EFCC is committed to recovery of Stolen Assets – Magu


The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu on Thursday, September 12, 2019, reiterated the commitment of the Commission to recovery of stolen assets for the development of the nation.

Magu disclosed this at a session between him and the Speaker of the House of Representatives, Hon Femi Gbajabiamila and other top executives of the country’s anti-corruption agencies at the National Assembly Complex, Abuja.

The EFCC boss who pledged to recover Nigeria’s stolen funds hidden in different parts of the globe, said, “I am very committed to the recovery of stolen funds wherever they are located which should be utilised through budgetary system to remedy the harm the theft has caused.”

While intimating the lawmakers on the recent achievements of the Commission in the fight against cyber fraud, especially the outcomes of EFCC’s collaboration with the Federal Bureau of Investigation (FBI), Magu said “the just concluded ‘Operation Rewired,’ resulted in the recovery of the sum of $169,850 as well as N92 million,” adding that lots of expensive cars and several plots of land were also recovered during the operation across Nigeria.

He also pointed at the $40 million worth of jewellery just forfeited to the federal government by former Minister of Petroleum Resources, Diezani Alison-Madueke, stating that the EFCC will assist the government to ensure that there was effective utilization of recovered stolen funds.

“In line with government’s commitment to maximise utilization of recovered funds, some forfeited properties have been allocated to government agencies in dire need of office accommodation. I hope that the funds will not just be recovered but be utilised for the benefits of Nigerians,” Magu said.

He mentioned the agencies that have benefitted from allocation of recovered assets included: Voice of Nigeria, Pension Transitional Arrangement Directorate, North East Development Commission, National Social Investment Office and Fiscal Responsibility Commission.

Hon. Gbajabiamila in his remarks said the essence of the discussion was to see how public funds and assets recovered can help in relation to budget processes, accountability, transparency and how the country can be developed by putting the funds to better use.

He commended the EFCC and other anti- graft agencies on the quantum of recoveries made, adding that the National Assembly is there to make the work of the anti-graft agencies easy and also look at indicators that will pave ways for collaboration.

“We hope to get best value for our non-cash assets and also look at the challenges the anti- graft agencies are facing, which are one of the pertinent issues to be raised here today,” Gbajabiamila stated

Other legislators present were the Deputy Speaker, House of Representative, Hon Ahmed Idris Wase, as well as the Chairman and Vice Chairman, House Committee on Anti-corruption and Financial Crimes.

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