In News by stephen abiodun on the 13th, July, 2020

EFCC: Ibrahim Magu opens up on ‘N550b lacking curiosity’

EFCC: Ibrahim Magu opens up on ‘N550b missing interest’

Ibrahim Magu, the suspended performing Chairman of the Financial and Monetary Crimes Fee, EFCC, has denied the declare that he didn’t account for the curiosity within the N550 billion recovered fund stored within the Central Financial institution of Nigeria, CBN, custody.

Recall that the Last Report of Presidential Committee on Audit of Recovered Belongings, PCARA, surfaced on the weekend displaying how rates of interest accruing from N550 billion recovered by the anti-graft company within the interval from Could, 2015, to Could 2020.

The report mentioned the EFCC, “Failure to report on the curiosity on precise lodgments clearly establishes that curiosity aspect of over N550 billion has been re-looted referring to the interval beneath evaluate.”

However in a press release by his lawyer Wahab Shittu on Sunday, Magu mentioned such recovered fund stored with the CBN don’t generate curiosity.

The assertion added, “It’s falsehood that Magu positioned N550 billion recovered loot right into a deposit account.

“The alleged transaction by no means featured within the proceedings earlier than the Salami panel. Magu was by no means confronted with any such allegation by the panel and the information is blatant falsehood.

“To the very best of Magu’s information, no such quantity is in any such account and he stays aghast at such outrageous figures. Nobody has confronted Magu with such allegations.

“All recovered funds are lodged within the Treasury Single Account (TSA) with the Central Financial institution of Nigeria (CBN). Such recovered funds don’t generate curiosity. That is elementary and may be verified from the CBN and the federal ministry of finance.

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“This may also be confirmed from different authorities income producing businesses. Funds stored in TSA account don’t generate curiosity.”

Recall that President Muhammadu Buhari had on Friday suspended Magu because the performing chairman of the EFCC.

The company’s Director of Operations, Mohammed Umar, has taken cost and now oversees the actions of the Fee pending the conclusion of the continued investigation into Magu’s case.

Magu, on Friday wrote the Inspector-Normal of Police, Mohammed Adamu, asking to be launched on bail.

In a letter dated July 10, 2020, Magu’s authorized consultant, Oluwatosin Ojaomo, requested Adamu to grant bail to his consumer on “self recognizance.”

The performing EFCC Chairman was arrested on Monday and brought to the presidential Villa in Abuja, the place he’s being interrogated by a panel headed by Ayo Salami, a retired president of the Enchantment Court docket.

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