Magu Opens Up On ‘Looted N550bn Interest’

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Suspended Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, has denied reports that he embezzled interests on a recovered N550 billion loot.

Magu Opens Up On'Looted N550bn Interest'
Magu Opens Up On ‘Looted N550bn Interest’

The report of the Presidential Committee on Audit of Recovered Assets, PCARA, that surfaced during the weekend showed how interest rates accruing from N550 billion recovered by the anti-graft agency in the period from May, 2015, to May 2020.

The report stated that the EFCC failed “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.”

However, Magu’s lawyer Wahab Shittu said funds remitted with the Central Bank of do not generate interests.

He said: “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.”

has set-up a probe panel chaired by Ayo Salami, a retired justice, to look into fraud allegations against Magu.

Adelowo Adegboyega
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