EFCC returns N10bn spectrum fund to NBC

The Economic and Financial Crimes Commission (EFCC) has returned to the National Broadcasting Commission (NBC) the N10 billion seized from its accounts early this year, a top official of the commission has said.
The N10bn was part of N34bn proceeds of a spectrum sold to MTN Nigeria but was allegedly hidden in an account by then Director General, Emeka Mba.
EFCC seized the money when it swooped on the NBC in February.
But the current NBC DG, Malam Ishaq Modibbo Kawu, told journalists in Abuja yesterday that the EFCC returned the seized money to NBC on President Muhammadu Buhari’s directive.
Malam Kawu disclosed these during the question and answer session after a press conference to announce the forthcoming Africast 2016 to be hosted by Nigeria.
“On the status of the seized fund, yes President Buhari had directed the EFCC to return the money to us”, Malam Kawu said.
He said part of the money was being used to fund the Digital Switch Over (DSO).
The DG said he was optimistic Nigeria would not miss the June 2017 deadline for digital switch over as the administration of President Buhari was committed to the scheme.
Digitalisation of our broadcast sector will definitely open up our economy and boost it for good, Malam Kawu stated.
He added that thousands of jobs would be created and Nigerians would have more choices as to what to view and listen to.