EFCC Recovered N738.9bn In 2 Years, Says Magu


The Economic and Financial Crimes Commission (EFCC) says it recovered loots totalling N738.9 billion or $2.9 billion between May 2015 and Oct. 20, 2017.

Mr Ibrahim Magu, Acting Chairman of the Economic and Financial Crime Commission (EFCC)

Mr Ibrahim Magu, Acting Chairman of the Economic and Financial Crime Commission (EFCC)

Acting Chairman of the anti-graft agency, Mr Ibrahim Magu, announced the recoveries at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption, on Wednesday in Vienna, Austria.

Mr Wilson Uwujaren, Spokesman of the commission, in a statement issued in  Abuja, gave the account of Magu’s engagement at the conference.

In his presentation titled: “International Cooperation in Relation to Technical Assistance: The Nigerian Experience”, Magu said the sum was exclusive of smaller currencies in Durham, CRA and British Pound.

The anti-graft boss stated that the commission had made many recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

“Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in naira.

“These include the sum of $43 million and N2 billion, spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts recovered from former Minister of Petroleum, Deziani Allison-Madueke,” Magu said.

The acting chairman of EFCC, who was a panellist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery.

He said the country had also made progress in specific cases related to Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal.

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According to him, these efforts cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.

In his recommendations, he Magu sought improved coordination and cooperation among state parties in asset recovery.

He said this could be done through measures that would remove traditional barriers such as bank secrecy in line with Article 46(8) and dual Criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.

He further sought measures to reduce the cost of recovery of assets for developing countries and ensure the speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.


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