The suspended Acting Chairman of the Economic and Financial
Crimes Commission (EFCC), Mr Ibrahim Magu, may be facing fresh charges of
alleged re-looting of funds recovered by the commission as well as bribery.
The News Agency of Nigeria (NAN) reports that Magu is
currently being interrogated by a presidential probe panel headed by retired
Justice Ayo Salami over allegations of mismanagement and lack of transparency
in managing recovered assets by the EFCC.
A final report of the Presidential Investigation Committee
on the EFCC Federal Government Recovered Assets and Finances from May 2015 to
May 2020, obtained by NAN had seriously indicted and implicated Magu on various
allegations leveled against him.
The new facts have emerged on how interest rates accruing
from N550 billion recovered by the EFCC in the period under review were
allegedly re-looted.
Magu is now expected to disclose the whereabouts of the
missing interest funds running into millions of naira.
NAN also observed that the Final Report of Presidential
Committee on Audit of Recovered Assets (PCARA) that covered the period of May
29, 2015, to Nov. 22, 2018, had also confirmed the concerns of the public about
contradictory recovery figures emanating from Magu.
“It is quite disturbing that conflicting figures are being
circulated in the public space by EFCC as the amount of recovered funds.
“For Foreign currency recoveries, EFCC reported a total
naira equivalent of N46,038,882,509.87, while the naira equivalent of the
foreign currency lodgments was N37,533,764,195.66, representing a shortfall of
N8,505,118,314.21.
“These inconsistencies cast serious doubt on the accuracy of
figures submitted by the EFCC. It is the committee’s view that the EFCC cannot
be said to have fully accounted for cash recoveries made by it.
“While EFCC reported total Naira recoveries of
N504,154,184,744.04, the actual bank lodgements were N543,511,792,863.47. These
discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries
by N39,357,608,119.43.
“It must be pointed out that the discrepancy of more than
thirty-nine billion naira does not include interest accrued in this account
since it was opened.
“It, therefore, casts serious doubt on the credibility of
the figures and means that a substantial amount of money has not been accurately
accounted for.
“Failure to report on the interest on actual lodgements
clearly establishes that the interest element of over N550 billion has been
re-looted relating to the period under review.
“This is an apparent case of manipulation of data in a very
brazen and unprofessional manner and this has greatly eroded the public
confidence in the anti-corruption efforts,’’ the report stated in part.
NAN also reports that the PCARA revealed how the
investigative reports on EFCC’s activities by the Nigeria Financial
Intelligence Unit (NFIU) exposed acts of corruption and money laundering
against some EFCC officials, including Magu.
“The NFIU reports established that the Acting Chairman has
been using different sources to siphon money from the EFCC, and in some cases
collecting bribes from suspects.
“The report has shown that a particular Bureau de Change,
owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna
has more than 158 accounts and has been receiving huge sums of funds.
“The link to Magu was also established by the payment of N28
million to FALANA who is a close associate and ally of the Acting Chairman,’’
the PCARA report further revealed.
NAN reports that the Salami probe panel is expected to
continue sitting on Monday while Magu’s lawyer, Mr Oluwatosin Ojaomo, had on
Friday applied for an administrative bail for his client, who is facing
corruption and other charges before the panel.
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