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

The report of an earlier presidential panel has indicted the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu of failing to account for the interest that accrued on the N550 billion of recovered cash from 2015 and 2020, Punch Newspapers has reported.

The panel, which indicted Magu is separate from the panel led by a former President of the Court of Appeal, Justice Ayo Salami, which is currently probing him.

Alhaji Abdullahi Ibrahim chaired the former panel, while its members included DIG Anthony Ogbizi; a member from Federal Ministry of Justice; Mualledi Dogondaji from the EFCC; Hassan Abdullahi from the DSS; an unnamed member from the Office of the Accountant General of the Federation; Chinedu Ifediora from the NFIU, while Mr Kazeem Attitebi served as the secretary.

Read also: Magu fights back, wants Salami Panel to probe Malami over sale of seized assets

The report further disclosed that the findings of the committee formed the basis for the setting up of the Justice Salami-led committee.

Titled ‘Final Report of the Presidential Investigation Committee on the EFCC Federal Government Recovered Assets and Finances from May 2015 to May 2020’ read in part: “Failure to report on the interest on actual lodgements clearly establishes that the interest element of over N550bn has been re-looted relating to the period under review.

“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts.”

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