Recovered Loot: Magu Appears Before Reps To Explain EFCC’s Activities

Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has given a report to the House of Representatives on the agency’s efforts in recovering looted funds.

While appearing at a budget defense session convened by the House of Representatives Committee on Financial Crimes on Monday at the National Assembly in Abuja, gave the report on the activities that had been carried out.

He explained to the Lower House that total asset recoveries by the EFCC sum up to more than N473billion, $98million, €7million, and £294,000 among others between January and December 2017.

Magu highlighted the final forfeiture of N32billion and $5million to the Federal Government by an ex-Minister of Petroleum Resources.

He added that the funds also comprised the recovery and final forfeiture of N449million discovered at Legico Plaza in Victoria Island, Lagos, not leaving out the final forfeiture of over $43million found in an apartment in Ikoyi area of the state.

Magu explained further that the anti-graft agency recovered over N329billion from petroleum marketers in Kano while withholding tax of over N27.7 billion was retrieved from banks.

Others include the Nigerian Ports Authority recovery of €6.6 million, recoveries of about N1.1billion on behalf of AMCON, and the recovery of subsidy fraud funds of more than N4billion.

The EFCC boss also told the House that details of the recoveries had long been sent to the secretariat of the committee.

He also briefed the committee on the performance of the 2017 Budget of the anti-graft agency, as well as its budget for 2018.

Magu stated that the major challenge in the implementation of the capital estimates was the late and insufficient release of funds appropriated.

He expressed concern over funds not yet released for the furnishing of the new head office complex of the agency expected to be handed over in March and sought the intervention of the lawmakers.