The suspects were among those arrested in the ongoing nationwide crackdown on illicit drug traffickers and dealers.
In total, they made an estimated $125 million from the scheme, with prosecutors alleging that about $50 million in illicit proceeds was used to purchase cashier’s checks.
The EFCC on behalf of the Federal Government, charged Messrs Ishaku and Yero with criminal breach of trust, conspiracy and conversion of public funds to the tune of N27 billion.
The judge, Justice Darius Khobo, admitted the defendant to bail of N1 million, with two sureties in like sum.
EFCC has commenced investigations into the activities of the managing director of Paramount Energy Ltd over alleged N72.3 million fraud.
William Elvis, 35, Moses Kolawole Hezekiah, 34, and Destiny Okobeni Oghentega, 30, were each charged with one count of conspiracy to commit wire fraud.
The anti-graft boss said the investigation followed an intelligent reports and petitions.
A magistrates’ court in Kaduna on Wednesday sentenced a 27-year-old farm manager, Israel Tony, to eight months in prison for stealing 30 crates of eggs.
He said many of the suspects arrested recently were undergraduates.
Mr Okpozikbo said, “The money was fraudulently taken because some of the suspects we interrogated confessed to that.”
