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General News of Tuesday, 16 August 2022


N48bn: Magu looted recovered loots, abandoned N118bn fraud cases - Panel claims

Ibrahim Magu Ibrahim Magu

It seems former acting chairman of the Economic and Financial Crimes Commission (EFCC) is now in real trouble. This follows the report of the presidential panel that probed him.

The panel claimed that 14 fraud cases involving N118 billion and $309 million were abandoned by the former EFCC boss.

In the report submitted to President Muhammadu Buhari, under Magu’s watch, was also accused of not remitting another N48 billion loot recovered in foreign and local currencies, TheCable can report.

The panel headed by Ayo Salami, former president of the court of appeal, was set up to probe the EFCC from May 2015 to May 2020 when Magu was in charge of the agency.

The report has now been submitted to the office of the secretary to the government of the federation.

A panel to produce the white paper will soon be set up, presidency sources informed TheCable.

The former EFCC boss was alleged to have mishandled the recovered loot and sold seized assets to his associates.

Missing loot 1

“The EFCC under the watch of the suspended Ag. Chairman in its submission to PCARA reported N46,038,882,509.87 as being the foreign currency equivalent recovered by the commission between May 29, 2015, and November 22, 2018,” the report stated.

“The EFCC, however, only produced evidence of lodgements of thirty-seven billion, five hundred and thirty-three million, seven hundred and sixty-four thousand, one hundred and ninety-five naira, sixty-six kobo (N37,533,764,195.66), leaving a shortfall of eight billion, five hundred and five million, one hundred and eighteen thousand, three hundred and fourteen naira, twenty-one kobo (N8,505,118,314.21).

Missing loot 2

“The EFCC reported to PCARA a total naira recovery of five and four billion, one hundred and fifty-four million, one hundred and eighty-four thousand, seven hundred and forty-four naira, four kobo (N504,154,184,744.04); the actual bank lodgement of the naira recoveries was, however, five hundred and forty-three billion, five hundred and eleven million, seven hundred and ninety-two thousand, eight hundred and sixty-three naira, forty-seven kobo (N543,511.792,863.47).

Missing real estates

“The EFCC, in its returns on non-cash assets, made to the president on April 7, 2017, declared 836 as the total number of recovered real estates, while in its first and second returns to PCARA, it rendered contradictory figures of 339 on 13/12/2017, leaving a difference of 497 and 504 on 9/3/2018, with a difference of 332.”

Earlier, reported that the minister of police affairs, Maigari Dingyadi, said Magu was still on the federal government’s payroll even after his exit from the EFCC.

Dingyadi stated that Magu still earns salary as a police officer despite his suspension by President Muhammadu Buhari.

The minister made this known on spoke on Tuesday, September 14, 2021, when he featured as a guest on Channels Television’s ‘Politics Today’ current affairs programme.

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