BREAKING: Ibrahim Magu: Fresh facts on re-looting of recovered funds emerge

[Edoman]

BREAKING: Ibrahim Magu: Fresh facts on re-looting of recovered funds emerge


 July 11, 2020



The suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, may be facing fresh charges of alleged re-looting of funds recovered by the commission as well as bribery.


The News Agency of Nigeria (NAN) reports that 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 new facts have emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.
Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to Nov. 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.


“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 was N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

“These inconsistencies cast 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 lodgements 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, casts 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 lodgements clearly establishes that the 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.


NAN also reports that the PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.


“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.


“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.


“The link to Magu was also established by the payment of N28 million to FALANA who is a close associate and ally of the Acting Chairman,’’ the PCARA report further revealed.


NAN reports that the Salami probe panel is expected to continue sitting on Monday while Magu’s lawyer, Mr Oluwatosin Ojaomo, had on Friday applied for an administrative bail for his client, who is facing corruption and other charges before the panel.

[Edoman]

Interest on recovered N550bn was re-looted under Magu- Presidential Investigation panel says







The Presidential Panel investigating the activities of the suspended Chairman of the Economic and Financial Crimes Commission EFCC, Ibrahim Magu, has alleged that the commission under Magu re-looted some of the recovered loot. The panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020.
 
According to the News Agency of Nigeria NAN, the Presidential Panel in its final report, said investigations showed that the interest on the N550 billion recovered by the agency under Magu “has been re-looted”. The panel in its report also said there is a difference of N39 billion between EFCC’s deposits in the bank and what the agency said it recovered.
 
The report in part reads
 

“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 lodgment 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 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 panel's report states

 
NAN reports that the panel also revealed how the Nigeria Financial Intelligence Unit (NFIU) investigation “exposed acts of corruption and money laundering” against some EFCC officials, including Magu.

“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.


The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.” the report states

 
An investigation into Magu's activities commenced on Monday, July 6. This was after the Minister of Justice and Attorney General of the Federation, Abubakar Malami wrote a letter to the President asking for Magu's dismissal. Malami in the letter accused Magu of re-looting recovered funds, insubordination among other offenses.
 

[Edoman]

Magu Failed To Account For 332 Recovered Property

The suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has again been accused of failing to give a proper account of missing 332 – out of the 836 recovered – real estate property in March 2018.

Magu has not specifically reacted to the latest allegations, but he has always maintained he did nothing wrong.

Magu is reported to have written to the Inspector-General of Police in which he “provided both documentary and oral evidence to clear the air on all the allegations.”

His counsel last weekend said Magu had submitted video and documentary evidence to Attorney-General Abubakar Malami before now and would produce more to shame critics.

A report by the Presidential Committee on Audit of Recovered Assets (PCARA) made available to the News Agency of Nigeria (NAN) confirmed the development, indicating that the unaccounted property was worth billions of naira. The report also noted massive wastage and deterioration of physical assets (including landed property, cars and vessels recovered by the EFCC due to poor management.

It also noted with concern the failure to preserve and realise the economic value of the recovered assets, noting that some of the assets were recovered over 15 years ago and left fallow.

“A disturbing example is the two vessels that allegedly sunk at NNS Beecroft Naval BASE, Lagos and NNS Pathfinder Naval Base in Port Harcourt without trace under the watch of the acting Chairman of EFCC. “The vessels named MT GOOD SUCCESS, MV PSV DERBY and MV THAMES were allowed to sink in spite of several warnings from the Navy on the need to evacuate the petroleum products in the vessels.

“The total value of the assets lost due to the negligence runs into millions of US dollars. “The (suspended) acting Chairman is yet to provide a report on what happened to these vessels,’’ the report said.

Magu, who is facing charges of mismanagement and lack of transparency in managing recovered assets as well as flagrant disobedience to directives and to court orders, would be expected to provide answers to the conflicting figures.

