July 14, 2020

Recovered funds don’t generate interest - Ibrahim Magu counters presidential panel


Ibrahim Magu, the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), says allegations that the Commission under him re-looted interests on the funds recovered from looters, is false. Recall that over the weekend, the Presidential Committee on Audit of Recovered Assets (PCARA) alleged that the interest generated on the N550 billion recovered from looters have been re-looted under Magu. The panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020. However, in a statement released today July 13 by his counsel, Wahab Shittu, Magu described the allegation as a ''blatant falsehood”. According to the embattled chairman, recovered funds are lodged in the treasury single account (TSA) with the Central Bank of Nigeria (CBN), adding that funds in the TSA do not generate interests. “It is a falsehood that Magu placed N550 billion recovered loot into a deposit account. The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is a blatant falsehood. To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations. All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance. This can also be confirmed by other government revenue generating agencies. Funds kept in TSA account do not generate interest.” his statement reads