Tag: Magu

Fresh troubles for Magu as new facts on re-looting of recovered funds emerge

The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, may be facing fresh cases of alleged re-looting of funds recovered by the commission as well as bribery.

The News Agency of Nigeria (NAN) reports that Magu is currently being interrogated by a presidential probe panel headed by retired Justice Ayo Salami over allegations of mismanagement and lack of transparency in managing recovered assets by the EFCC.

A final Report of the Presidential Investigation Committee on the EFCC Federal Government Recovered Assets and Finances from May, 2015, to May 2020, obtained by NAN had seriously indicted and implicated Magu on various allegations leveled against him.

The investigative committee terms of reference were to:

1. investigate, verify and review the recommendations of the Presidential Committee on Audit of Recovered Assets as it relates to the EFCC, with a view to ascertaining the complicity or otherwise of the Ag. Chairman, Ibrahim Magu, in the mismanagement of the assets recovered by the Commission;

2. Identify Avenues through which the recovered assets are dissipated and seized, recovered, forfeited (Interim and Final) assets are valued, managed, disposed and/or mismanaged with a view to ascertain compliance or otherwise with extant laws, regulations, processes and procedures.

3. Review the existing procedures on the Management of the seized, recovered and Forfeited assets (interim and final) and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets.

4. Determine whether assets recovered during his tenure, whether locally in Nigeria or abroad, are being kept safely in a manner as to preserve their original value and determine:-

Whether all the assets could be properly accounted for by the Ag. Chairman.
To confirm if any of the assets has been diverted to the benefit of the Ag. Chairman, his family, relation, friends or favoured staff.
To recover any such diverted assets and return back to the EFCC or appropriate government agency.
The committee was also to investigate and report on corruption and money laundering allegations involving Magu and Bureau De Change operators, as well as some of his associates; as per the intelligence reports and petitions.

It was to audit the Assets and Finances of the EFCC as a legal entity from 2015-2020, with a view to establish compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.

However, new facts have emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.

Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to Nov. 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.

“It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds

“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 a 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.

“It must be pointed out that the discrepancy of more than thirty nine billion naira does not include interest accrued in this account since it was opened.

“It therefore cast serious doubt on the credibility of the figures and means that substantial amount of money has not been accurately accounted for.

“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.

“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts,’’ the report stated in part.

NAN also reports that the PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.

“The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.

“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman 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.

NAN reports that the Salami probe panel is expected to continue sitting on Monday while Magu’s lawyer, Mr Oluwatosin Ojaomo, had on Friday applied for an administrative bail for his client, who is facing corruption and other charges before the panel.

July 11, 2020
Magu’s probe proof that anti-graft fight is real —Presidency

The Presidency on Saturday averred that those who hold the belief that the ongoing probe of the suspended acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, is an indication of the regime’s failing anti-corruption fight have missed the point.

It said rather, the occurrence was a further proof that the fight is real and active.

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this in a statement titled “Presidency’s statement on the suspension of Mr Ibrahim Magu.”

This is the first time the Presidency will react officially since Magu’s troubles began on Monday when he was arrested and brought before the Justice Ayo Salami-led presidential panel.

The statement read, “Those who see Mr Magu’s investigation, as a signal that the fight against corruption is failing, have unfortunately, missed the boat.

“There is no better indication that the fight is real and active than the will to investigate allegations in an open and transparent manner against those who have been charged to be custodians of this very system.

“Under this President and government, this is our mantra and guiding principle. There are no sacred cows, and for those who think they have a halo over their heads, their days are also numbered.

“Mr Magu was not immune – and regardless of the obvious embarrassment that potential acts of wrongdoing by him, given the office he held, may appear for the government.

“No other administration in the history of Nigeria would have moved to bring into the light and public domain such an allegation.”

Shehu said that a series of documented allegations were made against Magu.

He said a preliminary review of the allegations levelled against him and several other members of his staff showed that there were grounds for a detailed investigation to be conducted, hence, an investigative panel was created in compliance with the extant laws governing the convening of such a body.

July 11, 2020
Magu: NFIU office burgled, computers with sensitive financial information carted away, others destroyed

Investigations have revealed how the Nigerian Financial Intelligence Unit (NFIU) office was broken into on Thursday midnight by unknown persons allegedly working for the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

At least seven computers containing sensitive financial information were taken away from the NFIU and others badly damaged.

According to reports, the incident happened after the Justice Ayo Salami-led presidential investigative panel probing Magu requested for the transaction history of a Kaduna-based bureau de change (BDC) operator who was said to be a close ally of Magu. The BDC operator was said to have made a recent transaction of over N500 billion in different currencies; N336 billion, $435 million and 14 million Euros.

