Whistle Blowing: EFCC Recovers Over N521mn, $53m, Magu reveals

Whistle Blowing: EFCC Recovers Over N521mn, $53m, Magu reveals

According to reports, the acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has revealed that the recent whistle blower policy by the federal government has led to the recovery by EFCC of N521,815,000.00,  $53,272 747.00, £122,890.00, and €547,730.00 Magu, who lauded the import of the federal government’s whistle blowing policy, revealed that the EFCC recorded 62 convictions in the first quarter of the year.

“Apart from several other recoveries running into several billions of naira, the recent whistle blower policy, has led to the recovery by EFCC of N521,815,000.00,  $53,272 747.00, £122,890.00, and €547,730.00,” he said.

He also urged players in Nigeria’s financial sector, to ensure that they play active role in the war against corruption, by reporting any suspicious transactions to the agency.

According to the EFCC spokesperson, Wilson Uwujaren, the EFCC boss made the revelation while speaking at the 2017 Association of National Accountants of Nigeria, ANAN Week/Award Day, recently in Abuja

Magu, himself a trained accountant, urged his fellow colleagues, not to allow themselves to be tools in the hands of looters and money launderers.

In a paper, titled, “What Would It Take To Be a Corruption Free Nigeria”, which he presented at the workshop, he noted that it was unfortunate that the society has chosen to esteem “thieves and looters” of the commonwealth.

“The moral values of honesty, integrity and hard work, has been overtaken by greed and crass materialism,” Magu said, noting that this was evident in the fact that the society “now recognizes thieves and looters of the common treasury, by rewarding them with chieftaincy titles and other high positions of authority”.

In order to free the country from the shackles of corruption, Magu stressed the importance of the urgent need “to go through the process of reorientation and regeneration”, adding that “the process must start from our homes”.

He used the medium to remind the accountants of the obligation imposed on audit firms, tax consultants, accounting firms, among other designated non-financial institutions, DNFIs, to always report suspicious transactions to the EFCC.

“Without you fulfilling this obligation, DNFIs commit a crime, and this is necessary to enable us monitor and investigate such transactions, to uncover cases of corruption,” he said.



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.