September 24, 2020

Suspended EFCC Chairman Ibrahim Magu released.

Ibrahim Magu who was arrested last week Monday by the FCID was released on Wednesday evening.

According to reports, Magu was said to be detained by the presidential panel investigating allegations of corruption and insubordination levelled against him by the Attorney General of the Federation Abubakar Malami.

The News Agency of Nigeria NAN had in their report this week issued the following:
“… However, new facts have emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.

NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to Nov. 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.

“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 lodgments 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.

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