The Independent Corrupt Practices and other related offences Commision has revealed that some former military personnel are being investigated for embezzlement of funds allocated to security.
According to the commission, an ex-military chief embezzled N4 billion from military budget and deposited it into the accounts of two companies where he is the beneficial owner and sole signatory.
The chairman of the commission, Prof. Bolaji Owasanoye made the disclosure during a national policy dialogue on corruption and insecurity in Nigeria, organised by the ICPC in Abuja on Friday.
He said, “Some former military and security personnel are being investigated by the ICPC and our sister agency (EFCC) for embezzlement of funds allocated to security.
“For example, a former head of one of the arms of the military, in the twilight of his tenure, deposited the sum of N4 billion from military budget into the accounts of two companies where he is the beneficial owner and sole signatory.
“The proceeds were used to purchase properties in Abuja in the names of cronies and proxies.
“Some of the properties paid for by his service were also fraudulently converted to his use. ICPC’s prosecution of this high ranking officer to recover all the implicated assets was strangely and perversely frustrated by a recently retired High Court judge who decided to forfeit some of the assets to FGN and the rest left to the suspect.
“While the Commission has filed notice of appeal, this strange development aggravates an already bad situation and escalates insecurity and impunity”, he added.
