The embattled former Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has been accused of being unable on to account for 332 recovered assets.
According according to a report of the presidential committee on audit of recovered assets, Ibrahim Magu was unable to account for the real estate properties out of a total number of 836 recovered assets.
The report further noted massive waste and deterioration of official properties, including vehicles belonging to the EFCC due to poor maintenance.
The panel further accused Magu of allowing recovered real estate to go to waste. Many of them lack maintenance and have been left lying fallow for the last 15, years thereby diminishing their economic value.
Excerpts from the report read;
“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 also revealed that the few consultants hired by the commission to help preserve the assets did not do their job and the EFCC itself lacked the capacity to maintain recovered properties.
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Magu was also accused of lying to the committee on the exact number and types of real estate assets recovered by the commission.
“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. The report said further.
“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 panel also revealed that the EFCC lacked internal control mechanisms under Ibrahim Magu, and Zonal offices of the commission refused to accurately report recovered assets and monies.
The embattled former chairman was also accused of failing to follow the rules and regulations on the management of recovered assets by selling off some of properties without due process.
“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.
The report accused Magu and other top EFCC officials of secretly enriching themselves from the illegal sale of recovered assets.
“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 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 concluded.