BREAKING: Ibrahim Magu: Contemporary info on re-looting of recovered finances emerge

The suspended Performing Chairman of the Financial and Monetary Crimes Fee (EFCC), Mr Ibrahim Magu, could also be dealing with recent fees of alleged re-looting of finances recovered via the fee in addition to bribery.

The Information Company of Nigeria (NAN) stories that Magu is lately being interrogated via a presidential probe panel headed via retired Justice Ayo Salami over allegations of mismanagement and loss of transparency in managing recovered property via the EFCC.

A last file of the Presidential Investigation Committee at the EFCC Federal Executive Recovered Property and Price range from Would possibly 2015 to Would possibly 2020, bought via NAN had severely indicted and implicated Magu on more than a few allegations leveled in opposition to him.

The brand new info have emerged on how rates of interest accruing from N550 billion recovered via the EFCC within the length beneath overview have been allegedly re-looted.

Magu is now anticipated to expose the whereabouts of the lacking hobby finances operating into tens of millions of naira.

NAN additionally seen that the Ultimate File of Presidential Committee on Audit of Recovered Property (PCARA) that coated the length of Would possibly 29, 2015, to Nov. 22, 2018, had additionally showed the troubles of the general public about contradictory restoration figures emanating from Magu.

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“It’s relatively aggravating that conflicting figures are being circulated within the public area via EFCC as the quantity of recovered finances.

“For Foreign exchange recoveries, EFCC reported a complete naira an identical of N46,038,882,509.87, whilst the naira an identical of the foreign currency echange lodgments used to be N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

“Those inconsistencies solid critical doubt at the accuracy of figures submitted via the EFCC. It’s the committee’s view that the EFCC can’t be stated to have absolutely accounted for money recoveries made via it.

“Whilst EFCC reported general Naira recoveries of N504,154,184,744.04, the real financial institution lodgements have been N543,511,792,863.47. Those discrepancies imply that EFCC’s exact lodgment exceeded its reported recoveries via N39,357,608,119.43.

“It should be identified that the discrepancy of greater than thirty-nine billion naira does now not come with hobby gathered on this account because it used to be opened.

“It, subsequently, casts critical doubt at the credibility of the figures and signifies that a great deal of cash has now not been correctly accounted for.

“Failure to file at the hobby on exact lodgements obviously establishes that the hobby part of over N550 billion has been re-looted when it comes to the length beneath overview.

“That is an obvious case of manipulation of information in an overly brazen and unprofessional approach and this has very much eroded the general public self assurance within the anti-corruption efforts,’’ the file mentioned partially.

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NAN additionally stories that the PCARA published how the investigative stories on EFCC’s actions via the Nigeria Monetary Intelligence Unit (NFIU) uncovered acts of corruption and cash laundering in opposition to some EFCC officers, together with Magu.

“The NFIU stories established that the Performing Chairman has been the use of other assets to siphon cash from the EFCC, and in some circumstances gathering bribes from suspects.

“The file has proven {that a} specific Bureau de Exchange, owned via Ahmed Ibrahim Shanono related to the Performing Chairman based totally in Kaduna has greater than 158 accounts and has been receiving massive sums of finances.

“The hyperlink to Magu used to be additionally established via the fee of N28 million to FALANA who’s an in depth affiliate and best friend of the Performing Chairman,’’ the PCARA file additional published.

NAN stories that the Salami probe panel is predicted to proceed sitting on Monday whilst Magu’s attorney, Mr Oluwatosin Ojaomo, had on Friday implemented for an administrative bail for his consumer, who’s dealing with corruption and different fees prior to the panel.


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