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Published On: Tue, Feb 6th, 2018

EFCC recovers over N500bn stolen funds -Magu

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EFCC LogoBy Lateef Ibrahim and Umar Muhammad Puma Abuja

Stolen funds amounting to over N500 billion were recovered by the Economic and Financial Crimes Commission, EFCC , in the year 2017.
This was disclosed yesterday by the acting Chairman of the EFCC,, Mr. Ibrahim Magu, when he appeared before members of the House of Representatives’ Committee on Financial Crimes in Abuja.
Speaking before the Hon. Kayode Oladele.-chaired committee, Magu gave details of other funds recovered in foreign currencies as; $98.2million; £294,851; Dirham 443,400; and South African Rand 70, 500.
The EFCC acting Chairman disclosed further 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.
Details of the recovered monies, according to Magu are:
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. Nigerian Port Authority recovery of over €6.6m and recoveries of about N1.1bn on behalf of AMCON as well as recovery of subsidy fraud of over N4bn.
Shedding light on the Osborne Towers’ recovery, Magu explained that nobody came forward to claim ownership of the money after the agency advertised it along with the building.
He explained further that, the EFCC later went to court to obtain a final forfeiture order of the money and the property for the government.
Documents recovered from the building , Magu pointed out, indicated that companies belonging to the son of a former Director-General of the National Intelligence Agency owned property there.
However, Magu said the ex-DG’s son, who was a director in the companies later denied ownership of the building.

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