Abuja — The Economic and Financial Crimes Commission (EFCC), yesterday said it has recovered N74million from the money realised at a dinner/concert organised by a group, Africa for Obama, in Lagos, about a forthnight ago.

The group had defended collection of donations at the event, saying it was to be used to mobilise support for the American Democratic Party flagbearer, Barack Obama, in the forthcoming presidential election in the United States.

But EFCC said at the weekend, that it had recovered funds realised from the controversial dinner/concert, and was in the process of working out modalities to refund those who paid to participate in the event.

A statement by the Commission, signed by Head, Media and Publicity, Femi Babafemi, put the total money recovered at N74,100,000.00.

The Commission said that though the EFCC Chairman, Mrs Farida Waziri, cautioned Director General of the Nigerian Stock Exchange (NSE), Mrs Ndi Okereke-Onyuike, during an interaction last week, to steer clear of such activities in future, the outcome of investigations, however, revealed that the sale of tickets at the event did not constitute any known offence for prosecution under the Nigerian law.

EFFC, in its statement however, said: "it is believed that this statement will answer persistent enquiries from members of the public and the media."

It would be recalled that the event generated controversy as to the appropriateness of the so-called fundraising. The development was even compounded by the declaration of the Obama Campaign office in the US that the group was unknown to it and was therefore not acting on its behalf.

It was in the heat of the controversy that the EFCC moved in, vowing to recover all the funds realised at the event and return same to donors.