Salami panel: Magu abandons N118bn fraud cases, fails to remit N48bn loot

Ibekimi Oriamaja Reports

Presidential panel that investigated former acting chairman of the Economic and Financial Crimes Commission, Mr Ibrahim Magu, said Magu abandoned 14 fraud cases involving N118 billion and $309 million.

The EFCC, under Magu’s supervision, was also accused of failing to remit another N48 billion loot recovered in foreign and local currencies in the final report submitted to President Muhammadu Buhari in November 2020, TheCable can report.

The panel, led by former Court of Appeal President Justice Ayo Salami (retd), was formed to investigate the EFCC from May 2015 to May 2020, when Magu was in charge.

According to Track News Nigeria , the report has now been submitted to the office of the Secretary to the Federation’s Government.

According to presidential sources, a panel to create the white paper will be formed soon.

The former EFCC chief was accused of mishandling the recovered loot and selling seized assets to his associates.

When contacted by Track News , Magu’s lawyer, Wahab Shittu, declined to comment on the report because “I cannot speak on a report I have not seen.”

The report examined over 100 witnesses’ written and oral testimonies, having completed nationwide physical verification of recovered forfeited assets, which included real estate, automobiles, vessels, and other non-cash as well as cash assets.

According to an examination of the report of the Presidential Committee on Audit of Recovered Assets, PCARA, the anti-graft commission provided contradictory figures on the total number of recovered real estate.

According to the report, “the EFCC, under the supervision of the suspended Ag. Chairman, reported N46,038,882,509.87 as the foreign currency equivalent recovered by the commission between May 29, 2015, and November 22, 2018.”

“However, the EFCC only produced evidence of lodgements totaling N37,533,764,195.66, leaving a gap of N8,505,118,314.21.

“The EFCC reported a total naira recovery to PCARA of N504,154,184,744.04; however, the actual bank lodgement of the naira recoveries was N543,511.792,863.47.”

“That the EFCC failed to produce before PCARA evidence/record of the N39,357,608,119.43 difference.”

“The EFCC declared 836 as the total number of recovered real estates in its returns on non-cash assets to the president on April 7, 2017, 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, leaving a difference of 332.”

“Under Mr Ibrahim Magu’s supervision, fourteen (14) procurement fraud cases involving N117,972,209,035 and $309,151,419 were abandoned between 2016 and 2019.”

According to the commission’s findings, Ibrahim Magu’s prosecutorial decisions on case files were based on his personal whims, which were contrary to the law and facts. The commission also notes the prevalence of widespread corruption, abuse of power, and widespread impunity in the EFCC’s administration.”

The panel also stated that the commission kept poor records on forfeited assets.

“In 2016, Magu halted the sale of two finally forfeited vessels, the MT Good Success with 1,459 metric tons of PMS and the MT Askaris with 3,423,097 metric tons of crude…

Eventually, the cargoes sank…

“Magu also requested that the navy release two vessels transporting illegally refined AGO to their owners,” the panel stated.

“Out of a total of 154 vessels, thirteen water vehicles (vessels) handed over to the EFCC by the Nigerian Navy have submerged (sunk) with tons of contents.”

“According to the EFCC’s submissions before the commission, the total number of non-cash assets recovered under final forfeiture from inception to date was 3133.” According to the analysis of the recoveries, some of the assets were disposed of, forfeited to a third party, or lost negligently. From October 1st to October 27th, 2020, the commission conducted physical verification of recovered assets across the country.

“The exercise revealed that some of the forfeited assets had been lost, deteriorated, physically possessed by the suspects, or could not be traced, and in some cases remained in occupation years after their final forfeiture.”

“The EFCC reported 275 real estate disposals, but the judicial commission only confirmed 76 disposals,” the report added.