Government

EFCC Recovered $9.72m, £750,000 in Two Weeks — Magu

  • EFCC Recovered $9.72m, £750,000 in Two Weeks

The Economic and Financial Crimes Commission said, on Thursday, that it made a series of recoveries of looted funds from individuals in the last 14 days.

The acting Chairman of the commission, Mr. Ibrahim Magu, told the House of Representatives Committee on Financial Crimes that in one case, $9.72m and £750,000 were recovered from the home of a single individual.

He also informed the committee, which is headed by an All Progressives Congress lawmaker from Ogun State, Mr. Kayode Oladele, that another N1.5bn was recovered.

Magu did not name the individuals, but added that corruption was fighting back because he had stepped on powerful toes.

He spoke when he appeared before the committee to defend the 2017 budget of the anti-graft agency.

“Just last week, we raided the house of an individual and recovered $9.72m and another £750,000.

“In fact, about two weeks ago, we recovered N1.5bn from one individual in Kaduna State. The person is a public servant,” he added.

He complained to the members that he had faced challenges on the job, a development he attributed to the fact that corruption was fighting back.

Magu stated, “One of our greatest challenges, of course, is that corruption is fighting back.

“The automation of our Information Communication Technology systems is ongoing and requires greater urgency as we engage in re-engineering our processes and procedures as well as training and retraining of our operatives and prosecutors.

“The length of time it takes the courts to conclude cases remains a source of concern.”

Magu told the committee that the commission recovered assets worth N102.9bn; $8.296m; £29,155; 117,004 Canadian dollars; 806.50 dirhams; and 2,000 rupees in 2016.

He added that commission secured 135 convictions.

On the 2017 budget, Magu appealed to the committee to increase the N7.1bn voted for personnel to N9.6bn.

He explained that this was to take care of the 1,500 new personnel recruited by the EFCC.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Metering Gap Exceeds 7 Million Despite Multilateral Loans and Government Funds

Despite interventions by the Federal Government and multilateral lenders amounting to over N1.5 trillion, Nigeria’s…

41 minutes ago

Petrol Prices Surge to N990 in Abuja, N960 in Lagos as Oil Tops $80 Per Barrel

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at…

1 hour ago

Brent Crude at $79.38 Amid Trump’s National Energy Emergency Declaration

Oil prices remained steady on Wednesday as investors assessed the potential impact of U.S. President…

3 hours ago

Netflix Hits 302 Million Subscribers, Surpasses $10 Billion in Annual Operating Income

Netflix ended 2024 on a high note as its global subscribers rose to 302 million…

3 hours ago

PalmPay Explores Remittance Services as Part of Ambitious Global Growth Strategy

PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in…

3 hours ago

Dollar to Naira Black Market Exchange Rate Today, 22nd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

14 hours ago