The suspended acting chairman of the Economic and Financial Crimes
Commission (EFCC), Ibrahim Magu, has again been accused of failing to
give a proper account of missing 332 – out of the 836 recovered – real
estate property in March 2018.
Magu has not specifically reacted to the latest allegations, but he has always maintained he did nothing wrong.
Magu is reported to have written to the Inspector-General of Police in
which he “provided both documentary and oral evidence to clear the air
on all the allegations.”
His counsel last weekend said Magu had
submitted video and documentary evidence to Attorney-General Abubakar
Malami before now and would produce more to shame critics.
A
report by the Presidential Committee on Audit of Recovered Assets
(PCARA) made available to the News Agency of Nigeria (NAN) confirmed the
development, indicating that the unaccounted property was worth
billions of naira. The report also noted massive wastage and
deterioration of physical assets (including landed property, cars and
vessels recovered by the EFCC due to poor management.
It also
noted with concern the failure to preserve and realise the economic
value of the recovered assets, noting that some of the assets were
recovered over 15 years ago and left fallow.
“A disturbing
example is the two vessels that allegedly sunk at NNS Beecroft Naval
BASE, Lagos and NNS Pathfinder Naval Base in Port Harcourt without trace
under the watch of the acting Chairman of EFCC. “The vessels named MT
GOOD SUCCESS, MV PSV DERBY and MV THAMES were allowed to sink in spite
of several warnings from the Navy on the need to evacuate the petroleum
products in the vessels.
“The total value of the assets lost due
to the negligence runs into millions of US dollars. “The (suspended)
acting Chairman is yet to provide a report on what happened to these
vessels,’’ the report said.
Magu, who is facing charges of
mismanagement and lack of transparency in managing recovered assets as
well as flagrant disobedience to directives and to court orders, would
be expected to provide answers to the conflicting figures.
Managing assets
The
PCARA report also noted that the few consultants hired by EFCC were not
managing a substantial number of the recovered assets and that the EFCC
has no capacity to manage the entire assets on its own.
The
committee, therefore, alerted the nation on the economic and
environmental implications of this negligent of duty by the commission.
It equally observed that EFCC made conflicting submissions or returns to
it in respect of the non-cash assets which substantially affected the
committee’s assignment.
The report read in part: “For instance,
EFCC stated 836 as the number of Recovered Real Estate in the Original
Returns it made to the President on 07/04/2017. “However, in its 1st
Returns to PCARA on 13/12/2017, EFCC short-changed the system and gave
the figure of 339 thereby failing to account for 497 property.
“It is interesting to note that when the Acting Chairman was further
queried on this lapse, he made further contradictory 2nd return of 504
on 09/03/2018 thereby bridging the gap to 332 property.’’
The
committee identified lack of internal control mechanisms/ systems within
EFCC and Lack of adequate returns by EFCC Departments and Zonal Offices
as reasons for these discrepancies and inconsistencies by the
commission.
The suspended EFCC boss was also alleged to have
neglected and refused to comply with the Regulations on the Management
of Recovered Assets, 2019 as he embarked on disposing some of the
property without regard to extant law.
“These Regulations was
issued in line with international best practices and to ensure that all
the anti-corruption agencies report all their recovered assets in a
database provided by the Federal Government.
’’It is important
to note that the (suspended) Acting Chairman in apparent disregard of
the regulation is disposing of these properties without regard to extant
laws, and Regulations and without reference to the Office of the
Attorney General of the Federation and in effect, there is no way to
have an audit of the property.
“This is also a clear sign that
there is a deliberate attempt to hide the exact figures of recoveries,
which is an indication of fraudulent intent. “These actions of the
(suspended) Ag. Chairman in refusing the Regulation is a clear case of
refusal to follow lawful instructions and directives contrary to the
provisions of the Act that establish the EFCC,’’ a separate report on
the matter, addressed to the president, further noted.
Corrupt enrichment
According
to the fresh report obtained by NAN, Magu and some top officials of
EFCC were allegedly using these recovered assets to corruptly enrich
themselves.
The report also listed the number of the affected
properties suspected to have been illegally acquired as well as the bank
accounts of those individuals serving as fronts for Magu and the
affected EFCC officials.
“Most of the recovered assets are
allegedly sold without anyone knowing and without proper records and
without recourse to the Federal Ministry of Works and Housing that has
the mandate to undertake evaluation of such property.
“Some of
the assets have been taken over by EFCC officials while some are sold at
a giveaway prices to friends and cronies of the Acting Chairman.
“It
is also on record that the (suspended) acting chairman is maintaining
different accounts, including using proxies who return the benefit of
the sold assets to him. “These funds are then used to procure property
and lands in the names of some of his proxies,’’ the report further
stated. (NAN)
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