Ex-EFCC chair, Magu: Presidential panel uncovers more can of worms

The presidential panel that probed Ibrahim Magu has revealed that former acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu failed to remit another N48 billion loot recovered in foreign and local currencies.

In the final report submitted to President Muhammadu Buhari in November 2020, the EFCC, under Magu’s watch, was also accused of abandoning 14 fraud cases involving N118 billion and $309 million

The panel headed by Ayo Salami, former president of the court of appeal, was set up to probe the EFCC from May 2015 to May 2020 when Magu was in charge of the agency.

The former EFCC boss was alleged to have mishandled the recovered loot and sold seized assets to his associates.

The report reviewed both written and oral testimonies of over 100 witnesses, having overtaken nationwide physical verification of recovered forfeited assets, comprising real estate, automobiles, vessels and other non-cash as well as cash assets.

The review of the report of the Presidential Committee on Audit of Recovered Assets (PCARA) appeared to show that the anti-graft commission gave contradictory figures on the total number of recovered real estate.

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“The EFCC under the watch of the suspended Ag. Chairman in its submission to PCARA reported N46,038,882,509.87 as being the foreign currency equivalent recovered by the commission between May 29, 2015, and November 22, 2018,” the report stated.

“The EFCC, however, only produced evidence of lodgments of thirty-seven billion, five hundred and thirty-three million, seven hundred and sixty-four thousand, one hundred and ninety-five naira, sixty-six kobo (N37,533,764,195.66), leaving a shortfall of eight billion, five hundred and five million, one hundred and eighteen thousand, three hundred and fourteen naira, twenty-one kobo (N8,505,118,314.21).

“The EFCC reported to PCARA a total naira recovery of five and four billion, one hundred and fifty-four million, one hundred and eighty-four thousand, seven hundred and forty-four naira, four kobo (N504,154,184,744.04); the actual bank lodgement of the naira recoveries was, however, five hundred and forty-three billion, five hundred and eleven million, seven hundred and ninety-two thousand, eight hundred and sixty-three naira, forty-seven kobo (N543,511.792,863.47).

“That EFCC failed to produce before PCARA the evidence/record of the difference of thirty-nine billion, three hundred and fifty-seven million, six hundred and eight thousand, one hundred and nineteen naira, forty-three kobo (N39,357,608,119.43).

“The EFCC, in its returns on non-cash assets, made to the president on April 7, 2017, declared 836 as the total number of recovered real estates, while in its first and second returns to PCARA, it rendered contradictory figures of 339 on 13/12/2017, leaving a difference of 497 and 504 on 9/3/2018, with a difference of 332.”

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In addition, the panel alleged that Magu abandoned multi-million dollar fraud cases involving high-profile individuals and transferred some officials of the commission investigating the cases.

In addition, three jets were listed in interim forfeiture, but the panel could not trace them; 21 hotels were reported to have been forfeited on an interim order, but only eight were found; 42 fuel stations were reported to have been forfeited on an interim order, only eight could be verified.

According to the report, the vessels seized by the commission were neglected and they sank in the sea with a substantial quantity of petroleum products.

The panel further recommended that Magu should be referred to the inspector-general of police (IGP) for “necessary disciplinary action”, and that he should be prosecuted for the alleged offences.

It has been almost two years since the panel submitted its report, but most of its recommendations are yet to be implemented. Instead, Magu was promoted to the rank of assistant inspector-general (AIG) by the Police Service Commission (PSC) a few weeks before he retired, despite the indictment.