EFCC: Magu Failed To Account For 332 Recovered Property Worth Billions — Report

The suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC),Mr Ibrahim Magu, has again been accused of allegedly failing to give proper account of missing 332 out of the 836 recovered real estate property in March, 2018.

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.

NAN reports that Magu, who is currently 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.

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.