Tag: Magu

  • ‘How Magu Allegedly Re-loots Recovered Funds’

    ‘How Magu Allegedly Re-loots Recovered Funds’

    Suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has been accused of re-looting funds recovered by the commission as well as bribery.

    Magu, who is currently being interrogated by a Presidential Investigation Committee on the EFCC-Federal Government Recovered Assets and Finances from May 2015 to May 2020, headed by retired Justice Ayo Salami, has been accused of mismanagement and lack of transparency in managing recovered assets by EFCC.

    A final report of the presidential probe panel obtained by the News Agency of Nigeria (NAN) had seriously indicted and implicated Magu on various allegations levelled against him.

    The new facts have emerged on how interest rates accruing from N550 billion recovered by EFCC in the period under review were allegedly re-looted.

    Read Aldo… You’re unfit to lead an agency like EFCC, PDP condemns Magu 

    Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

    NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to November 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.

    “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 lodgments was N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

    “These inconsistencies cast serious doubt on the accuracy of figures submitted by EFCC. It is the committee’s view that 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 lodgements 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, casts serious doubt on the credibility of the figures and means that a substantial amount of money has not been accurately accounted for.

    “Failure to report on the interest on actual lodgements clearly establishes that the 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,’’ the report stated in part.

    Read Also…. Buhari Breaks Silence on Magu, Says Suspended EFCC Acting Chairman Not Above the Law

    NAN also reports that PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.

    “The NFIU reports established that the Acting Chairman has been using different sources to siphon money from 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,’’ PCARA report further revealed.

    NAN reports that the Salami 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.

  • Buhari Breaks Silence on Magu, Says Suspended EFCC Acting Chairman Not Above the Law

    Buhari Breaks Silence on Magu, Says Suspended EFCC Acting Chairman Not Above the Law

    President Muhammadu Buhari Saturday broke silence on the travails of the suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

    The President explained that the guiding principle of his administration is that there are no sacred cows, adding that when allegations are made against the chief executive officer of an institution, the chief executive officer has to step down from his post and allow for a transparent and unhindered investigation.

    Buhari noted that a series of documented allegations were made against EFCC under the leadership of Magu, which led to the constitution of an investigative panel in compliance with the extant laws governing the convening of such a body.

    “A series of documented allegations were made against the Ag. Chairman of the Economic and Financial Crimes Commission (EFCC). Following a preliminary review of the allegations leveled against the Ag. Chairman and several other members of his staff, there were grounds for a detailed investigation to be conducted.

    “Hence, an investigative panel was constituted in compliance with the extant laws governing the convening of such a body.

    “As is the proper procedure, when allegations are made against the Chief Executive of an institution, and in this case an institution that ought to be seen as beyond reproach, the Chief Executive has to step down from his post and allow for a transparent and unhindered investigation.

    “EFCC does not revolve around the personality of an individual, and as such cannot be seen through the prism of any individual.

    “Therefore, the suspension of Mr. Ibrahim Magu, allows the institution to continue carrying out its mandate without the cloud of investigation hanging over its head.

    “EFCC has many good, hardworking men and women who are committed to its ideal and ensuring that the wealth of our country isn’t plundered and wherein there is an act of misappropriation such person(s) are brought to justice,” Buhari said, in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu.

    The statement added that the embattled EFCC acting chairman was being given opportunity to defend himself in accordance to the rule of law.

    “Mr. Magu is being availed the opportunity to defend himself and answer the allegations against him. This is how it should be, as is the fact that under the laws of Nigeria every citizen is presumed and remains innocent until proven guilty.

    “We must realise that the fight against corruption is not a static event, but a dynamic and ever evolving process, in which the EFCC is just one actor; and as we continue to work towards improving our democratic process so shall every institution of ours also embark on that journey of evolution.

    “What is however important is that there must be accountability and transparency and our people must realize that they would be held to account. This is the building block in the fight against corruption, the establishment of the concept of Accountability and the recognition of the rule of law.

    “Those who see Mr. Magu’s investigation, as a signal that the fight against corruption is failing, have unfortunately, missed the boat.

    “There is no better indication that the fight is real and active than the will to investigate allegations in an open and transparent manner against those who have been charged to be custodians of this very system.

