Interest on recovered N550bn was re-looted under Magu- Presidential Investigation panel says

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Interest on recovered N550bn was re-looted under Magu- Presidential Investigation panel says

The Presidential Panel investigating the activities of the suspended Chairman of the Economic and Financial Crimes Commission EFCC, Ibrahim Magu, has alleged that the commission under Magu re-looted some of the recovered loot. The panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020.

 

According to the News Agency of Nigeria NAN, the Presidential Panel in its final report, said investigations showed that the interest on the N550 billion recovered by the agency under Magu “has been re-looted”. The panel in its report also said there is a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.

 

The report in part reads

 

“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…



Source: Linda Ikeji