There is fresh trouble looming for suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.
This is because he may be facing fresh cases of alleged re-looting of funds recovered by the commission as well as bribery.
Magu, who has been arrested 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.
The Presidential Investigation Committee on the EFCC Federal Government Recovered Assets and Finances in a document from May 2015, to May 2020, obtained by NAN had seriously indicted and implicated Magu on various allegations leveled against him.
Apart from its seven terms of references, the committee was also to investigate and report on corruption and money laundering allegations involving Magu and Bureau De Change operators, as well as some of his associates. This is in line with the intelligence reports and petitions.
The committee has been given the mandate to audit the Assets and Finances of the EFCC as a legal entity from 2015-2020, with a view to establishing compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.
Fresh trouble for Magu
Meanwhile, new facts have reportedly emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.
So, what is left id for Magu to disclose the whereabouts of the missing interest funds running into millions of naira.
“It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds
“For Foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the naira equivalent of the foreign currency lodgments were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.
“These inconsistencies cast a serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.
“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgments were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.
“It must be pointed out that the discrepancy of more than thirty-nine billion naira does not include interest accrued in this account since it was opened.
“It, therefore, cast serious doubt on the credibility of the figures and means that a substantial amount of money has not been accurately accounted for.
“Failure to report on the interest on actual lodgments clearly establishes that interest element of over N550 billion has been re-looted relating to the period under review.
“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts,’’ the report stated in part.