Managing assets

The PCARA report also noted that the few consultants hired by EFCC were not managing a substantial number of the recovered assets and that the EFCC has no capacity to manage the entire assets on its own.

The committee, therefore, alerted the nation on the economic and environmental implications of this negligent of duty by the commission. It equally observed that EFCC made conflicting submissions or returns to it in respect of the non-cash assets which substantially affected the committee’s assignment.

The report read in part: “For instance, EFCC stated 836 as the number of Recovered Real Estate in the Original Returns it made to the President on 07/04/2017. “However, in its 1st Returns to PCARA on 13/12/2017, EFCC short-changed the system and gave the figure of 339 thereby failing to account for 497 property.

“It is interesting to note that when the Acting Chairman was further queried on this lapse, he made further contradictory 2nd return of 504 on 09/03/2018 thereby bridging the gap to 332 property.’’

The committee identified lack of internal control mechanisms/ systems within EFCC and Lack of adequate returns by EFCC Departments and Zonal Offices as reasons for these discrepancies and inconsistencies by the commission.

The suspended EFCC boss was also alleged to have neglected and refused to comply with the Regulations on the Management of Recovered Assets, 2019 as he embarked on disposing some of the property without regard to extant law.

“These Regulations was issued in line with international best practices and to ensure that all the anti-corruption agencies report all their recovered assets in a database provided by the Federal Government.

’’It is important to note that the (suspended) Acting Chairman in apparent disregard of the regulation is disposing of these properties without regard to extant laws, and Regulations and without reference to the Office of the Attorney General of the Federation and in effect, there is no way to have an audit of the property.

“This is also a clear sign that there is a deliberate attempt to hide the exact figures of recoveries, which is an indication of fraudulent intent. “These actions of the (suspended) Ag. Chairman in refusing the Regulation is a clear case of refusal to follow lawful instructions and directives contrary to the provisions of the Act that establish the EFCC,’’ a separate report on the matter, addressed to the president, further noted.

Corrupt enrichment

According to the fresh report obtained by NAN, Magu and some top officials of EFCC were allegedly using these recovered assets to corruptly enrich themselves.

The report also listed the number of the affected properties suspected to have been illegally acquired as well as the bank accounts of those individuals serving as fronts for Magu and the affected EFCC officials.

“Most of the recovered assets are allegedly sold without anyone knowing and without proper records and without recourse to the Federal Ministry of Works and Housing that has the mandate to undertake evaluation of such property.

“Some of the assets have been taken over by EFCC officials while some are sold at a giveaway prices to friends and cronies of the Acting Chairman.

“It is also on record that the (suspended) acting chairman is maintaining different accounts, including using proxies who return the benefit of the sold assets to him. “These funds are then used to procure property and lands in the names of some of his proxies,’’ the report further stated. (NAN)

https://www.dailytrust.com.ng/magu-failed-to-account-for-332-recovered-property.html

[Edoman]

Diezani Alison-Madueke: Magu Failed To Cooperate With UK 

How Magu failed to cooperate with UK to enable them charge Diezani Alison-Madueke to court

By Don Silas

A report by the Presidential Probe Panel has revealed how Ibrahim Magu, the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), allegedly failed to cooperate with authorities in the United Kingdom (UK) to facilitate effective prosecution of the case of ex-Minister of Petroleum Resources, Diezani Alison-Madueke.

NAN reports that Magu was on Saturday night interrogated by the panel headed by retired Justice Ayo Salami over allegations of lack of transparency in managing recovered assets and mismanagement by the commission.

The Presidential Committee on Audit of Recovered Assets (PCARA) Report accused Magu of failure to cooperate with the UK authorities to facilitate effective prosecution of Alison-Madueke’s case.

PCARA also accused Magu of deliberately refusing to provide documentary evidence that would make the office of the nation’s Attorney-General to commence the extradition process of Alison-Madueke.

