Magu: EFCC recovered N511.9bn in 2017 – EFCC boss tells Reps

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has revealed that the agency recovered about N511.9 billion in 2017.

Magu disclosed this when he appeared before the House of Representatives Committee on Financial Crimes on Monday, February 5, 2018.

The EFCC boss was at the lower chamber to defend the performance of the EFCC’s budget for 2017 and its budget for 2018.

He said the funds were recovered in naira, pounds, dollars, euro, South African rand and dirham.

The Breakdown

According to Magu, during the period, the agency recovered 473.065 billion naira, $89,258,124.97 (N35,415,846,317.29), £294,851.82 (N148,727,302.71), €7,247,363.75 (N3,246,336,430.27), 443,400 dirhams (N43,550,800.21), and 70,500.00 South African rand (N2,111,974.41).

As part of the EFCC’s achievements in 2017, Magu said his team in Kano Office recovered N329 billion from petroleum marketers.

He also said the Commission secured the final forfeiture of N32 billion and $5 million to the Federal Government from the former minister of petroleum resources, Diezani Alison-Madueke.

Magu added that the agency also secured final forfeiture of N449 million to the FG – the fund was discovered at Legico Plaza on Victoria Island, Lagos.

Other achievements are: the final forfeiture of over $43 million discovered in an apartment at Osborne Towers in Ikoyi, Lagos; withholding tax recovery of over N27.7 billion from banks; Nigerian Ports Authority recovery of over €6.6 million, recovery of N1.1 billion naira on behalf of AMCON, and the recovery of subsidy fraud funds of over N4 billion.

Listing the challenges the agency faces during the year under review; Magu said, “A major challenge in the implementation of the capital estimates is the late and insufficient release of funds appropriated.

“Presently, funds have not been released for the furnishing of the new head office complex expected to be handed over by March 2018. We need the committee’s intervention in that regard.”

However, Magu’s days as the EFCC boss may be number due to his running battle with the Senate, which is against his nomination as the substantive Chairman of the Commission.

Also Read:Rejection of Magu’s Appointment: Court Affirms Senate Power

Last week, a Federal High Court ruled that the Senate has the power to confirm or reject Magu’s nomination by President Muhammadu Buhari.

Although the Presidency had insisted Magu‘s appointment does not require Senate’s approval, President Buhari might bow to pressure given the most recent enormous criticism that has trailed his administration and the anti-corruption war, which many, especially the opposition, describe as selective.

News Reporter

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