Meanwhile, Magu again appeared before the panel on Friday from 10:30 to about 7pm, when they closed for the day.

Upon the discovery of the burglary incident in the NFIU and links to Magu, the panel was said to have taken a break to brief the Chief of Staff to the President, Professor Ibrahim Gambari.

The suspended EFCC boss is expected to provide answers about his links with the Bureau de Change and the huge amount of money in its possession, a Lagos-based lawyer who was also said to have collected the sum of N28 million from the Kaduna-based Bureau de Change.

He is also to to explain his relationship with a relatively unknown Lagos-based pastor found with N573 million in his account.

The pastor is believed to be a close associate of the former EFCC boss.

A trusted source with knowledge of the investigation said: “From the issues before the committee, there are two big issues concerning Bureau de Change being allegedly linked to Magu in Kaduna; that Bureau De Change has been discovered by the NFIU to have transacted business in the region of N336 billion, $435 million and about 14 million Euros.

“There is one other allegation against Magu that there is a little-known pastor in Lagos associated with him that was discovered to have N573 million in his account.

“And again, there is also a famous lawyer in Lagos, he has taken N28 million from the Bureau de Change.”

The panel has been sitting for over three weeks scrutizing the corruption allegation from the Attorney General of the Federation Minister of Justice, Abubakar Malami against the embattled ex-EFCC boss.

President Muhammadu Buhari on Friday finally approved Magu’s suspension from office.

Recall that the NFIU which used to be an integral part of the EFCC was severed from the commission following the suspension of Nigeria by the Egmont Group in 2017.

July 11, 2020
Magu fighting corruption yet sitting in ‘Ghana-must-go’ – Shehu Sanni

Senator Shehu Sani who represented Kaduna Central in the 8th Senate on Friday lauded President Muhammadu Buhari on the arrest and probe of the embattled Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu.

In a statement on Friday, Senator Sani said Magu was a Man looking for corruption in Ghana while sitting in Ghana must go.

According to the Senator, EFCC under Magu was nothing but a private army for persecution and witch-hunting, just as he alleged that the suspended EFCC boss was a dubious and fake anti-corruption Czar who was sustained by corrupt politicians within the ruling elite, worked for them and for himself.

Senator Sani who alleged that the anti’ graft agency under Magu is a citadel, a cesspool, a cathedral and castle of corruption, just as he stressed that Magu’s EFCC was a political consultancy outfit in the service of the corrupt, adding that he was a Man looking for corruption in Ghana while sitting on Ghana must go.

According to him, Magu worked for some politicians in office and himself and deceived Journalists and Civil Society OrganisationsCSOs to believe him and that during his time as head of EFCC, the agency was a scoop of human feaces coated with a facade of vanilla Ice cream.

The statement read, “On Magu EFFC embattled chairman arrest and the probe is a commendable step by the PMB administration and the AGF Malami. “Its a vindication of the position of the 8th senate. “Magu was a dubious and fake anti-corruption tsar who was sustained by corrupt politicians within the ruling elite; he worked for them and for himself.

“EFCC under Magu was nothing but a private army for persecution and witch-hunting. EFCC under Magu is a citadel, a cesspool, a cathedral, and a castle of corruption.

“Magu EFCC is a political consultancy outfit in the service of the corrupt. Magu was a Man looking for corruption in Ghana while sitting in Ghana must go. Magu worked for some politicians in office and himself and deceived Journalists and CSOs to believe him. Magu’s EFCC is a scoop of human feaces coated with a facade of vanilla Ice cream.”

Recall that the Senate, had 15th December 2016, first rejected the confirmation of Ibrahim Magu as the Chairman of the EFCC

According to the Senate then, it became imperative to reject his nomination because security reports about the person of Magu were not favorable for his clearance for the anti-graft agency’s top job and asked President Muhammadu Buhari who nominated him to immediately replaced him.

But then, the Red Chamber gave its approval for the nomination of the other four members of the board of the commission, whose names were sent alongside Magu’s. The position of the Upper Chamber was read to newsmen in a prepared text by the then Chairman, Senate Committee on Media and Public Affairs, and now Deputy Chief Whip of the Senate, Senator Aliyu Sabi Abdullahi, APC, Niger North after its closed-door session, which lasted about three hours.

July 10, 2020
Just in: Magu begs IGP for bail

The suspended Acting Chairman of the Economic and Financial Crimes Commission, Mr Ibrahim Magu, who is being investigated over corruption allegations by a special presidential panel, has applied to the Inspector-General of Police, Mohammed Adamu, to be released on bail.

Magu, who has been in detention since his arrest on Monday, requested to be granted bail through a letter sent on his behalf by one of his lawyers, Mr Oluwatosin Ojaomo, on Friday.

