Nigeria: Magu May Face Fresh Allegations Over Recovered Assests

The suspended acting Chairman of the Economic and Financial Crimes Commission Mr Ibrahim Magu may be facing fresh cases of alleged re-looting of funds recovered by the commission as well as bribery.

Magu is currently being interrogated by a presidential probe panel headed by retired Justice Ayo Salami over allegations of mismanagement and lack of transparency in managing recovered assets by the EFCC.

A final Report of the Presidential Investigation Committee on the EFCC Federal Government Recovered Assets and Finances from May, 2015, to May 2020, obtained by NAN had seriously indicted and implicated Magu on various allegations leveled against him.

The investigative committee were to investigate, verify and review the recommendations of the Presidential Committee on Audit of Recovered Assets as it relates to the EFCC, with a view to ascertaining the complicity or otherwise of the Ag. Chairman, Ibrahim Magu, in the mismanagement of the assets recovered by the Commission.

And also to identify avenues through which the recovered assets are dissipated and seized, recovered, forfeited assets are valued, managed, disposed and/or mismanaged with a view to ascertain compliance or otherwise with extant laws, regulations, processes and procedures.

They are espected to review the existing procedures on the Management of the seized, recovered and Forfeited assets and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets.

And to determine whether assets recovered during his tenure, whether locally in Nigeria or abroad, are being kept safely in a manner as to preserve their original value.

Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

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