Magu: Re-looting of interest on recovered N550bn erodes confidence in anti-graft efforts – Panel

The re-looting of the interest element of over N550 billion recovered by the Economic and Financial Crimes Commission (EFCC) between May 2015 and May 2020 and the apparent manipulation of data by the agency have greatly eroded the public confidence in the anti-corruption efforts of the Federal Government, according to the Presidential Committee on Audit of Recovered Assets (PCARA).

The presidential committee, led by Abdullahi Ibrahim, which probed the Federal Government’s assets recovered by the EFCC from May 2015 to May 2020, found that the agency under its suspended acting chairman, Ibrahim Magu, failed to account for the interest generated from N550bn cash recovered within the period, according to a report published by the state-owned News Agency of Nigeria (NAN).

“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,” it said. 

The panel said in addition to the unaccounted interests, there is also a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.

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

It said 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 was 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,” the panel said.

It stated that the discrepancy of more than N39bn does not include interest accrued in the account since it was opened.

“It therefore casts serious doubt on the credibility of the figures and means that substantial amount of money has not been accurately accounted for,” it said.

The panel, which had Mualledi Dogondaji from the EFCC, Hassan Abdullahi from the DSS, Chinedu Ifediora from the NFIU, a representative from Federal Ministry of Justice, an unnamed member from the Office of the Accountant General of the Federation, and others as members, 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 said.

“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,” it further said.

The committee’s report, it was learnt, became the basis for the setting up of the Ayo Salami panel.