The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, yesterday said the agency recovered over N738.9 billion (equivalent to over $2.9 billion) in two years.

He said the cash included $43 million recovered from a former Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke.

The figures are in a 10-page paper Magu delivered at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna, Austria.

The paper, titled “International Cooperation in Relation to Tecnical Assistance: The Nigerian Experience”, gave a detailed account of efforts by the Commission at tracing and recovering all stolen treasures from the country’s coffers.

The statement said: “Magu who was a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery, including the progress made in the specific cases related to Abacha loot, Malabu Oil, Diezani & Associates and the arms procurement scandal. These efforts, he said cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.

“The EFCC monetary recovery from May 2015 to October 20, 2017 was in excess of N738.9 billion, which is equivalent to over $2.9 billion. This does not include recovery in other currencies like Durham, CRA and British Pound.

“The EFCC has also made a lot of recovery locally. Within this year alone, the Commission recovered stolen assets running into several millions of US dollars and billions in naira. This includes the $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum Resources and the N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts.”

According to the records of recovery as published by The Nation within the two-year period; the list includes the recovery of $9.2 million owned by a former Group Managing Director of the NNPC Andrew Yakubu.

N3 billion recovered from INEC officials as part of the 2015 election bribery probe.

The N328,988,296,990.62 from oil firms.

The whistle-blower policy, has led to the recovery of N521,815,000, $53,272,747, £122,890, and €547,730 by the EFCC.

Also, N1.420billion was recovered from some firms and a consultant who benefited from the N19billion illegally deducted from London-Paris club loan refunds by the Nigeria Governors Forum (NGF).

About N500million from a Northern governor through a mortgage firm.

Also, a company, which assisted another governor to launder $3million London-Paris Club refunds, returned $500,000 to the EFCC.

EFCC recovered N220million from two companies which were involved in the London-Paris Club consultancy scandal.

Forfeiture of $43.4million recovered from the Osborne Towers in Ikoyi.

Following whistle-blowing, the EFCC recovered about of $136,676,600.51 from a fictitious account of a person suspected to be a public officer.

Also, two other persons voluntarily refunded $15million, N7billion and N1billion after some whistle-blowers exposed the huge deposits in their accounts.

Magu said the recovery was possible for EFCC because it employed “ the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act”.

He made some recommendations on how to recover stolen public funds.

He sought for improved coordination and cooperation among State parties through the consideration and adoption of measures that will remove traditional ‘barriers, such as bank secrecy consistent with Article 46( and dual criminality Article 46(9) as well as simplified legal technicalities in the recovery and repatriation of stolen funds.

The EFCC boss in his paper also asked for measures to “reduce cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

He also called for sanctions and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.

Source:- http://www.exclusivepp.com.ng/magu-efcc-recovers-n738b-two-years/

Where is the money?

You recovered $2.9bn but the govt is seeking to borrow $2.5bn for 2017 budget support

You people can only f00l sarrki and his co dull brains

Ndi ara!

Recovering from looters and placing them in the hands of other super looters to be used for cutting grass in IDP camps.
Imagine! Hundreds of million contracts awarded to cut grass in a camp which cannot boast of a bag of rice for the IDPs.
Meanwhile, these same grasses will be packaged, and send to another ministry which has already awarded contracts to import "them" from Brazil to feed Buhari 100 cows.
Fantastically corrupt people lying to the world that it is fighting corruption.

Even magu does not know how much they have recovered. The propaganda machinery can just mention any amount to soothe their teeming zombies. They should ask themselves one question: why is Nigeria going down the drain installmentally?

[s]

NigerDeltan:
Where is the money?

You recovered $2.9bn and the govt is seeking to borrow $2.5bn for 2017 budget support

You people can only f00l sarrki and his co dull brains

Ndi ara!

[/s]

while Jonathan has continued to fool ypu long after his woeful tenure and to educate you looted funds where captured as being part of government income/ source of funding for 2016 and 2017.

okosodo:
Even magu does not know how much they have recovered. The propaganda machinery can just mention any amount to soothe their teeming zombies. They should ask themselves one question: why is Nigeria going down the drain installmentally?

Since you know more than Magu, tell us the real figures............again which Nigeria is going down the drain? The one out of recession of do you hve a separate nigeria?

Only lazy people incessantly blame the govt for their woes

OGAMINISTER:



Since you know more than Magu, tell us the real figures............again which Nigeria is going down the drain? The one out of recession of do you hve a separate nigeria?

