The EFCC had accused Faroq’s ministry of laundering a total sum of N37,170,855,753.44, transferring the funds from the Federal Government’s coffers to 38 different bank accounts in five legacy commercial banks associated with contractor James Okwete.

Okwete, as per reports, allegedly proceeded to transfer funds to Bureau De Change Operators, withdrew cash, acquired luxury cars, and purchased high-end houses in Abuja and Enugu State.

Allegedly connected to 53 companies, Okwete was further accused of securing Federal Government contracts worth N27,423,824,339.86 using 47 of these companies. Additionally, he was linked to 143 bank accounts in 12 commercial banks, with 134 of them being corporate accounts tied to various companies.

In response, Faroq, through an official statement released on her X account, denied the allegations. She asserted that Okwete, allegedly overseeing the money laundering process, is unknown to her and has engaged her legal team to explore avenues for redress.

The statement released by Faroq read, “There have been a number of reports linking me to a purported investigation by the Economic and Financial Crimes Commission (EFCC) into the activities of one James Okwete, someone completely unknown to me. James Okwete neither worked for, nor represented me in any way whatsoever. The linkages and associations to my person are spurious.  While I resist the urge to engage in any media trial whatsoever, I have however contacted my Legal Team to explore possible options to seek redress on the malicious attack on my person.

“I remain proud to have served my country as a Minister of the Federal Republic of Nigeria with every sense of responsibility and would defend my actions, stewardship and programmes during my tenure whenever I am called upon to do so.”