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Nigeria: Ibrahim Magu Opens Up On N550b Interest

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The suspended acting Chairman of the Economic and Financial Crimes Commission, EFCC, has denied the claim that he failed to account for the interest in the N550 billion recovered fund kept in the Central Bank of Nigerias custody.

It could be recalled that the Final Report of Presidential Committee on Audit of Recovered Assets, PCARA, surfaced at the weekend showing how interest rates accruing from N550 billion recovered by the anti-graft agency in the period from May, 2015, to May 2020.

But in a statement by his lawyer Wahab Shittu, Magu said such recovered fund kept with the CBN does not generate interest.

President Muhammadu Buhari had on Friday suspended Magu as the acting chairman of the EFCC. The agencys Director of Operations, Mohammed Umar, has taken charge and now oversees the activities of the Commission pending the conclusion of the ongoing investigation into Magus case.

Magu, on Friday wrote to the Inspector-General of Police, Mohammed Adamu, asking to be released on bail.

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