In News by Oluwaseun Samuel on the 14th, July, 2020

Recovered Funds Do not Generate Curiosity

Recovered Funds Don't Generate Interest


Ibrahim Magu

The suspended performing chairman of the Financial and Monetary Crimes Fee (EFCC), Ibrahim Magu says allegations that the Fee beneath him re-looted pursuits on the funds recovered from looters, is fake.

Recall that over the weekend, the Presidential Committee on Audit of Recovered Belongings (PCARA) alleged that the curiosity generated on the N550 billion recovered from looters have been re-looted beneath Magu. The panel probed the federal authorities belongings recovered by the EFCC from Could 2015 to Could 2020.

Nevertheless, in a press release launched as we speak July 13 by his counsel, Wahab Shittu, Magu described the allegation as a ”blatant falsehood”.  In accordance with the embattled chairman, recovered funds are lodged within the treasury single account (TSA) with the Central Financial institution of Nigeria (CBN), including that funds within the TSA don’t generate pursuits.

“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 perfect 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 might be verified from the CBN and the federal ministry of finance.

READ ALSO:  4 Revelations Magu Made After His Launch From Detention

This may also be confirmed from different authorities income producing businesses. Funds saved in TSA account don’t generate curiosity.” his assertion reads



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