Ibrahim Magu, suspended acting
chairman of the Economic and Financial Crimes Commission (EFCC), has been
accused of failing to give a proper account of missing 332 out of the 836
recovered real estate property in March 2018.
In a report, the Presidential
Committee on Audit of Recovered Assets (PCARA) said the property Magu
unaccounted for is worth billions of naira.
The report also listed the number
of the affected properties suspected to have been illegally acquired as well as
the bank accounts of those individuals serving as fronts for Magu.
“Most of the recovered assets are
allegedly sold without anyone knowing and without proper records and without
recourse to the Federal Ministry of Works and Housing that has the mandate to
undertake evaluation of such property,” the report read.
“Some of the assets have been
taken over by EFCC officials while some are sold at giveaway prices to friends
and cronies of the Acting Chairman.
“It is also on record that the
(suspended) acting chairman is maintaining different accounts, including using
proxies who return the benefit of the sold assets to him.
“These funds are then used to
procure property and lands in the names of some of his proxies.”
The report also highlighted
“massive wastage and deterioration” of physical assets (including landed
property, cars and vessels recovered by the EFCC due to poor management.
It also noted with concern the
failure to preserve and realise the economic value of the recovered assets,
noting that some of the assets were recovered over 15 years ago and left
fallow.
“A disturbing example is the two
vessels that allegedly sunk at NNS Beecroft Naval BASE, Lagos and NNS
Pathfinder Naval Base in Port Harcourt without trace under the watch of the
acting Chairman of EFCC,” read the report.
“The vessels named MT GOOD
SUCCESS, MV PSV DERBY and MV THAMES were allowed to sink in spite of several
warnings from the Navy on the need to evacuate the petroleum products in the
vessels.
“The total value of the assets
lost due to the negligence runs into millions of US dollars. The (suspended)
acting Chairman is yet to provide a report on what happened to these vessels.”
Magu, who is currently facing
charges of mismanagement and lack of transparency in managing recovered assets
as well as flagrant disobedience to directives and to court orders, would be
expected to provide answers to the conflicting figures.
The PCARA report also noted that
the few consultants hired by EFCC were not managing a substantial number of the
recovered assets and that the EFCC has no capacity to manage the entire assets
on its own.
The committee, therefore, alerted
the nation on the economic and environmental implications of this negligent of duty
by the commission.
It equally observed that EFCC
made conflicting submissions or returns to it in respect of the non-cash assets
which substantially affected the committee’s assignment.
“For instance, EFCC stated 836 as
the number of Recovered Real Estate in the Original Returns it made to the
President on 07/04/2017,” the report read.
“However, in its 1st Returns to
PCARA on 13/12/2017, EFCC short-changed the system and gave the figure of 339
thereby failing to account for 497 property.
“It is interesting to note that
when the Acting Chairman was further queried on this lapse, he made further
contradictory 2nd return of 504 on 09/03/2018 thereby bridging the gap to 332
property.’’
The committee identified lack of
internal control mechanisms/systems within EFCC and lack of adequate returns by
EFCC departments and zonal offices as reasons for these discrepancies and
inconsistencies by the commission.
The suspended EFCC boss was also alleged
to have neglected and refused to comply with the regulations on the management
of recovered assets, 2019, as he embarked on disposing of some of the property
without regard to extant law.
“These Regulations was issued in
line with international best practices and to ensure that all the
anti-corruption agencies report all their recovered assets in a database
provided by the Federal Government,The report read.
“It is important to note that the
(suspended) Acting Chairman in apparent disregard of the regulation is
disposing of these properties without regard to extant laws, and Regulations
and without reference to the Office of the Attorney General of the Federation
and in effect, there is no way to have an audit of the property.
“This is also a clear sign that
there is a deliberate attempt to hide the exact figures of recoveries, which is
an indication of fraudulent intent.
“These actions of the (suspended)
Ag. Chairman in refusing the Regulation is a clear case of refusal to follow
lawful instructions and directives contrary to the provisions of the Act that
establish the EFCC.”
According to the fresh report
obtained by NAN, Magu and some top officials of EFCC were allegedly using these
recovered assets to corruptly enrich themselves.
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