EFCC Recovers over N473bn in 2017, Magu Says

The Economic and Financial Crimes Commission (EFCC) said on Monday that it has recovered the sum of N473bn, including $98,258,124.97; £294,851.82; €7,247,363.75; 443,400 Dirham and 70,500 Rand.
The Commission’s acting Chairman, Ibrahim Magu, disclosed this while defending the Commission’s budget before the House of Representatives Committee on Financial Crimes, Monday.
Magu also confirmed that identified whistle blowers, including the Osborne Towers, Ikoyi, Lagos, whistle blower were being paid timely to encourage other Nigerians buy into the policy.
He said that in 2017, the Commission also succeeded in securing final forfeiture of the Osborne Towers, Ikoyi cash of $43m as well as N32bn; $5m recovered from a former Petroleum Resources Minister and N449m discovered at Legico Plaza in Victoria Island, Lagos.
Magu, while defending the Commission’s budget before the Kayode Oladele-led Committee, said the $43m Osborne Towers cash got forfeited to the Federal Government because no one came forward to claim it.
The Committee had asked Magu whether the Osborne cash was ever traced to anyone.
In response, Magu explained that the document recovered from the property from where the money was recovered showed that it belonged to a company owned by the wife and son of a former Director General of the National Intelligence Agency (NIA).
However, after due diligence and no one coming forward to calm it, the court had to pronounce its final forfeiture, he said.
Among other recoveries and forfeitures from proceeds of crime, Magu said over N329bn was recovered from petroleum marketers by the Kano office of the Commission; withholding tax recovery of over N27.7bn from banks; €6.6m recovered from Nigerian Ports Authority (NPA); recoveries of about N13 1bn on behalf of AMCON; and recovery of subsidy fraud funds of over N4bn
“Delayed and irregular release of the overhead component of the recurrent vote affected the commission’s investigation and prosecution activities especially in the Zones.
“Out of the total sum of total sum of N17,202,253,360 appropriated in 2017, only N11,737,492,342.07 or 68 percent has so far been released out of which N9,759,277,008.53 has been utilized.
“From the sum of N7,127,316,354 appropriated for Personnel, N6,533,373,324 was released; from N3,000,713,298 appropriated for Overhead only N1,667,007,163.70 has been released while from N7,074,223,708 appropriated for Capital expenditure, only N3,537,111,853.87 was released to the commission so far,” he added.
He also complained that the Commission’s 2018 budget proposal of N45bn was reduced to about N21bn, which is capable of hampering the activities of the Commission for the year.
Magu also informed the Committee that Nigerian Financial Intelligence Unit (NFIU) has been granted autonomy.

Author: News Editor

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