EFCC boss Magu tells Reps what he has recovered from corrupt Nigerians so far

Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu on Monday faced the House of Representatives Committee on Financial Crimes.

The anti-graft boss who spoke in defense of his agency’s 2018 budget also told the Committee, led by Hon. Kayode Oladele, about some of the recoveries made by the commission in 2017.

According to Magu, total asset recoveries by the EFCC between January and December 2017, amount to more than N473 billion, $98 million, €7 million, and £294,000 among others.

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He gave the breakdown of the figures to include the final forfeiture of N32 billion and $5 million to the coffers of the Federal Government by a former Minister of Petroleum Resources; the final forfeiture of N449 million uncovered at Legico Plaza in Victoria Island, Lagos, as well as the final forfeiture of more than $43 million discovered in an apartment in Ikoyi area of the state.

Also, the EFCC boss told the lawmakers that the anti-graft agency recovered over N329 billion from petroleum marketers in Kano while withholding tax of over N27.7 billion was retrieved from banks.

Further listed as part of the moneies recovered included the Nigerian Ports Authority (NPA) recovery of €6.6 million, recoveries of about N1.1 billion on behalf of AMCON, and the recovery of subsidy fraud funds of more than N4 billion.

He told the Reps committee that all information concerning the recoveries had since been sent to the secretariat of the committee.

Magu, who also explained to the committee the performance of the 2017 Budget of the commission as well as its budget for 2018, however pointed that the agency’s major challenge in the implementation of the capital estimates was the late and insufficient release of funds appropriated.

He called on the lawmakers to intervene and ensure that funds supposed to have been released for the furnishing of EFCC’s new head office complex, expected to be handed over in March, is released.

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