Panel: How Ex- EFCC Boss, Ibrahim Magu, Is Using Recovered Loot To Enrich Himself And His Friends

Photo of ex-EFCC boss, Ibrahim Magu

News reaching Wakeupafrica360 from our correspondence in Nigeria has it that the Presidential Committee on Audit of Recovered Assets (PCARA) has accused the suspended acting chairman of the Economic and Financial Crime Commission (EFCC), Ibrahim Magu of failing to account for 332 out of 836 real estate properties recovered. They also went forward to accused him of re-looting the recovered loots and using the unaccounted proceeds/properties to illegally enrich himself and his friends.

The loots run I to several billions of Naira and includes landed properties, cash and oil assets. According to the Presidential investigative committee, some of these assets has been sold at give away prices to Magu’s friends and associates while others have been taken over by some top EFCC officials without following due process. Also, the proceeds from the sales of some of these assets have been stashed in bank accounts of individuals serving as fronts for the ex-EFCC boss.  

According to a report by NAN, “Most of the recovered assets are allegedly sold without anyone knowing and without proper records and without recourse to the Federal Ministry of Works and Housing that has the mandate to undertake evaluation of such property. Some of the assets have been taken over by EFCC officials while some are sold at giveaway prices to friends and cronies of the Acting Chairman. It is also on record that the (suspended) acting chairman is maintaining different accounts, including using proxies who return the benefit of the sold assets to him. These funds are then used to procure property and lands in the names of some of his proxies.”

Furthermore, apart from the landed properties and bank accounts, some other assets include cars that have been left fallow for over 15years and all these have constituted to economic wastage. The report went further like this, “A disturbing example is the two vessels that allegedly sunk at NNS Beecroft Naval BASE, Lagos and NNS Pathfinder Naval Base in Port Harcourt without trace under the watch of the acting Chairman of EFCC,” read the report. The vessels named MT GOOD SUCCESS, MV PSV DERBY and MV THAMES were allowed to sink in spite of several warnings from the Navy on the need to evacuate the petroleum products in the vessels.

The total value of the assets lost due to the negligence runs into millions of US dollars. The (suspended) acting Chairman is yet to provide a report on what happened to these vessels.” The committee also added that the EFCC made conflicting submissions or returns in respect of the non-cash assets which substantially affected the committee’s assignment. Example: “theEFCC stated 836 as the number of Recovered Real Estate in the Original Returns it made to the President on 07/04/2017,” the report read. However, in its 1st Returns to PCARA on 13/12/2017, EFCC short-changed the system and gave the figure of 339 thereby failing to account for 497 property. It is interesting to note that when the Acting Chairman was further queried on this lapse, he made further contradictory 2nd return of 504 on 09/03/2018 thereby bridging the gap to 332 property.’’ The committee, therefore, noted that the action is a clear sign that there is a deliberate attempt to hide the exact figures of recoveries, which is an indication of fraudulent intent

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