How Looted Funds Disappeared Under Magu – Buhari’s Panel

The Justice Salami led Panel probing suspended chairman of the Economic and Financial Crimes Commission chairman, Ibrahim Magu, says some looted funds were not properly accounted for by the agency.

The Panel was set up by President Muhammadu Buhari to investigate allegations leveled against Magu by the Attorney General of the Federation, Abubakar Malami.

According to NAN, the panel discovered that interests on the recovered ₦550bn under Magu from 2015 to May 2020 were re-looted.

It also disclosed that the funds remitted by the anti-graft agency does not tally with what it documented.

“It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds,” the report read.

“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.”

The panel is also said to have revealed how the Nigeria Financial Intelligence Unit (NFIU) investigation “exposed acts of corruption and money laundering” against some EFCC officials, including Magu.

“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects,” the report added.

“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.

“The link to Magu was also established by the payment of N28 million to FALANA who is a close associate and ally of the Acting Chairman.”