Magu Says EFCC Recovered Over N511.9 Billion In 2017

The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has disclosed that the anti-graft agency recovered stolen funds totalling N511.9 billion in 2017.

Magu made this known on Monday when he appeared before a budget defence session organised by the House of Representatives committee on financial crimes.

The committee yesterday was chaired by an All Progressives Congress member from Ogun State, Mr. Kayode Oladele.

According to him, the agency, between January and December 2017, recovered more than N473.065 billion, $89,258,124.97, £294,851.82, €7,247,363.75, 443,400 dirhams and 70,500.00 South African rand.

Speaking further, he 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.

He added, “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.”

He also said the breakdown of the total recovery has been sent to the National Assembly.

While briefing the committee on EFCC’s performance of the 2017 budget as well as its proposed 2018 budget, 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.”

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