• April 17, 2021

#Magu: Embattled Chairman Makes Clarifications On Missing N550b Interest

By Lillian Ogbonna (AGENDAWATCHDOG) – As ongoing probe of Ibrahim Magu, the suspended acting Chairman of the Economic and Financial Crimes Commission, EFCC, continues, the embattled anti-graft Tsar has sought to make clarifications on the supposed accrued interest from the N550 billion recovered fund kept in the custody of the Central Bank of Nigeria, CBN, via the Treasury Single Account (TSA).

Magu, in a statement by his lawyer, Wahab Shittu on Sunday, denied that he placed N550 billion recovered loot into a deposit account, adding that recovered funds, which are kept in the CBN’s custody,  do not generate interest, stressing that the allegations were baseless as there was no transaction in the proceedings prelude to the Salami panel. The statement added that reports of the said transaction were fake as Magu was never confronted with such an allegation by the investigative panel.

According to the Final Report of Presidential Committee on Audit of Recovered Assets, PCARA, which came to light over the weekend, “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.”

Following allegations of financial impropriety and gross official misconduct,  President Muhammadu Buhari had suspended Magu as the acting boss of the country’s apex anti-graft body, the EFCC, and directed the Director of Operations, Mohammed Umar, to act in his stead, pending closure of Magu’s ongoing probe.

Agenda Watchdog

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