“In the Diezani Alison Madueke case, the Acting Chairman is failing to further cooperate with the UK NCA to enable them to charge the Former Minister to court in the UK.

“The Acting Chairman despite his knowledge that Mrs Madueke will not be extradited to Nigeria until after her trial in the UK, has consistently been accusing the UK government on the pages of print and electronic media of not wanting to extradite her to Nigeria,” the report maintained.

“This has strained the EFCC relationship with Europe’s most strategic partner,” the report further observed.

Magu, who is being held at the Police headquarters, Abuja, is expected to reappear before the Salami probe panel on Monday, to defend himself against several other allegations.

https://dailypost.ng/2020/07/12/how-magu-failed-to-cooperate-with-uk-to-enable-them-charge-diezani-alison-madueke-to-court/

[Edoman]

[b]Magu: Prophet Omale Sues News Agency Of Nigeria For N1 Billion [/b]

Demands Apology and Retraction.

Prophet Omale, the General Overseer of Divine Hand of God Prophetic Ministries International, Abuja has sued the News Agency Of Nigeria, NAN, over a report he described malicious, derogatory and libelous with the caption – “HOW MAGU USED ‘PASTOR’ TO LAUNDER RE-LOOTED FUNDS ABROAD - REPORT”.

In a letter written by his lawyer, Chief Gordy Uche (SAN), said the report "reeks of calumny, denigration, actuated by malice, and calculated to ridicule and disparage him, and clearly a hatchet job ingeniously crafted to cast a stain on his reputation; expose him to public hatred and contempt and injure him in his religious calling, as the General Overseer of Divine Hand of God Prophetic Ministries International."

Our client’s attention has been drawn to the extremely malicious, derogatory and libelous publication with the caption – “HOW MAGU USED ‘PASTOR’ TO LAUNDER RE-LOOTED FUNDS ABROAD - REPORT” by your Reporter, one Isamaila Chafe, posted on your website - www.nannews.ng on the 11th day of July 2020.

"We, however, wish to make the following clarifications to put the public records straight:

1. That our client is the General Overseer of an Inter-denominational/Multi-religious Prayer Ministry, which Mr. Ibrahim Magu attends.

2. That our client, only visited Mr. Ibrahim Magu in a Hospital in Dubai, United Arab Emirate, sometime in March 2020.

3. That our client never laundered any funds whatsoever for Mr. Ibrahim Magu, nor for anybody whatsoever.

4. That our client does not own any foreign bank account anywhere in the world.

5. That there are no funds whatsoever traceable from Mr. Ibrahim Magu to our client’s Bank accounts whatsoever neither has our client received any funds whatsoever from Mr. Ibrahim Magu. Our client has never received any funds whatsoever from anybody on behalf of Mr. Ibrahim Magu.

6. That our client does not own any property in Dubai. His name was never used to purchase any property whatsoever in Dubai, United Arab Emirate or anywhere else in any part of the world, neither has he purchased any property or properties for Mr. Ibrahim Magu in any part of the world whatsoever.

"We wish to state that by reason of the said libelous publication which was read by millions of persons all over the world, our client has been severely injured in his reputation, character and calling. Our client has thereby been brought into ridicule, public scandal, hatred, denigration, odium and contempt, and lowered in the estimation of right-thinking members of the society.

"We therefore, demand the immediate retraction of the libelous publication by way of an unequivocal APOLOGY to our client prominently published in at least three (3) National Newspapers not later than 7 (Seven) days from the date of your receipt of this letter and that you restrain from further defamation of our client forthwith otherwise, a libel suit against NAN will commence you, your Organization, claiming the sum of N1, 000,0000,000.00 (One Billion Naira) as exemplary, aggravated, general damages for defamation, and for injunction if you fail to comply.

"Further take notice that this letter constitutes our formal notice of intention to sue.

https://www.google.com/amp/s/www.vanguardngr.com/2020/07/magu-prophet-omale-sues-news-agency-of-nigeria-for-n1billion/amp/