How EFCC Recovered $9.750 Million In Ex-NNPC GMD Brother’s Home

How EFCC Recovered $9.750 Million In Ex-NNPC GMD Brother's Home

Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, yesterday, confirmed recovery of $9.750 million and £750,000 in the Kaduna residence of a former group managing director of the Nigeria National Petroleum Corporation (NNPC) .

Magu said this in a report he submitted to House of Representatives  Committee on Financial Crimes during the 2016 budget appraisal and 2017 budget defence, yesterday.

The acting EFCC boss said another N1.25 billion was recovered from a public servant a fortnight ago.

Magu identified “corruption fighting back” as the greatest challenge to his agency.

According to the document, the Commission recovered N102.9 million, $8,296,313.99; GBP 29,155; £12,475; 117,004 Canadian dollar; 806.50 DIRHAM; 5,000 FRANCS and 2,000 RUPE as proceeds of crime between January and December 2016.

The report submitted to the Kayode Oladele led committee equally showed that six banks are yet to provide relevant information on 37  frozen/forfeited accounts, especially, the amount accrued into them within the period under review.

The records also indicated that the commission secured 135 convictions, out of which 46 were from Lagos zone, 30 from Abuja zone, 22 from Port Harcourt zone, 19 from Kano zone, 15 from Enugu zone and three from Gombe zone, respectively.

Magu, who is yet to be confirmed by the Senate was, however, full of praise for the House for ensuring budgetary allocation towards completion of the EFCC headquarters and the recruitment of about 1,500 staff for the agency. Asked why the agency was yet to complete its new head office, he explained that following approval of the commission’s request for intervention from President Muhammadu Buhari, the Federal Ministry of Finance will release N1.8 billion, out of N2.9 billion budgetted for completion of EFCC national headquarters.

Giving breakdown of the 2016 appropriated allocation, Magu disclosed that the total approved budget of N18.887 billion only N14.739 billion representing 78.04 percent was fully released.

He explained that the sum of N7.621 billion was for personnel cost, overhead was N2.750 billion (N10.402 billion as total recurrent), while capital was N8.485 billion for year 2016 adding that 91.1 percent component of the fund released has so far been implemented.

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8 Comments

  1. But why are our public officers so selfish and greedy they are well paid yet they still loot the fear of God is really far from them

  2. Even the EFCC top personnel are not clean themselves if you look hard enough. Again is my wonder about the use of fishing out these liquid assets if they would not be put to good use at once. Then why would a privileged public officer embezzle such humongous amounts of money left in his charge in trust.

    The efforts of security agencies such as the EFCC must be complemented by the Executive to find out and have ready at their finger tips ready profitable projects to direct such recovered funds in the interest of the country.

    The FG must not forget that these moneys are a token of the sweat and sacrifices of our now dilapidated unattended Niger Delta.

  3. Let me faint pls.this is too much o. Stealing here,there & everywhere. I remember late Gani Fawehinmi and I quote “that Abacha stole with one hand but today’s politician steal with the whole body”
    May God have mercy on us & remove greediness & selfishness from our heart, souls & spirits. Amen

  4. EFCC why the secrecy, publish the names of all suspects that looted. The law should be administered equally across geopolitical, economic standing, tribal, and party lines.

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