Home News Probe panel accuses Magu of concealing fraud cases worth N118b, $309m

Probe panel accuses Magu of concealing fraud cases worth N118b, $309m

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The Economic and Financial Crimes Commission (EFCC) abandoned 14 fraud cases involving N118 billion and $309 million during the tenure of Assistant Inspector General of Police Ibrahim Magu as acting Chairman.

According to the presidential panel that investigated the former EFCC boss, Magu was also accused of not remitting a N48 billion loot recovered in foreign and local currencies.

Magu was EFCC acting Chairman between November 2015 and July 2020. The Senate declined his confirmation as substantive Chairman as requested by President Muhammadu Buhari.

In July 2020, as acting chairman of the EFCC, Magu was arrested, detained, and suspended. He was brought before the panel, headed by former President of the Court of Appeal, Justice Ayo Salami on allegations of gross misconduct.

Magu was further accused of suppressing high-profile cases involving four ex-governors, one of whom is currently a Senator.

According to TheCable, the final report was submitted to President Buhari in November 2020.

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

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

“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 29 May 2015, and November 22, 2018″, the report stated.

It added: “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, leaving a shortfall of eight billion, five hundred and five million, one hundred and eighteen thousand, three hundred and fourteen naira, twenty-one kobo.

“The EFCC reported to PCARA (the Presidential Committee on Audit of Recovered Assets) 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, the actual bank lodgment 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.

“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.

“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″.

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.

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