Magu failed to account for interest on N550bn recovered loot – Panel

ia has alleged.noted that the embattled EFCC boss had been unable to account for the interest generated from N550bn cash recovered from 2015 to 2020.

“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 Presidential Committee on Audit of Recovered Assets revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit exposed acts of corruption and money laundering against some EFCC officials, including Magu.

“As an unknown pastor, the NFIU’s report showed the huge movement of funds ranging from N573,228,040.41,” the report said.also gathered that efforts had been intensified to expose the real identity of the pastor with a view to arraigning him for prosecution, if found culpable. The report read in part, “In the Diezani Alison-Madueke case, the acting chairman is failing to further cooperate with the UK NCA to enable them to charge the former minister to court in the UK.

The statement added, “There is no better indication that the fight is real and active than the will to investigate allegations in an open and transparent manner against those who have been charged to be custodians of this very system. Shehu explained that a series of documented allegations were made against Magu, noting that a preliminary review of the allegations levelled against him and several other members of his staff revealed that there were grounds for a detailed investigation to be conducted, hence, an investigative panel was constituted in compliance with the extant laws governing the convening of such a body.

“What is however important is that there must be accountability and transparency and our people must realise that they would be held to account. This is the building block in the fight against corruption, the establishment of the concept of accountability and the recognition of the rule of law.”Counsel for Magu, Mr Tosin Ojaomo, on Saturday, expressed confidence that his client would be released from detention on Monday.

“Our application for bail is receiving attention. Those celebrating that Magu is gone should be ready to face more crisis as long as they continue to partake in corruption.”

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