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

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)