Magu: EFCC Recovers N738b in 2years

Cat:

Related stories

Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit

By Abiola Olawale President Bola Ahmed Tinubu departed Saint Lucia...

2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour Party

By Abiola Olawale In a dramatic turn of events, Barrister...

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

The Economic and Financial Crimes Commission (EFCC) on Wednesday in Austria said it recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and Oct. 20, 2017.

Its Acting Chairman, Mr Ibrahim Magu, stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

Spokesman of the commission, Mr Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.

In a presentation titled: “International Cooperation in Relation to Tecnical Assistance: The Nigerian Experience”, Magu said the sum was exclusive of smaller currencies in Durham, CRA and British Pound.

He stated that the commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

“Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in naira.

“These include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts”, he explained.

Magu, who was said to be a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery.

He said the country had also made progress in specific cases related to Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal.

These efforts, he said, cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.
In his recommendations, the EFCC boss sought improved coordination and cooperation among state parties in asset recovery.

He said this could be done through the consideration and adoption of measures that would remove traditional barriers such as bank secrecy in line with Article 46(8) and dual Criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.

He further sought measures to reduce cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.

Meanwhile, Nigeria has received global commendation for its doggedness in tracing and recovery of its solen assets, according to the commission’s spokesman.

Uwujaren said the commendation came at a meeting between Magu and Dr Nassar Abaalkhail, the Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia.

The meeting, which held on the sidelines of the conference, followed Magu’s presentation, Uwujaren said.

He quoted Abaalkhail as saying that Nigeria’s efforts at loot recovery were remarkable.

“From what I have heard, Nigeria’s effort at asset tracing is remarkable. Nigeria is indeed a role model for countries, including developed countries.

“We have so much to learn from Nigeria”, he said.

Uwujaren said the Iranian National Focal Point for the United Nations Convention Against Corruption, Dr Mohsen Mardal, also commended the Nigerian presentation.

Similarly, the Commissioner, Sierra Leone Anti-Corruption Agency, Ady Macauley, said the EFCC was not only “formidable, but a pride to the African States”.

“My men were in Nigeria a fortnight ago to understudy your operations, I must confess, we have a lot to learn in investigation, prosecution and asset recovery”.

NAN

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61
X whatsapp