We’ve Recovered N738.9 Billion in Two Years’, claims EFCC

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, on Wednesday, November 8, in far away Austria, announced that the commission has recovered loots amounting to  $2.9 billion (N738.9 billion) between May, 2015 and October 20, 2017.

Mr Magu made the disclosure during the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

In a presentation titled “International Cooperation in Relation to Technical Assistance: The Nigerian Experience,” delivered by the EFCC as disclosed by its spokesperson, Wilson Uwujaren, in Abuja yesterday, November 8, the sum quoted to have been recovered was exclusive of smaller currencies in Durham, CRA and British Pound.

He informed that the commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

According to the statement,

“Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in naira.

These include the sum of $43 million recovered from Diezani Alison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts.”

It also stated that the commission had also made progress in specific cases related to late General Sanni Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal of which efforts cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.