The Acting Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has disclosed that the anti-graft body recovered N473.065 billion in 2017.
Magu made the disclosure while defending the commission’s budget proposals for 2018 and review of 2017 performance before the House of Representatives Committee on Financial Crimes.
He said some of the funds were recovered in foreign currencies, including $98.2m; £294 ,851; Dirham 443,400 ; and South African Rand 70,500.
Magu said part of the funds was recovered from former Petroleum Minister, Diezani Alison-Madueke, who recently forfeited N32 billion $5 million to the Federal Government.
Giving an insight into major funds recovery operations, he said: “ Recovery and final forfeiture of N 449 m discovered at Legico Plaza in Victoria Island, Lagos . Final forfeiture of $ 43 m discovered in the Osborne Towers , Ikoyi , Lagos ; recovery of over N 329 bn from petroleum marketers by the commission ’ s Kano office ; withholding tax recovery of over N 27. 7 bn from banks ; recovery of over € 6 . 6 m from the Nigerian Port Authority ; recoveries of about N 1 . 1 bn on behalf of AMCON and recovery of subsidy fraud of over N 4 bn . ”
Magu said the anti-graft body was proposing to spend N21.2 billion in 2018, up from N17.2 billion it budgeted in 2017.
However, members of the Kayode Oladele (APC – Ogun State)-led committee expressed concerns over perceived lopsidedness in the appointment of the commission’s personnel, saying the South South and South East were not adequately represented.