33.1 C
Abuja

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

Related

1min read

 

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.

- Advertisement -

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.

- Advertisement -
- Advertisement -

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Recent

White paper: Lagos govt describes Lekki Toll Gate killings as ‘assumptions’

THE Lagos State Government has rejected that nine persons were killed when the Nigerian...

Wike’s N7bn suit against ThisDay newspaper adjourned to January 2022

A N7 billion libel suit against ThisDay newspaper and its management has been adjourned...

Borno government commits 14% of 2022 budget to education

THE Borno State Government has earmarked 14.2 per cent of its 2022 budget to...

Low tax-to-GDP not justification for raising taxes, Adesina tells FG

AFRICAN Development Bank President Akinwumi Adesina, on Tuesday, said that  low tax-to-Gross Domestic Product...

AfCFTA: Upbeat investors must see beyond challenges, target opportunities in Nigeria -NIPC 

ACTING Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC) Emeka Offor has urged...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement