BREAKING: More troubles for Magu as new facts on re-looting of recovered funds emerge

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

3. Review the existing procedures on the Management of the seized, recovered and Forfeited assets and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets. NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets 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.

“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.

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