The panel investigating Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), has indicted the commission of re-looting some recovered loot.
According to NAN, the EFCC was indicted in the report of the panel as it was discovered that the interest on the N550 billion recovered by the agency under Magu “has been re-looted”.
The report, according to NAN, noted that the embattled EFCC boss had been unable to account for the interest generated from N550bn cash recovered from 2015 to 2020.
It said in addition to the unaccounted interests, there is also a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.
The report reads;
It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds.
For Foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the naira equivalent of the foreign currency lodgment were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.
These inconsistencies cast a serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.
While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgments were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.
It must be pointed out that the discrepancy of more than thirty nine billion naira does not include interest accrued in this account since it was opened.
It therefore cast serious doubt on the credibility of the figures and means that substantial amount of money has not been accurately accounted for.
Failure to report on the interest on actual lodgments clearly establishes that interest element of over N550 billion 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.
NAN also reports that the panel revealed how the Nigeria Financial Intelligence Unit (NFIU) investigation “exposed acts of corruption and money laundering” against some EFCC officials, including Magu.
The report added;
The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects. The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds. The link to Magu was also established by the payment of N28 million to FALANA who is a close associate and ally of the Acting Chairman.
The panel accused the suspended EFCC boss of using one Pastor Omale to launder funds abroad, Punch reports.
Omale’s name was uncovered through an investigative report on EFCC’s activities by the NFIU.
According to the report, the unknown clergyman is alleged to have bought a property on behalf of Magu worth N573m in Dubai, United Arab Emirates.
NAN also gathered that efforts had been intensified to expose the real identity of the pastor with a view to arraigning him for prosecution, if found culpable.
The publication reports that Magu, who is being held at the Police headquarters, Abuja, is expected to reappear before the Salami probe panel on Monday to defend himself against several allegations.
Magu’s suspension was confirmed on Friday by President Muhammadu Buhari and also approved Mohammed Umar as the acting EFCC chairman pending the conclusion of the investigation.
On Saturday, Garba Shehu, presidential spokesman, said Magu’s probe shows the presidency is serious with the fight against corruption.
Read Also: He Is Not Immune – President Buhari Says As He Finally Addresses Magu’s Ongoing Investigation
The Salami-led probe panel is expected to continue sitting on Monday while Magu’s lawyer, Oluwatosin Ojaomo, had on Friday applied for an administrative bail for his client, who is facing corruption and other charges before the panel.
NAN
