Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,165,739 members, 7,862,411 topics. Date: Sunday, 16 June 2024 at 03:57 PM

EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote (1185 Views)

N2.187trn Fraud: Full List Of 58 Former Governors Under EFCC Probe / Akpabio to Falana: Be guided, Senate suspended Ningi not me / 'EFCC Probe Them': Reno Omokri Releases Song On Tinubu, Dances In The Video (2) (3) (4)

(1) (Reply) (Go Down)

EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by naijadefender: 9:56pm On Jul 11, 2020
- Link to Magu was established by the payment of N28 million to FEMI FALANA (SAN)
-Another report submitted by the Presidential Investigation Committee on the EFCC Federal Government Recovered Asset from 2015-2018 indicted Magu.
- Magu to explain the whereabouts of the missing interest on Recovered funds running into millions of naira


The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, may be facing fresh cases of alleged re-looting of funds recovered by the commission as well as bribery.

The News Agency of Nigeria (NAN) reports that Magu is currently being interrogated by a presidential probe panel headed by retired Justice Ayo Salami over allegations of mismanagement and lack of transparency in managing recovered assets by the EFCC.

A final Report of the Presidential Investigation Committee on the EFCC Federal Government Recovered Assets and Finances from May, 2015, to May 2020, obtained by NAN had seriously indicted and implicated Magu on various allegations leveled against him.






The investigative committee terms of reference were to:

1. investigate, verify and review the recommendations of the Presidential Committee on Audit of Recovered Assets as it relates to the EFCC, with a view to ascertaining the complicity or otherwise of the Ag. Chairman, Ibrahim Magu, in the mismanagement of the assets recovered by the Commission;

2. Identify Avenues through which the recovered assets are dissipated and seized, recovered, forfeited (Interim and Final) assets are valued, managed, disposed and/or mismanaged with a view to ascertain compliance or otherwise with extant laws, regulations, processes and procedures.

3. Review the existing procedures on the Management of the seized, recovered and Forfeited assets (interim and final) and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets.

4. Determine whether assets recovered during his tenure, whether locally in Nigeria or abroad, are being kept safely in a manner as to preserve their original value and determine:-



Whether all the assets could be properly accounted for by the Ag. Chairman.
To confirm if any of the assets has been diverted to the benefit of the Ag. Chairman, his family, relation, friends or favoured staff.
To recover any such diverted assets and return back to the EFCC or appropriate government agency.
The committee was also to investigate and report on corruption and money laundering allegations involving Magu and Bureau De Change operators, as well as some of his associates; as per the intelligence reports and petitions.

It was to audit the Assets and Finances of the EFCC as a legal entity from 2015-2020, with a view to establish compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.

However, new facts have emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.


Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to Nov. 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.

“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 foreign currency lodgments were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

“These inconsistencies cast a serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.

“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.

“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts,’’ the report stated in part.

NAN also reports that the PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.

“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.

“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.

“The link to Magu was also established by the payment of N28 million to FALANA who is a close associate and ally of the Acting Chairman,’’ the PCARA report further revealed.

NAN reports that the Salami probe panel is expected to continue sitting on Monday while Magu’s lawyer, Mr Oluwatosin Ojaomo, had on Friday applied for an administrative bail for his client, who is facing corruption and other charges before the panel.

(NAN)

Source:
https://thenationonlineng.net/breaking-more-troubles-for-magu-as-new-facts-on-re-looting-of-recovered-funds-emerge/
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by micfoley: 9:57pm On Jul 11, 2020
This Magu matter ehn..
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by iokpebholo: 10:01pm On Jul 11, 2020
If true that falana of a clown should be arrested as soon as possible.Fake human right activist

5 Likes 1 Share

Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by BERNIMOORE: 10:05pm On Jul 11, 2020
Imagine how femi falana keep defending magu on TVC

4 Likes 1 Share

Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by ProfessorBerlin(m): 10:06pm On Jul 11, 2020
Ok

1 Like

Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by BREYZ: 10:15pm On Jul 11, 2020
Falana?
No wonder he doesn't protest again nor come on TV to wag his tongue anyhow. All those who protested in 2014/2015 have all gone into hiding because they are now shareholders in the loots recovered. It's quite shameful.

