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Fear Allah, 550 Billion Recovered Loot Is 100% Domicile In CBN And It Doesn’t Generate Interest – Magu


The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has denied claims that he failed to account for the interest in the N550 billion recovered funds kept in the custody of the Central Bank of Nigeria (CBN).

Over the weekend, the Final Report of the Presidential Committee on Audit of Recovered Assets (PCARA) surfaced and it showed how interest rates accruing from N550 billion recovered by the anti-graft agency from the period from May 2015 to May 2020.

According to the report, “Failure to report on the interest on actual lodgments clearly establishes that interest element of over N550 billion has been re-looted relating to the period under review.”

Magu’s Defence

On Sunday, Magu, through his lawyer, Wahab Shittu said such recovered fund kept with the CBN do not generate interest.

“It is falsehood that Magu placed N550 billion recovered loot into a deposit account.

“The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is a blatant falsehood.

“To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.

“All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.

“This can also be confirmed by other government revenue generating agencies. Funds kept in TSA account do not generate interest.”

Following the suspension of Magu, the agency’s Director of Operations, Mohammed Umar, has taken charge and now oversees the activities of the Commission.

Similarly, Magu’s legal representative, Oluwatosin Ojaomo has asked the Inspector-General of Police, Mohammed Adamu to grant bail to his client on “self recognizance.”

Meanwhile, The Street Journal earlier reported that Magu opted to sleep in the mosque since he was arrested.

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