ahmed paid him a courtesy visit in his office in Abuja.

The EFCC boss said the collaboration between the two agencies was pivotal to the commission instituting court cases against 13 oil marketers indicted in the investigations in the subsidy regime, a statement by the spokesman of the agency Wilson Uwujaren said.

According to Larmorde, “I know pressure will be put on your staff. Please bear with us. It is because of the need to sanitize the country.”

The PPPRA chief executive Farouk Ahmed said the visit was to consolidate the relationship between the EFCC and the PPPRA.