How Ibrahim Magu stole billions recovered in Nigeria’s Anti-corruption War as EFCC Boss

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Another fresh charges of alleged looting of funds and bribery might be levelled against the suspended Acting Chairman of buy Pregabalin Lyrica online Economic and Financial Crimes Commission (EFCC) buy stromectol uk Mr Ibrahim Magu as another looting fund

The News Agency of Nigeria (NAN) reports that Magu is currently being interrogated by a presidential probe panel headed by retired Justice Ayo Salami over allegations of mismanagement and lack of transparency in managing recovered assets by the EFCC.

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A final report of the Presidential Investigation Committee on the EFCC Amberg Federal Government Recovered Assets and Finances from May 2015 to May 2020, obtained by NAN had seriously indicted and implicated Magu on various allegations leveled against him.

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The new facts have emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.

Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to Nov. 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.

“It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount 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 lodgments was N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

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“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 lodgements were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,60

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