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Recovered N550 Billion Funds By EFCC Under Ibrahim Magu “Has Been Re-looted”

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The panel investigating Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), has indicted the commission of re-looting some recovered loot.

the EFCC was indicted in the report of the panel as it was discovered that the interest on the N550 billion recovered by the agency under Magu “has been re-looted”.

It said in addition to the unaccounted interests, there is also a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.

“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,” the report says.

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