Only lazy people incessantly blame the govt for their woes

it is now that you not blame the government, when indeed nigeria has made more from non oil revenue than ever in its history. It pains me that people reason the way you were reasoning. Can you compare magu to nuhu ribadu?

vedaxcool:
[s][/s]

while Jonathan has continued to fool ypu long after his woeful tenure and to educate you looted funds where captured as being part of government income/ source of funding for 2016 and 2017.

so Jonathan's tenure was woeful? Are you by any means telling us that buhari's tenure is successful? If so, i give up on nigeria. Nigeria was competing with south africa during jonathan and now we cannot talk when kenya is talking and now buhari is making more on nigerians by way of increased vat, bank commission and fluid exchange rates yet he can do nothing except to share money for the cabals. 584bn is being thrown away all in the name of looking for oil in the north and you still cannot use your tongue to count your teeth

okosodo:
it is now that you not blame the government, when indeed nigeria has made more from non oil revenue than ever in its history. It pains me that people reason the way you were reasoning. Can you compare magu to nuhu ribadu?

What do you mean here please?
How much did Ribadu return to govt coffers and how far did he stop corruption in Nigeria during his reign?

Pdp and co traveller really destroyed our country

This should be representing 2% of money stolen

Where then is the money? You recovered such money and your boss plans to borrow to finance the budget, I don't understand the correlation

OGAMINISTER:




What do you mean here please?
How much did Ribadu return to govt coffers and how far did he stop corruption in Nigeria during his reign?

All taxes have increased, i went to wharf to clear a bus thai i used to clear for 120000 before is now 400000. There are over 3000 of those entering the country everyday. Calculate it bro. You cant compare magu and ribadu. Magu is just only seizing peoples monies. Some of them will go to court and retrieve their monies back. But at that time, buhari may not be alive again. I have not seen any parmanent forfeiture case by the courts, which means a possibility of unfreezing

[s]

okosodo:
so Jonathan's tenure was woeful? Are you by any means telling us that buhari's tenure is successful? If so, i give up on nigeria. Nigeria was competing with south africa during jonathan and now we cannot talk when kenya is talking and now buhari is making more on nigerians by way of increased vat, bank commission and fluid exchange rates yet he can do nothing except to share money for the cabals. 584bn is being thrown away all in the name of looking for oil in the north and you still cannot use your tongue to count your teeth

[/s]

During Jonathan regime poverty rate increased from below 40% to 60% .... but wait here is Jonathan in his own words

The guy above me is still talking about Jonathan in Buhari's era


May be Jonathan has something they don't have, a Hero status

Dis man is trying

good one big reused again properly. . .that said amount bus about 4 states annual budgets in nigeria!

www.valentine202.com

Oga dont let me say u are màd

Were is the money ?

What positive impact has it added to the economy ?

MTCHEW..yet notin CHANGE, story for the gods.

and where is the money deceitful fellows... buhari is a clown

Mehn c money! Mek dem put d money into gud use

738billion?? So how come buhari is giving us 512billion for our budget as money recovered from loot??. So in all this noise and money recovered only alision madueke's name was mentioned and the others are from unknown and unnamed sources? The northern king and his cohorts strike again!!

No matter how detailed this document is... Folks will still say its propaganda.

Corruption has realy destroyed most of our youths

Chisos !! So therefore looted money unrecovered equal to 738 billion times 100 which is equal to ?(sorry calculator hang) but shift make i faint here abeg.

Buhari who is fooling who in this your administration? Your fighting corruption yet your cabals are corrupt and your fight against corruption is one sided. What happens to the money discovered in Ikeja and many other? Do yyou think Nigerians and her citizens are dolt? We are tired of hearing same story every time.

All ds Buhari haters na wa for una o. In d ist place u guys never voted for him. We who voted are cool n comfortable abt him n we gonna come rain or shine to vote again. if any is vexed let him die of hatred or anger

ok

Quality20:
All ds Buhari haters na wa for una o. In d ist place u guys never voted for him. We who voted are cool n comfortable abt him n we gonna come rain or shine to vote again. if any is vexed let him die of hatred or anger

You can as well vote him from the grave

zombie

NigerDeltan:
The guy above me is still talking about Jonathan in Buhari's era


May be Jonathan has something they don't have, a Hero status

My brothere i tire ooo even after 3 years

This man sabi lie ...$2.9bn @ N305 is N884.5bn and not N738.9bn

NigerDeltan:
Where is the money?

You recovered $2.9bn and the govt is seeking to borrow $2.5bn for 2017 budget support

You people can only f00l sarrki and his co dull brains

Ndi ara!

yes ooo

vedaxcool:
[s][/s]

while Jonathan has continued to fool ypu long after his woeful tenure and to educate you looted funds where captured as being part of government income/ source of funding for 2016 and 2017.

stop drawing us back! Face front and leave gej alone. This is 2017