EFCC Recovered N511.9bn In 2017, Magu Tells Reps

Channels Television
Updated February 5, 2018


The Economic and Financial Crimes Commission (EFCC) recovered about N511.9 billion in 2017, information provided to the House of Representatives by the Acting Chairman of the EFCC showed.

Mr Ibrahim Magu, who appeared before the House Committee on Financial Crimes on Monday to defend the performance of the anti-graft agency’s budget for 2017 and its budget for 2018, told the committee that the funds were recovered in naira, pounds, dollars, euro, South African rand and dirham.

During the period, the agency recovered 473.065 billion naira, $89,258,124.97 (N35,415,846,317.29), £294,851.82 (N148,727,302.71), €7,247,363.75 (N3,246,336,430.27), 443,400 dirhams (N43,550,800.21), and 70,500.00 South African rand (N2,111,974.41).

Magu listed the achievements of the EFCC during the year to include the recovery of N329 billion from petroleum marketers by the commission’s Kano Office, securing the final forfeiture of N32billion and $5million to the Federal Government from the former minister of petroleum resources, as well as final forfeiture to the FG of N449 million discovered at Legico Plaza on Victoria Island, Lagos.

Other achievements are: the final forfeiture of over $43million discovered in an apartment at Osborne Towers in Ikoyi, Lagos; withholding tax recovery of over N27.7 billion from banks; Nigerian Ports Authority recovery of over €6.6 million, recovery of N1.1 billion naira on behalf of AMCON, and the recovery of subsidy fraud funds of over N4 billion.

Mr Magu told the committee that in carrying out its activities during the year, the commission faced some challenges.

“A major challenge in the implementation of the capital estimates is the late and insufficient release of funds appropriated,” he said.

“Presently, funds have not been released for the furnishing of the new head office complex expected to be handed over by March 2018. We need the committee’s intervention in that regard.”

(The following exchange rates were used for conversion in this story: 1 AED = 98.2201 NGN, 1 ZAR = 29.9571 NGN, 1 EUR = 447.933 NGN, 1 USD = 360.914 NGN, 1 GBP = 505.471 NGN)

https://www.channelstv.com/2018/02/05/efcc-recovered-n511-9bn-2017-magu-tells-reps/?

We are yet to see the positive effect of the Money,so am not pleased.

Yet we are the poorest in the world... Una no dey tire for lie

Jochabed:
We are yet to see the positive effect of the Money,so am not pleased.

There is a time lag between looting and when you feel the pain. There is also a time lag between Govt investment in infrastructure and when the projects are completed for you to enjoy.


https://www.ceicdata.com/en/nigeria/government-revenue-and-expenditure/gross-federation-account-revenue-oil

Is that all?

Magu is really doing great. No wonder why all the corrupt elements are against his confirmation. All reasonable Nigerians should support this guy in his effort to recover looted funds and bring corrupt officials to book.

deji17:


There is a time lag between looting and when you feel the pain. There is also a time lag between Govt investment in infrastructure and when the projects are completed for you to enjoy.

This one na dusty yarns .Buhari must go

SalamRushdie:


This one na dusty yarns .Buhari must go

To replace him with those who looted Nigeria dry?
It is not going to happen.

View Nigeria's Gross Federation Account Revenue: Oil from Mar 2005 to Mar 2017 in the chart:

Seen

Over sabi men

LIES ...so where is d money.. y are we borrowing money if we've got such large amount

Where is the money?

a

Yeah, right

They recovered all that money and transferred it to new pockets.

Dem Don come again with their spiritual money recovery o.

511bn is not a small money, where is it?

so now what will happen to the money...... some politicians when they hear this news be like

lol and how much is the budget?

k

We hear, so where are the money?

These people are seriously playing on our intelligence.

What Nigerians need are:

1. Who did you recover the money from? We want names of individuals and their portfolios not just random figures

2. If they were public figures, what has been done to them. Have they been charged to court or prosecuted?

3. What has the money been used for?

For me, that's (No. 3) the most important question. Corrupt men took money that was meant for a purpose. If the so-called money is recovered, has it been used for the purpose it was originally meant for?

EFCC is a tool used to victimize corrupt members of the opposition.

Let 2019 do and come abeg.

After recovering, the new headline would be that the recovered has been relooted

The 551.9 billion naira has been re-looted again.

That is good

With this type of achievement why would corrupt person want Buhari back? Carry on PMB Nigerians are behind you

And 'they' took #350 billion form ECA to fight the 'defeated' boko haram.
Story for the gods.....
...........................


Nairalanders, please help a brother in need.
View the topic below for more info.
https://www.nairaland.com/4331505/urgent-need-personal-business-loan

Jochabed:
We are yet to see the positive effect of the Money,so am not pleased.

TALK TALK TALK SO MUCH TALK ABOUT RECOVERY.

MR PRESIDENT, MRS FINANCE MINISTER, MR MAGU, WHERE ARE THE RECOVERED LOOTS SHOW US ONE PROJECT THE LOOT WHERE USED FOR.

HOW MUCH WAS SPEND TO RECOVER THE SAID IMAGINERY AMOUNT

SHOW US THE MONEY, LESS TALK, SHOW US THE MONEY!

They make it look like PDP stole the money but the bulk over 329 billion was collected back from oil marketers apparently when subsidy was removed

That's good Buhari 2019

He finally picked a number?

Mtcheww

dvee2:
With this type of achievement why would corrupt person want Buhari back? Carry on PMB Nigerians are behind you

Which "Nigerians"?

jamael:
These people are seriously playing on our intelligence.

What Nigerians need are:

1. Who did you recover the money from? We want names of individuals and their portfolios not just random figures

2. If they were public figures, what has been done to them. Have they been charged to court or prosecuted?

3. What has the money been used for?

For me, that's (No. 3) the most important question. Corrupt men took money that was meant for a purpose. If the so-called money is recovered, has it been used for the purpose it was originally meant for?

EFCC is a tool used to victimize corrupt members of the opposition.

Let 2019 do and come abeg.

You no dey read newspaper?
Why do you think they brought Olisah Metuh to court today on stretchers?

All the recovery from Mama Piece, late mother's company and Dieziani that is down with cancer in london, you think say the money no dey add up?