The Presidential Panel investigating corruption allegation against Ibrahim Magu, the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), has accused the commission under Magu of failing to remit interest on N550 billion recovered since 2015.
The panel probed federal government assets recovered by the EFCC from May 2015 to May 2020.
According to the News Agency of Nigeria, the panel in its final report, said investigations showed that there is a difference of N39 billion in EFCC’s deposits in the bank and what the agency said it recovered.
The panel stated that there are shortfalls and inconsistencies in the anti-graft agency’s remittances and the actual recovered figures.
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“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 lodgment were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21″, the report said.
“These inconsistencies cast a 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 lodgments were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.
“It must be pointed out that the discrepancy of more than thirty nine billion naira does not include interest accrued in this account since it was opened. It therefore cast serious doubt on the credibility of the figures and means that substantial amount of money has not been accurately accounted for.
“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.
“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts.” the panel’s report states”.
The panel also stated that investigation by the Nigeria Financial Intelligence Unit (NFIU) revealed how Magu had allegedly been using different sources to siphon money from the commission, and in some cases, collecting bribes from suspects.
The report also linked the embattled Magu to a particular Bureau de Change, owned by one Ahmed Ibrahim Shanono, who owns 158 accounts.
“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.
“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.”
Investigation into Magu’s activities commenced on Monday, after Abubakar Malami, the Minister of Justice and Attorney General of the Federation (AGF), wrote a letter to President Muhammadu Buhari, recommending his dismissal.
Malami had in the letter, accused Magu of re-looting recovered funds, insubordination among other offenses.