EFCC Recovers N738bn In Two Years – Magu

EFCC Boss, Ibrahim Magu

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, on Weenesday disclosed that the agency has recovered over N738.9 billion (equivalent to over $2.9 billion) in two years.

The figures were disclosed in a 10-page paper Magu delivered at the ongoing 7th Session  of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna, Austria.

The paper, titled “International Cooperation in Relation to  Tecnical Assistance: The Nigerian Experience”, gave a detailed account of EFCC’s tracing and recovering all stolen public funds.

According to the EFCC boss, the recovered cash included $43 million recovered from a former Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke.

The statement said: “Magu who was a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery, including the progress made in the specific cases related to Abacha loot, Malabu Oil, Diezani & Associates and the arms procurement scandal. These efforts, he said cut across Switzerland,  USA, UK, UAE, Jersey Island and Panama.

“The EFCC monetary  recovery  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 recovery in other currencies like Durham, CRA and British Pound.

“The EFCC  has also made a lot of recovery locally. Within this year alone, the Commission recovered stolen assets running into several millions of US dollars and billions in naira. This includes the  $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum Resources and the N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts.”

The recovery also includes the  $9.2 million, allegedly stolen by a former Group Managing Director of the NNPC Andrew Yakubu, N3 billion recovered from INEC officials as part of the 2015 election bribery probe, the $43.4million hidden in the Osborne Towers in Ikoyi and the N328,988,296,990.62 from oil firms.

It is understood that the whistle-blower policy, has led to the recovery of N521,815,000, $53,272,747, £122,890, and €547,730 by the EFCC.

 

 

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