Exclusive: Adeosun Engages Magu in Fierce Battle, Says Records of Recovered Loots With EFCC Questionable

** Adeosun Queries Magu

There seems to be cold war going on between the Minister of Finance, Kemi Adeosun and the Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu over the actual amount recovered by the commission in the last three years.

In a memo titled: Summary of Economic and Financial Crimes Commission Recoveries from May 2015-January 2018, dated February 9th addressed to the Acting Chairman of the EFCC, Ibrahim Magu and signed by the Minister of Finance, Kemi Adeosun, the Minister demanded the anti-graft agency to provide the right information about the recovered cash assets from May 2015 till date.

In the memo exclusively made available to The DailyBells, Adeosun said figures being brandished by Magu in various media reports do not tally with the records available with the finance ministry.

According to her, records in the data based on information available to the office of the Accountant-General do not match.


“It has however, come to the attention of the Ministry of Finance, the use of recovery figures in the Media reports by the EFCC that do not reconcile with the records of the Ministry. You are therefore, kindly requested to clarify where these cash recoveries have been deposited and provide accompanying evidence,” she said in the memo.

It would be recalled that President Muhammadu Buhari had in 2017 asked the EFCC and other agencies to provide detailed submission of amount of monies so far recovered since 2015 when he took over.

Buhari, it was gathered, wanted an inventory to present to those who criticize the government for failing in the anti-graft war, rather than rely on propaganda to give the impression that it was achieving results.

In the two years, Magu, who has been having running battle with the National Assembly over his appointment as substantial EFCC chair, has been giving different figures of funds recovered by the commission.

For instance, while appearing before the House of Representatives Committee on Financial Crimes to defend the 2018 budget estimates of his agency, Magu said the commission in 2017 alone recovered a total of N473, 065,195,977.50; $98,258,124.97 and €7,247,363.75.

According to Magu, other funds recovered from “corrupt” persons and organisations by the EFCC last year included GBP 294,851.82; Dirham 443,400.00 and South African Rand 70,500.00.

He explained that, as part of the assets recovery drive of the anti-graft agency, the commission secured a final forfeiture of N32 billion and $5 million recovered from former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, to the Federal Government’s coffers.

The EFCC boss added that the commission also secured the final forfeiture of N449 million and over $43 million discovered at Legico Plaza in Victoria Island, Lagos, and Osborne Towers, Ikoyi, Lagos, respectively.

According to him, other recoveries by the EFCC in 2017 were N329 billion from petroleum marketers by its Kano office; withholding tax of over N27.7 billion from different banks; €6.6 million from Nigerian Ports Authority; about N1.1 billion recovered on behalf of Assets Management Company of Nigeria and over N4 billion from subsidy fraud.

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