EFCC recovers $2.9bn in 30 months – Magu

-EFCC recounts victories recorded in campaign against corruption.

-The anti-graft agency also seeks more international collaboration towards fulfilling its mandate.

EFCC boss, Ibrahim Magu, gives insight into amount recovered by the agency in about 2 years.

Mr. Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission, EFCC, has revealed an estimate of the amount recovered by the anti-graft agency in the last two years.

The EFCC boss spoke at a meeting with Dr. Nassar Abaalkhail, Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia.

Daily Post reports the meeting followed a paper presentation by Magu on Wednesday, November 8, 2017, at the ongoing 7th Session of Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna, Austria.

Magu was part of the panelists at the Implementation Review Group attended by over 100 delegates. He detailed efforts by the Nigerian government, targeted at asset recovery, including the progress ​in​ cases related to Abacha loot, Malabu Oil, Diezani & Associates and the Arms procurement scandal.

According to him, EFCC monetary recoveries from May 2015 to October 20, 2017 was in excess of N738.9 billion which is equivalent to over $2.9 billion.

“This does not include smaller currencies in other currencies like Durham and CRA”, he added.

“Within this year alone, the Commission recovered stolen assets running into several millions of US Dollars and billions in naira.

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“This include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts”, he explained.

Magu, thereafter recommended improved coordination and cooperation among State parties in asset recovery through the consideration and adoption of measures that will remove traditional ‘barriers such as bank secrecy consistent with Article 46(8) and dual criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.

​He further sought the cooperation of stakeholders in reducing the cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim States in line with the current resolution sponsored by Nigeria.