Magu reacts to diverting interests on seized N550b deposited in bank


Report making the rounds, accusing acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu of mendacity in the seized N550b deposited in bank(s) has drawn the reaction of the embattled anti-graft czar.

READ ALSO: $153m fraud: Ex-First bank Ed, Dauda Lawal’s trial resumes July 21

Magu, who has been suspended by the president, is under investigation by a presidential panel headed by Justice Ayo Salami.

A similar committee chaired by Alhaji Abdullahi Ibrahim had found him guilty of using the office to feather his nest by buying a N573m choice property in Dubai by proxy and diverting to personal use, interest accrued from seized N550b lodged in bank(s).

In a rebuttal of the latter allegation via a statement his lawyer, Wahab Shittu released, Magu said the claim did not add up in view of the fact that the seized funds were lodged in Central Bank and not commercial banks as the public are made to believe.

It reads in part: “It is falsehood that Magu placed N550 billion recovered loot into a deposit account.

“The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is blatant falsehood.

“To the best of Magu’s knowledge,  no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.

“All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.

“This can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.”


Sign up for our daily newsletter

Get the latest news delivered straight to your inbox every day. Stay informed with the Orijo Reporter's leading coverage of Nigerian and world news.


Please enter your comment!
Please enter your name here