Nigerians, una see wetin una so called Human rights activists dey do? Truthfully Human right activism in Nigeria died the day the Great Gani Fawehinmi died, in essence, Human right activists don die finish.

8 Likes

Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by surgical: 11:28pm On Jul 11, 2020
iokpebholo:
If true that falana of a clown should be arrested as soon as possible.Fake human right activist
fake abi fake

2 Likes

Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by Gondonu: 11:33pm On Jul 11, 2020
Femi Falana? Payment for legal services or what? Magu travail is gonna expose a lot of things but only that it will still go back to business as usual.
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by Gondonu: 11:35pm On Jul 11, 2020
BREYZ:
Falana? No wonder he doesn't protest again nor come on TV to wag his tongue anyhow. All those who protested as in 2014/ 2015 have all gone into hiding because they are now shareholders in the loots recovered. It's quite shameful.

Nigerians, una see wetin una so called Human rights activists dey do? Truthfully Human right activism in Nigeria died the day the Great Gani Fawehinmi died, in essence, Human right activists don die finish.
Humn! Nigeria is totally screwed mehn!
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by BREYZ: 12:51am On Jul 12, 2020
[quote author=Gondonu post=91622585]
Humn! Nigeria is totally screwed mehn![/quote

Sincerely
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by muykem: 6:46am On Jul 12, 2020
iokpebholo:
If true that falana of a clown should be arrested as soon as possible.Fake human right activist
Femi Falana legal firm is working for EFCC in proscussion of many cases so those payments should not be issue.
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by LibertyRep: 7:01am On Jul 12, 2020
Don't be quick to drag Falana into this mess. The payment may be for legal services rendered to EFCC..
But if established to be a case of yam eating, baba don cast forever be that.
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by iokpebholo: 7:40am On Jul 12, 2020
muykem:
Femi Falana legal firm is working for EFCC in proscussion of many cases so those payments should not be issue.
ok oh but he should be investigated
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by iokpebholo: 7:41am On Jul 12, 2020
surgical:
fake abi fake
China made grin grin grin
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by Xisnin(m): 7:46am On Jul 12, 2020
BREYZ:
Falana?
No wonder he doesn't protest again nor come on TV to wag his tongue anyhow. All those who protested in 2014/2015 have all gone into hiding because they are now shareholders in the loots recovered. It's quite shameful.

Nigerians, una see wetin una so called Human rights activists dey do? Truthfully Human right activism in Nigeria died the day the Great Gani Fawehinmi died, in essence, Human right activists don die finish.

Not again with this extremely emotional non-thinking.
If Nafdac is not dying after Dora, human right activism died after Gani.
There are hundreds of human right activists making life better for Nigerians
while you chatter away in your superiority grandeur.

The question you should have asked yourself is whether it is a crime
for a law firm to receive payment from a government agency for their services.
SMH

iokpebholo:
If true that falana of a clown should be arrested as soon as possible.Fake human right activist
What makes him a clown?

1 Like

Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by ChoCho54(f): 7:47am On Jul 12, 2020
All these are distractions.

Magu should come clean on the N4b he gave to the Vice President
Re: EFCC Probe: N28million Payment To Falana, Interest Earned On Recoveries Re-loote by explorer250(m): 7:47am On Jul 12, 2020
this is bad

(1) (Reply)

How The Igbo Lost It To France ! / Nigerian Army Is Overrated. / Kwara APC Crisis: Lai, Saraki Loyalists Slam Buni’s C’ttee, Vow To Unseat Gov Ab

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 36
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.