The Presidential Panel investigating the activities of the suspended Chairman of the Economic and Financial Crimes Commission EFCC, Ibrahim Magu, has alleged that the commission under Magu re-looted some of the recovered loot. The panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020.
According to the News Agency of Nigeria NAN, the Presidential Panel in its final report said investigations showed that the interest on the N550 billion recovered by the agency under Magu “has been re-looted”. The panel in its report also said there is a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.
The report in part reads “It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the number of recovered funds. 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 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 a 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.”