EFCC Freezes N8.6 Billion In Bola Shagaya’s Accounts

The Economic and Financial Crimes Commission has frozen three bank accounts containing a total sum of over N8, 627,458,773.36 billion belonging to Mrs. Bola Shagaya, a businesswoman which Forbes Magazine described as one of the wealthiest in Africa, according to media report by The Nation.The business tycoon, who is also the Managing Director of Practoil Limited, one of the largest importers and distributors of base oil in Nigeria, is reportedly a subject of investigation due to her links to Dame Patience Jonathan, the wife of former President Goodluck Jonathan.According to the report, Shagaya’s relationship with about 10 firms/account names are also being investigated by the EFCC. The Kwara-born billionaire is however fighting back as the report says she has dragged one of her banks to the High Court of Lagos state for allowing the EFCC to Post No Debit (PND) on her accounts without a valid court order. She says the action taken on her accounts violates Section34 (1) of the EFCC Act, 2004. Shagaya has since filed a court case via her counsel, Napoleon Emeaso-Nwachukwu and hearing of the matter is slated for Thursday, September 28.