EFCC recovered N392.141bn, $292m in 15 months –Magu

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The Economic and Financial Crimes Commission (EFCC) said it recovered N392.141 billion, $293 million, jewelries worth millions of dollars, including gold, as well as trapped taxes between January 2018 and the first quarter of 2019.

The acting chairman of the commission, Ibrahim Magu, made the disclosure yesterday when he appeared before the House of Representatives’ Committee on Financial Crimes, for the defence of the 2019 budget proposal of the ant-graft body.

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Breakdown of the recovery indicates N11.5 billion final forfeiture (cash and accounts), N133.8 billion non-forfeiture recoveries, N8.92 billion direct deposits, N38.64 billion tax recoveries, N4.30 billion fuel subsidy recoveries and N42 billion banks (third party).

Magu said: “These are in addition to recoveries of assets as jewelries (gold), various sums in other currencies and cash for major government agencies, including NNPC, FIRS and AMCON.

“In the first quarter of 2019 financial year, the commission made recoveries, which included: Cash – N140.7 million, direct deposits – N2.02 billion, tax recoveries – N7.20 billion, subsidy recoveries –N3.06 billion and $292 million.”

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He said the anti-graft agency requires N22.071 billion for its operations in 2019. He appealed to the committee for an increase of the capital budget of the agency from the N3.978 billion contained in the 2019 budget estimates.

“We again wish to crave the indulgence of this committee to consider an upward review in the commission’s capital expenditure proposal for 2019,” he said.

Magu explained that N2.02 billion is required for payment of outstanding liabilities to Julius Berger in respect to project certificate nos. 28, 29 and 30; N1.5 billion cost over runs on new head office complex; N299 billion for liabilities for consultancy (new head office); N.47 billion for purchase of security equipment (ammunitions) and N1.1 billion for furnishing of the new head office, among others.

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