The presidential panel is probing Magu for allegations of misconduct levelled against him by Minister of Justice and Attorney-General Abubakar Malami.

Background:

President Muhammadu Buhari approved the suspension of the acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu.

Malami said this in a statement by his Spokesman, Umar Gwandu, on Friday.

He subsequently appointed the EFCC Head of Operations, Mohammed Umar, as the acting chairman.

The statement read in part, “President Muhammadu Buhari has approved the immediate suspension of Ibrahim Magu as Ag. Chairman EFCC in order to allow for unhindered inquiry by the Presidential Investigation Panel under the Tribunals of Inquiry Act and other relevant laws.

“President Muhammadu Buhari has also approved that the EFCC Director of Operations, Mohammed Umar, should take charge and oversee the activities of the Commission pending the conclusion of the ongoing investigation and further directives in that regards.”

July 10, 2020
BREAKING: Buhari approves Magu’s suspension, appoints new EFCC acting Chairman

President Muhammadu Buhari has approved the appointment of Mohammed Umar as acting chairman of the Economic and Financial Crimes Commission (EFCC).

Umar, who is the Head of Operations of the anti-graft agency, is to oversee the commission pending conclusion of investigation against erstwhile chair, Ibrahim Magu, over 22 allegations.

The Attorney-General of the Federation, Abubakar Malami (SAN) stated these on Friday in a statement by his spokesman, Umar Gwandu.

The statement reads in part: “President Muhammadu Buhari has approved the immediate suspension of Ibrahim Magu as Ag. Chairman EFCC in order to allow for unhindered inquiry by the Presidential Investigation Panel under the Tribunals of Inquiry Act and other relevant laws.

“President Muhammadu Buhari has also approved that the EFCC Director of Operations, Mohammed Umar, should take charge and oversee the activities of the Commission pending the conclusion of the ongoing investigation and further directives in that regards.”

Details shortly…

July 10, 2020
Abdulsalami speaks on alleged involvement Magu’s trial, denies EFCC searched his house

Former head of State Gen. Abdulsalami Abubakar on Thursday denied that the Economic and Financial Crimes Commission (EFCC) searched his house in Minna, Niger State.

TheNewsGuru.com TNG reports that since the suspension and probe of the former acting chairman of the EFCC, Ibrahim Magu started on Tuesday, reports have pointed accusing fingers at influential and former Nigerian leaders who felt aggrieved by Magu’s audacity as being behind his trial.

A statement by his Military Assistant Captain J. Mfon (rtd), said: “The attention of His Excellency, Gen. A A A Abubakar has been drawn to reports that the Economic and Financial Crimes Commission (EFCC) searched his house in Minna, Niger State, on the orders of its Acting Chairman, CP Ibrahim Magu, and he feels the need to put the record straight: his house has never been searched by either EFCC or any security agency.

“However, sometime in 2017 operatives of the Commission from Kano zone came to Minna to search a house in Tunga. The team ended up at His Excellency’s Guest House in Minna and told the security officers on duty that they had instructions from their zonal head to search the property.

“The officers said since the numbering of houses in Tunga was haphazard, it must be a case of mistaken identity. When CP Magu was contacted, he said he was not aware of the operation. Thereafter, the EFCC team from Kano left. His Excellency’s understanding is that they realised they came to the wrong address. However, no search was conducted in the guest house.

“His Excellency as a rule does not comment on media publications directed at or concerning him. He has taken this step in view of the reactions these reports are generating. His Excellency felt the need to provide this important clarification due to the ongoing media frenzy insinuating His Excellency’s role in Magu’s issue.”

July 10, 2020
Osinbajo writes IGP, demands investigations into alleged N4bn gift from Magu

Vice President Yemi Osinbajo, has petitioned the Inspector General of Police, Muhammed Adamu, over allegations linking him to funds allegedly stolen by the suspended acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu.

The Vice President also demanded the probe of Jackson Ude, publisher of the online medium, Point Blank News that broke and shared the story.

In the petition, Osinbajo said Ude was in the habit of publishing malicious articles against his person.

The Vice-President said Jackson recently authored a story in which he stated that the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, who is facing a Presidential probe, told the investigative panel that he gave N4bn to Osinbajo.

Osinbajo said the articles were defamatory and targetted at bringing him to ridicule before members of the public.

He called on the IG to probe Ude with a view to prosecuting him for criminal defamation.

Osinbajo said Ude also likened him to alleged international fraudster, Ramon Abbas aka Hushpuppi, by calling him ‘Hush-bajo’.

The petition dated July 8, 2020, and titled, ‘Criminal Defamation of the Vice-President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo (SAN), GCON by Jackson Ude’ read in part;

“These vicious and malicious publications are meant to achieve one objective only, to present to his readership and others (Nigerians and foreigners) that our client is a dishonest and disloyal public officer and consequently unfit for the position of Vice-President of the Federal Republic of Nigeria he is occupying.

