Money in TSA doesn’t attract interest, Magu reacts to allegation he did not account for interest on recovered N550bn

The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has denied allegations that he failed to account for the interest that accrued on the N550 billion recovered fund kept in CBN’s custody.

Magu made the denial in a statement on Sunday by his lawyer, Wahab Shittu, adding that such recovered fund kept with the Central Bank of Nigeria do not generate interest.

The statement said: “It is falsehood that Magu placed N550 billion recovered loot into a deposit account.

Read also: Presidential panel indicts Magu for failure to report interest on recovered N550bn

“The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is blatant falsehood.

“To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.

“All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.

“This can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.”

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