EFCC recovers $9.72m, £750,000 in two weeks — Magu

The Economic and Financial Crimes Commission (EFCC) 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.

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