In News by Oluwaseun Samuel on the 12th, July, 2020

Magu Failed To Account For Curiosity On N550 Billion Recovered Loot

Magu Failed To Account For Interest On N550 Billion Recovered Loot

Ibrahim Magu

In accordance with The PUNCH, a previous presidential panel, which investigated the suspended performing Chairman of the Financial and Monetary Crimes Fee, Ibrahim Magu, indicted him, a report revealed by the Information Company of Nigeria has alleged.

The report, in line with NAN, famous that the embattled EFCC boss had been unable to account for the curiosity generated from N550bn money recovered from 2015 to 2020.

The panel is separate from the panel led by a former President of the Court docket of Attraction, Justice Ayo Salami, which is at the moment probing Magu and different prime officers of the company.

The chairman of the earlier committee was Alhaji Abdullahi Ibrahim and the members had been DIG Anthony Ogbizi; a member from Federal Ministry of Justice; Mualledi Dogondaji from the EFCC; Hassan Abdullahi from the DSS; an unnamed member from the Workplace of the Accountant Basic of the Federation; Chinedu Ifediora from the NFIU, whereas Mr Kazeem Attitebi served because the secretary.

The committee’s report, it was learnt, turned the premise for the establishing of the Salami-led panel.

The report titled, ‘Ultimate Report of the Presidential Investigation Committee on the EFCC Federal Authorities Recovered Property and Funds from Could 2015 to Could 2020’ was obtained by the Federal Authorities-owned Information Company of Nigeria.

The report learn partially, “Failure to report on the curiosity on precise lodgements clearly establishes that the curiosity aspect of over N550bn has been re-looted referring to the interval underneath assessment.

“That is an obvious case of manipulation of knowledge in a really brazen and unprofessional method and this has significantly eroded the general public confidence within the anti-corruption efforts.”

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The panel stated it was fairly disturbing that conflicting figures had been being circulated within the public house by the EFCC as the quantity of recovered funds.

It stated these inconsistencies forged severe doubt on the accuracy of figures submitted by the EFCC.

The committee stated it was of the view that the EFCC couldn’t be stated to have totally accounted for money recoveries made by it, noting that there have been discrepancies between what the embattled chairman reported and the lodgements the fee made.

It added, “It have to be identified that the discrepancy of greater than N31bn doesn’t embody curiosity accrued on this account because it was opened.

“It due to this fact forged severe doubt on the credibility of the figures and implies that substantial amount of cash has not been precisely accounted for.”

NAN noticed that the report had additionally confirmed the issues of the general public about contradictory restoration figures emanating from Magu.

The Presidential Committee on Audit of Recovered Property revealed how the investigative experiences on EFCC’s actions by the Nigeria Monetary Intelligence Unit uncovered acts of corruption and cash laundering in opposition to some EFCC officers, together with Magu.

The report added, “The NFIU experiences established that the performing chairman has been utilizing totally different sources to siphon cash from the EFCC.

“The report has proven specific Bureau de Change, owned by Ahmed Shanono linked to the performing chairman based mostly in Kaduna, has greater than 158 accounts and has been receiving big sums of funds.”

The committee accused Magu of paying a distinguished Lagos-based senior advocate N28m.

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