- Magu disclosed how the commissio
n has been recovering looted funds in hard currency
- He made the disclosure earlier today, February 9 when he appeared before the House of Representatives Committee on Financial CrimesThe Acting Chairman of the Economic and Financial Crimes Commission (EFCC), IbrahimMagu has disclosed how the commission has been recovering looted funds in hard currency.
According to The Nation, Magu made the disclosure earlier today, February 9 when he appeared before the House of Representatives Committee on Financial Crimes.
He said the commission recovered N102,913,791,217.54, $8,296,313.99, GBP 29,155, £12,475, 117,004 Canadian Dollar, 806.50 Dirham, 5,000 Francs and 2,000 Rupee as proceeds of crime between Januaryand December 2016.
He also confirmed the recovery of $9.750 million and £750,000 from a residence in Kaduna state recently, adding that N1.25 billion was recovered from a public servant a fortnight ago.
The EFCC boss appeared before the committee led by Honourable Kayode Oladelefor the commission's 2016 budget appraisal and 2017 budget defence.According to a document submitted by Magu to the committee, out of the 37 accounts frozen/forfeited, six banks are yet to provide relevant information on the amount accrued into the suspected accounts during the periodunder review.
The commission, according to him, secured 135 convictions last year.He said 46 of the convictions were from Lagos zone, 30 from Abuja, 22 from Port Harcourt, 19 from Kano, 15 from Enugu, and three from Gombe.
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