Ibrahim Magu Probed On Links With Kaduna-Based Bureau De Change Over Transactions Worth N336bn, $435m, 14m Euros

By Edna Wande Last updated Jul 11, 2020

Presidential probe panel investigating corruption allegations against the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu has started probing his relationship with a certain Bureau De Change based in Kaduna.

The Bureau De Change allegedly transacted business with Magu in the range of N336 billion, $435 million and about 14 million Euros.

According to Vanguard, the embattled EFCC boss is expected to respond to the discovery by the Nigerian Financial Intelligence Unit (NFIU) that he allegedly has connection with the said Bureau De Change.

It also reports that Magu is also expected to explain what he knew about humongous sums of money discovered by NFIU, from a relatively unknown Lagos based Pastor who was said to be his associate.

NFIU reportedly discovered N28 million taken from the same Bureau De Change by a well known Lagos based lawyer.

A source within the presidential panel tod the publication

From the issues before the committee, there are two big issues concerning Bureau De Change being allegedly linked to Magu in Kaduna and that Bureau De Change has been discovered by the NFIU to have transacted business in the region of N336 billion, $435 million and about 14 million Euros.

There was another allegation against Magu that a relatively unknown Pastor in Lagos who was linked with Magu was discovered to have N573 million in his account. Also, there was a famous lawyer in Lagos, who took N28 million from the Bureau De Change.

Magu has been in detention at the Force Criminal Investigation Department, Area 10, Abuja, since his arrest on Monday over financial corruption allegations levelled against him.

He has been grilled for days by the panel led by a former Court of Appeal judge, Ayo Salami.

Meanwhile, unknown persons allegedly broke into the new office of NFIU and destroyed computers containing certain vital documents that could help in the investigation of the former EFCC boss.

According to reports, some officials of the NFIU had on Thursday, July 9 appeared before the Justice Ayo Salami-led panel investigating Magu to clarify certain grey areas especially as it relates to some accounts suspected to have been used to transfer money.

NFIU officials reportedly told the panel that by their operational protocols and procedure, they do not go about with vital documents.

They advised members of the panel to visit their office on Friday morning July 10 to see the documents they requested for.

However, it was alleged that before the panel members got to the NFIU office on Friday morning July 10, some unknown person had broken into their office, destroying computers where the sensitive documents were stored.

Magu appeared at the panel for the 5th day at about 10am on Friday.

He reportedly developed running nose on Thursday, July 9 which prompted the invitation of some medical experts to treat him.