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EFCC Recovered N473 Billion, $98 million, €7 Million, £294,000 In 2017 – Magu

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The Economic and Financial Crimes Commission, EFCC, in 2017 recovered more than N473 billion, $98 million, €7 million, and £294,000 totalling over N500 billion.

The Acting Chairman of the anti-graft agency, Ibrahim Magu disclosed this at during the defence of its budget before the House of Representatives committee on financial crimes, headed by Kayode Oladele (Ogun – APC) on Monday.

Other loot recovered during the year under review include:  Dirha 443400 and 70,500 South African Rand
Magu told the lawmakers that part of the monies recovered in 2017 included N32 billion and $5 million forfeited to the federal government by former Minister of Petroleum Resources, Alison Madueke.

Others forfeited are N449 million discovered at a plaza in Lagos, $43 million discovered in an apartment in Ikoyi area of Lagos, N329 billion from petroleum marketers in Kano while withholding tax of over N27.7 billion was retrieved from banks.

Other recovered monies include the Nigerian Ports Authority recovery of €6.6 million, recovery of about N1.1 billion on behalf of AMCON, and the recovery of subsidy fraud funds more than N4 billion.

He told the committee that the breakdown of loots recovered has been sent to the National Assembly.

He justified the increase in the proposed budget of the agency to N21.2bn in 2018, up from the N17.2bn in 2017, saying the “27 per cent” increase was due to rise in personnel expenditure from N7.1bn in 2017 to N11bn in 2018.

The EFFC at the United Nations Convention Against Corruption held in Vienna last year said it recovered loots totalling N738.9 billion or $2.9 billion between May 2015 and October 20, 2017.

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Akin Akingbala is an international journalist based in Lagos, Nigeria. Aside being happily married, he has interests in music, sports and loves traveling.

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