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CORRUPTION

How Magu Re-looted Recovered Funds, Used A Pastor To Buy Dubai House,Paid Falana N28m

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The controversies surrounding Ibrahim Magu, the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), seem to be never-ending as fresh findings are revealed on a daily basis.

NAN on Saturday obtained the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) which covered the period of May 29, 2015, to Nov. 22, 2018, were it was alleged that the former agency boss was deeply involved in the re-looting of recovered loots.

The panel, which Magu had constantly appeared before since Monday, investigated the former EFCC boss on alleged re-looting of funds recovered by the EFCC, bribery, and other allegations of corruption.

The panel indicted and implicated Magu on various allegations leveled against him by the Office of the Attorney-General of the Federation and Minister of Justice, Abubakar Malami.

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The new report shows how interest rates accruing from N550 billion recovered by the anti-graft agency in the period under review were allegedly re-looted.

NAIJA MEDIA gathered that Ibrahim Magu is expected to provide details of the whereabouts of the missing funds

According to PCARA, it was disturbing that conflicting figures of the amount of recovered funds under Magu are being circulated in the public space by EFCC.

The panel said: “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 were 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 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.”

The presidential panel headed by Justice Ayo Salami noted that the discrepancy of more than thirty-nine billion naira does not include interest accrued in this account since it was opened.

The PCARA reports said this has cast serious doubt on the credibility of the figures and means that a substantial amount of money has not been accurately accounted for.

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“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,” it added.

PCARA quoted a report by the Nigeria Financial Intelligence Unit (NFIU) as saying that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to Magu and 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.

 

A report submitted by the panel also noted that one Emmanuel Omale, a pastor at Hand of God Prophetic Ministry, was used by Magu to launder funds.

The PCARA probed the federal government assets recovered by the EFCC from May 2015 to May 2020.

It said Omales name was revealed during an investigation on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU).

The report said the pastor purchased a landed property worth N573 million in Dubai, United Arab Emirates, on behalf of Magu.

“Another individual who is helping in laundering funds for the Acting Chairman and who has been referred to in several petitions is one Pastor Emmanuel Omale (Hand of God Prophetic Ministry),” the report read.

READ ALSO:Magu Speaks From Detention,Clears Air On Osinbajo’s N4Billion Controversy

“He is reported to have travelled to Dubai with Mr Magu and his name was used in purchasing property in Dubai for Mr Magu.

“As an unknown pastor, the NFIU’s report showed huge movement of funds ranging from N573,228,040.41.”


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