Magu counters presidential panel, says ‘Recovered funds don’t generate interest’


Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), says allegations that he re-looted interests on recovered funds is false.

The Presidential Committee on Audit of Recovered Assets (PCARA) indicted the EFCC under Magu of re-looting recovered loot.

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

According to NAN,the presidential panel had said the interest on the N550 billion recovered by the agency under Magu was re-looted.

But in a statement, Wahab Shittu, Magu’s counsel, described the claim as a “blatant falsehood”. He said the recovered funds are lodged in the treasury single account (TSA) with the Central Bank of Nigeria (CBN), adding that funds in the TSA do not generate interests.

“It is falsehood that Magu placed N550 billion recovered loot into a deposit account,” the statement read, adding that “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.”

Magu was arrested on July 6 by a combined team of officials of the Department of State Services (DSS) and 10 force criminal investigation department (FCID), Abuja.

He is currently being interrogated by a panel headed by Ayo Salami, former president of the appeal court.

The suspended EFCC acting chairman has been accused of not being transparent in managing assets recovered by the commission.


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