“We are of the view that unless an action for criminal defamation is commenced against the said Mr. Jackson Ude, he will continue to use his social media platform to publish materials that are false and criminally defamatory of our client’s reputation.

“In view of the above, we humbly request that you cause the above allegations made against our client to be investigated and if the suggested investigation confirms our complaint of the falsehood of these allegations, to initiate criminal proceedings pursuant to the provisions of Sections 391-395 of the Penal Code Act for criminal defamation against the said Jackson Ude.”

Reacting to the petition, Ude, who is based in the United States, said Osinbajo should resign before instituting legal proceedings against him.

“I am not afraid of Osinbajo and his minions. If he indeed wants to go to court, he needs to resign first and sue me. He cannot be VP and be using state resources to intimidate the judiciary. He cannot wave immunity that he didn’t confer on himself. Osinbajo should resign first,” Ude wrote on Twitter.

July 9, 2020
Osinbajo will not be distracted by campaigns of lies, calumny—Aide

Vice President Yemi Osinbajo will not be distracted by campaigns of lies and calumny.

Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President has said.

Akande, in a statement in Abuja, dismissed as false and baseless fabrications claiming to reflect goings-on at the probe panel investigating Mr Ibrahim Magu.

Magu, the suspended Chairman of the Economic and Financial Crimes Commission (EFCC) is being probed by a Presidential Investigation Committee over alleged malpractices and abuse of office.

“The attention of the Office of the Vice President has been drawn to a series of tweets and online publications by PointBlank News and Newsreel.com.ng on July 8 credited to the same person, one Jackson Ude.

“In essence, Ude’s story is that “embattled former Chairman of Economic and Financial Crimes Commission, EFCC, allegedly embezzled over N39 billion and gave Osinbajo (sic) N4 billion, after the vice president gave instructions to him to release some of the recovered loots…”

He said the same Jackson Ude had also been circulating a video on YouTube with a female commentator, peddling the same lies.

“With all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purporting to reflect goings-on at the probe panel investigating Magu; they are indeed completely absurd in every respect.

“Sadly, such mindless, vicious and reckless publications have now become the preferred tool of unscrupulous and reprobate elements in our society who are procured with monetary inducement to peddle blatant falsehood, tarnish the image of upright public officials and mislead unsuspecting Nigerians.

“The Vice President will of course not be distracted by these obvious campaigns of lies and calumny,’’ he said.

He said that the online publications, being criminally defamatory in nature, had been referred to the relevant law enforcement agencies for investigation and necessary action.

July 9, 2020
Osinbajo clears air on reports of receiving N4bn from Magu

Vice President Yemi Osinbajo has debunked reports that he received N4billion out of recovered loots from Ibrahim Magu, the embattled, now suspended acting Chairman of the Economic and Financial Crimes Commission, EFCC.

Osinbajo denied that such transaction ever took place in a statement Wednesday signed by his Spokesman, Laolu Akande.

Prior to the release of a full statement on the matter, Akande had on his twitter handle tagged the reports as fake news

In a more comprehensive statement later, Akande said, “The attention of the Office of the Vice President has been drawn to a series of tweets and online publications by PointBlank News and Newsreel.com.ng today 8th July 2020, credited to the same person, one Jackson Ude.

The vice President’s spokesman noted: “In essence, Ude’s story is that ‘embattled former Chairman of Economic and Financial Crimes Commission, EFCC, allegedly embezzled over N39 billion and gave Vice President Yemi Osinabjo (sic) N4 billion, after the VP gave instructions to him to release some of the recovered loots…’ The same Jackson Ude has also been circulating a video on YouTube with a female commentator, peddling the same lies.”

He added that, “With all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purporting to reflect goings-on at the Probe Panel investigating Mr. Ibrahim Magu. They are indeed completely absurd in every respect.

“Sadly, such mindless, vicious and reckless publications have now become the preferred tool of unscrupulous and reprobate elements in our society who are procured with monetary inducement to peddle blatant falsehood, tarnish the image of upright public officials and mislead unsuspecting Nigerians.

“Vice President Yemi Osinbajo, SAN, will of course not be distracted by these obvious campaigns of lies and calumny. The online publications, being criminally defamatory in nature, have been referred to the relevant law enforcement agencies for investigation and necessary action,’ Akande said.

Earlier, Akande tweeted: “Inundated by wide circulation of Fake News about VP’s purported involvement in some EFCC recovery billions, pls rest assured they’re all LIES: calculated to confuse and concocted to smear Prof. Osinbajo’s image. The VP hasn’t & will never be involved in any such shady activities.”

July 9, 2020