The suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has denied the allegation that he failed to account for the interest on the recovered N550 billion kept in the custody of Central Bank of Nigeria (CBN).
Magu in a statement by 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 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 from other government revenue generating agencies. Funds kept in TSA account do not generate interest.”
It is interesting to know that the Presidential Panel investigating Magu’s activities had alleged that the EFCC under him re-looted some of the recovered loot.
The panel in its final report, said; “Investigations show that the interest on the N550 billion recovered by the agency under Magu has been re-looted. There is a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.”
“It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds. For Foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the naira equivalent of the foreign currency lodgment were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.
“These inconsistencies cast a serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.”
“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgments were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.”
“It must be pointed out that the discrepancy of more than thirty nine billion naira does not include interest accrued in this account since it was opened. It therefore cast serious doubt on the credibility of the figures and means that substantial amount of money has not been accurately accounted for.”
“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.”
“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts.”
