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IBRAHIM Magu, acting chairman of the Economic and Financial Crimes Commission, EFCC, on Thursday, February 9, alleged that the agency recovered $9.750 million and £750,000 in the Kaduna, residence of a former group managing director of the Nigeria National Petroleum Corporation, NNPC.

Magu made the disclosure in a report he submitted to House of Representatives Committee on Financial Crimes during the 2016 budget appraisal and 2017 budget defence.

The EFCC boss said another N1.25 billion was recovered from a public servant a fortnight ago.

Magu identified “corruption fighting back” as the greatest challenge to his agency.

According to the document, the commission recovered N102.9 million, $8,296,313.99; GBP 29,155; £12,475; 117,004 Canadian dollar; 806.50 DIRHAM; 5,000 Francs and 2,000 Rupe as proceeds of crime between January and December 2016.

The report submitted to the Kayode Oladele led committee equally showed that six banks were yet to provide relevant information on 37  frozen/forfeited accounts, especially, the amount accrued into them within the period under review.

The records also indicated that the commission secured 135 convictions, out of which 46 were from Lagos zone, 30 from Abuja zone, 22 from Port Harcourt zone, 19 from Kano zone, 15 from Enugu zone and three from Gombe zone, respectively.

Magu, who is yet to be confirmed by the Senate was, however, full of praise for the House for ensuring budgetary allocation towards completion of the EFCC headquarters and the recruitment of about 1,500 staff for the agency.

Asked why the agency was yet to complete its new head office, he explained that following approval of the commission’s request for intervention from President Muhammadu Buhari, the federal ministry of Finance would release N1.8 billion, out of N2.9 billion budgeted for completion of the EFCC national headquarters.

Giving breakdown of the 2016 appropriated allocation, Magu said that the total approved budget of N18.887 billion only N14.739 billion, representing 78.04 percent was fully released.

He explained that the sum of N7.621 billion was for personnel cost, overhead was N2.750 billion (N10.402 billion as total recurrent), while capital was N8.485 billion for year 2016 adding that 91.1 percent component of the fund released has so far been implemented.

—  Feb 20, 2017 @ 01:00 GMT

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