    “Under this President and Government, this is our mantra and guiding principle. There are no sacred cows, and for those who think they have a halo over their heads, their days are also numbered.

    “Mr. Magu was not immune – and regardless of the obvious embarrassment that potential acts of wrongdoing by him, given the office he held, may appear for the government.

    “No other administration in the history of Nigeria would have moved to bring into the light and public domain such an allegation,” the statement pointed out.

    Meanwhile, the President has urged African leaders to ensure the immediate actualisation of the Common African Position on Assets Recovery (CAPAR), as the continent celebrated Anti-Corruption Day on July 11.

    Buhari, in a letter to President of South Africa, Cyril Ramaphosa, Chairman of African Union, asked for a re-commitment to the anti-corruption war by leaders on the continent to engender an “integrated, prosperous and peaceful Africa, driven by its own citizens, representing a dynamic force in the international arena.”

    The Nigerian President, in a statement by his Special Adviser on Media and Publicity, Femi Adesina, lamented that “the massive corruption being perpetrated across our national governments has created a huge governance deficit that has in turn created negative consequences that have worsened the socioeconomic and political situation in Africa.”

    The letter by Buhari reads in part: “As Your Excellency is aware, the continental fight against corruption has been premised on an irreducible minimum that can pave the way for Africa’s transformation.

    “In this effort, the emphasis has been on the continent’s collective determination to forge resilient partnerships among our national governments, civil society organisations and other interest groups, such as women, youth and the physically challenged, to ensure improved socio-economic, political and security development and ultimately, the improvement of our continent.

    “The concern of the African Union is that the massive corruption being perpetuated across our national governments, has created a huge governance deficit that has in turn created negative consequences that have worsened the socio-economic and political situation in Africa.

    “Your Excellency may recall that these continental concerns led our colleagues at the African Union, to appoint my humble self as the African Union Anti-Corruption Champion. I believe that the efforts and focus of the Nigerian Government at home, partly informed this decision as well as the need for Africa, as a continent, to recommit herself to the fight against corruption and the imperative to free resources for meaningful development.

    “I am, therefore, in full support of the call for the issuance of a continental message to commemorate this day, on July 11, 2020, to re-commit the African Union to the continental fight against corruption, including through a robust approach to assets recovery, hence the need for a strategic framework on a Common African Position on Assets Recovery (CAPAR).

    “Happily, in February 2020, at the 33rd Ordinary Session of the Assembly of the African Union in Addis Ababa, CAPAR was adopted. In my view, the African Union must go beyond the mere annual celebration of the Africa Anti-Corruption Day by moving swiftly to operationalize the African Common Position on Assets Recovery by all member states. This is an excellent way to drive Africa’s Agenda 2063, for an ‘integrated, prosperous and peaceful Africa, driven by its own citizens, representing a dynamic force in the international arena.’

    “As current Chair of our Union, I sincerely commend to you, this suggestion that seeks to call our leaders in Africa to recommit ourselves to this very important task of reclaiming our continent from the vice of systemic corruption.

    “Please accept, Your Excellency and Dear Brother, the assurances of my highest consideration.”

    Idowu Sowunmi

  • Magu Not Arrested, Only Honours Invitation By Presidential Panel, Says EFCC

    Magu Not Arrested, Only Honours Invitation By Presidential Panel, Says EFCC

    Economic and Financial Crimes Commission (EFCC) has debunked media reports that its Acting Chairman, Ibrahim Magu, was arrested by the Department of State Services (DSS).

    EFCC, in a statement on Monday afternoon by its Head, Media and Publicity, Dele Oyewale, explained that Magu only honoured an invitation extended to him by a Presidential Panel reviewing the activities of the commission.

    “Acting Chairman of the EFCC, Mr. Ibrahim Magu, on Monday, July 6, 2020, honoured an invitation by a Presidential Panel reviewing the activities of the EFCC, at the Banquet Hall wing of the Presidential Villa, Abuja.

    “He was served the invitation to the Panel, while on his way to the Force Headquarters, Abuja for a meeting.

    “The EFCC’s boss was neither arrested nor forced to honour the invitation. A member of a legal team from the EFCC is also with him on the Panel,” the statement said.