The presidential panel that probed Ibrahim Magu, former acting chairman of the Economic and Financial Crimes Commission (EFCC), says he could not account for N431 million security vote allocated to his office between 2015-2020.
ATTENTION: Please follows us on FACEBOOK, TWITTER AND INSTAGRAM
In the final report submitted to President Muhammadu Buhari in November 2020, Magu was said to have used part of the money to pay for electricity bills in his personal farm located in Karshi Development Area of Nasarawa state, according to the TheCable.
The panel also said the former EFCC boss used part of the money to pay for cable television subscription in his private residence in Karu area of the state.
The panel headed by Ayo Salami, former president of the court of appeal, was set up to probe the EFCC from May 2015 to May 2020 when Magu was in charge of the agency.
TheCable understands that the report has now been submitted to the office of the secretary to the government of the federation.
A panel to produce the white paper will soon be set up, presidency sources informed TheCable.
When TheCable contacted Wahab Shittu, Magu’s lawyer, to react to the report, he declined to comment, saying he wouldn’t speak on a document he has not seen.
“The details of budget, fund releases and expenditure with regards to management of security/information fund by the acting-chairman of EFCC, Ibrahim Magu, show that a total sum of N830 million was appropriated as security/information fund for the office of the executive chairman of EFCC for the fiscal years 2015-2020,” the panel said.
“The sum of N431 million was released by the finance and accounts department of the EFCC as requested by the office of the executive chairman and approved by the suspended Ag. chairman of the EFCC during the period November 2015 to May 2020.
“The suspended acting chairman incurred extra-budgetary expenditure of N17 million during 2019 fiscal year.
The amounts (N431m) released to the office of the executive chairman from November 2015-May 2020 could not be properly accounted for by the acting chairman.
“The analysis of some of the expenditures revealed that the funds were misapplied to service expenditure that had no bearing with security/information activities of the EFCC. These include payments for electricity bills for his personal farm located in Karshi Development Area, Nasarawa state.”
The panel recommended that Magu should be investigated and prosecuted for failing to account for the security votes.
In addition, the panel stated that the anti-graft agency used its staff multi-purpose cooperative society to warehouse N80 million of public funds drawn from the EFCC overhead cost allocation on the approval of Magu.
MORE FROM INSIDE REPORTS
- Bureaux De Change Operators warn Nigerian govt against inflation, worsening hunger
- Again, ASUU extends strike, says govt has not made any offer
- NDLEA intercepts 2.8m Tramadol tabs worth N1.4bn at Lagos Port
- JOB: Software Engineer, Customer Success at Automattic
According to the report, N50 million was refunded on September 30, 2020, while the remaining N30 million was unrecovered.
The report also detailed the poor exhibit management system adopted by the EFCC and how forfeited assets scattered across the country were left to depreciate and decay.
TheCable earlier reported that how the panel accused Magu of abandoning 14 procurement fraud cases involving N118 billion and $309 million.
“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 May 29, 2015, and November 22, 2018,” the report stated.
“The EFCC, however, only produced evidence of lodgements 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 (N37,533,764,195.66), leaving a shortfall of eight billion, five hundred and five million, one hundred and eighteen thousand, three hundred and fourteen naira, twenty-one kobo (N8,505,118,314.21).
“The EFCC reported to PCARA 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 (N504,154,184,744.04); the actual bank lodgement 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 (N543,511.792,863.47).
“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 (N39,357,608,119.43).
“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.
He was also accused of disobeying court orders and presidential directives.
“Between 2016 and 2019, fourteen (14) procurement fraud cases involving N117,972,209,035 and $309,151,419 were abandoned under Mr Ibrahim Magu’s watch,” the judicial commission said.
“The commission observed from its findings that prosecutorial decisions by Ibrahim Magu on case files were based on his personal whims, as against the law and facts. The commission also notes the prevalence of widespread corruption, abuse of power and pervasive impunity in the running of the EFCC,” the report revealed.
