Adeosun Accuses EFCC Of Re-looting Recovered Loot, Queries Magu

Agency ReporterMarch 28, 2018

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The Minister of Finance, Mrs. Kemi Adeosun has queried the Acting Chairman of Economic and Financial Crime Commission (EFCC), Ibrahim Magu over alleged failure to remit all recovered loot to the Office of the Accountant General of the Federation (AGF). The Minister, who queried Magu in a letter last month, requested the Commission to explain why the figures computed by the Office of the AGF, a department under the Ministry of Finance was totally different from what Magu had severally claimed to have recovered at different media briefings.

Adeosun said the Ministry was only able to account for N91 billion recovered loot by the EFCC since 2015, although Magu had claimed in November 2017 that he recovered over N739 billion.The query, with reference number FMF/HMF/EFCC/S-EFCC-REC/2018/1 read;

“This is to notify you of the records of cash asset recoveries in the custody of the Economic and Financial Crimes Commission (EFCC) from May 2015 date based on information available to the office of the Accountant-General of the Federation (attached). It has, however, come to the attention of the Ministry of Finance, the use of recovery figures in news media reports by the EFCC that do not reconcile with the records of the ministry.

You are therefore requested to clarify where these cash recoveries have been deposited and provide accompanying evidence.”

The revelation by the Minister of Finance would again throw up a buried grievous allegation that the EFCC under Magu was re-looting recovered money and other assets. Recall that while appearing before the Nigerian Senate for screening, Magu had said he was ignorant of the total money and other assets recovered so far by the Commission, a move that was seen as demonstration of administrative incompetence by an officeholder mandated to drive through the vocal agenda of the administration.

Months after the woeful display at the Senate, Magu, perhaps fearing that his job was on the line, swung into action and started ‘recovering money’ from airports, private houses, farms and bank accounts. In November, he said over N739 billion had been recovered although only N91 billion was paid to government account.

What then happened to the remaining over N600 billion? Or was Magu feeding the media with fake news in order to remain at the EFCC? Are his actions now proving the DSS right when it wrote to the Senate that he would constitute a liability to the anti-corruption fight?