EFCC Recovered N473bn, $98.2m, £294,851 In 2017, Says Magu

Ibrahim-Magu

EFCC Chairman, Ibrahim Magu

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu on Monday told the House of Representatives in Abuja that the anti-corruption agency recovered stolen funds totalling N473.065bn in 2017 and secured as many as 189 convictions.

Magu disclosed this when he appeared before the House Committee on Financial Crimes to defend the agency’s 2018 budget proposals and review the performance of the 2017 allocations.

Magu added that other funds recovered in foreign currencies were $98.2m; £294,851; Dirham 443,400; and South African Rand 70, 500.

He further told the committee that final forfeiture of N32bn and $5m recovered from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had been secured for the Federal Government.

“Recovery and final forfeiture of N449m discovered at Legico Plaza in Victoria Island, Lagos. Final forfeiture of $43m discovered in the Osborne Towers, Ikoyi, Lagos; recovery of over N329bn from petroleum marketers by the commission’s Kano office; withholding tax recovery of over N27.7bn from banks; recovery of over €6.6m from the Nigerian Port Authority; recoveries of about N1.1bn on behalf of AMCON and recovery of subsidy fraud of over N4bn.”

According to him, the EFCC is proposing to spend N21.2bn in 2018, up from the N17.2bn it budgeted in 2017.

The EFCC boss said the “27 per cent” increase was to cover a raise in personnel expenditure from N7.1bn in 2017 to N11bn in 2018.

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