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EFCC recovered over half a trillion naira in 2017, says Magu


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Ibrahim Magu, Acting Chairman of the Economic and Financial Crimes Commission (EFCC), says the commission recovered a total of N473 billion, $98 million, €7 million, and £294,000 between January and December 2017.

Magu made this known on Monday while briefing members of the House of Representatives’ Committee on Financial Crimes, in defence of the commission’s 2018 budget.

Going by the current official foreign exchange rate of N301 to $1, $98 million is equal to approximately N29.9 billion; €7 million translates into approximately N2.7 billion (at N380 to €1),  and £294,000 is equal to approximately N125.8 million (at N428 to £1).

Altogether, the sum amounts to approximately N540 billion, recovered by EFCC in 2017.

Magu told the lawmakers that the sums include N32billion and $5million that was forfeited to the Federal Government by Diezani Alison-Madueke, former Minister of Petroleum Resources.

Also included in the recovered amount is the sum of N449million recovered at Legico Plaza in Victoria Island, Lagos, as well as the over $43million discovered at the Osborne towers apartment in Ikoyi.

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Magu further said that the EFCC recovered over N329billion from petroleum marketers in Kano State, and withholding tax of over N27.7 billion was retrieved from banks.

He said €6.6 million was recovered from the Nigerian Ports Authority, N1.1billion was recovered on behalf of AMCON, and N4 billion of subsidy fraud funds was also retrieved by the EFCC.

Magu urged the lawmakers to assist the EFCC in making a case for the prompt release of funds for the completion and hand over of the commission’s headquarters, which is expected to happen by March this year, all things being equal.

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