Connect with us

BIG STORY

Magu Didn’t Account For N47.8b, Linked With BDC With 158 Accounts, Gave Falana N28m — Probe Panel

Published

on

The suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, may be facing fresh cases of alleged re-looting of funds recovered by the commission as well as bribery.

The News Agency of Nigeria reports that Magu is currently being interrogated by a presidential probe panel headed by retired Justice Ayo Salami over allegations of mismanagement and lack of transparency in managing recovered assets by the EFCC.

A final report of the Presidential Investigation Committee on the EFCC Federal Government Recovered Assets and Finances from May 2015 to May 2020, obtained by NAN, had seriously indicted and implicated Magu on various allegations levelled against him.

The investigative committee terms of reference were to:

Investigate, verify, and review the recommendations of the Presidential Committee on Audit of Recovered Assets as it relates to the EFCC, with a view to ascertaining the complicity or otherwise of the Ag. Chairman, Ibrahim Magu, in the mismanagement of the assets recovered by the Commission;
Identify Avenues through which the recovered assets are dissipated and seized, recovered, forfeited (Interim and Final) assets are valued, managed, disposed, and/or mismanaged with a view to ascertaining compliance or otherwise with extant laws, regulations, processes and procedures.

Review the existing procedures on the Management of the seized, recovered, and Forfeited assets (interim and final) and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets.

Determine whether assets recovered during his tenure, whether locally in Nigeria or abroad, are being kept safely in a manner as to preserve their original value and determine:-

Whether all the assets could be properly accounted for by the Ag. Chairman.

To confirm if any of the assets have been diverted to the benefit of the Ag. Chairman, his family, relation, friends, or favoured staff.

To recover any such diverted assets and return back to the EFCC or appropriate government agency.

The committee was also to investigate and report on corruption and money laundering allegations involving Magu and Bureau De Change operators, as well as some of his associates; as per the intelligence reports and petitions.

It was to audit the Assets and Finances of the EFCC as a legal entity from 2015 to 2020, with a view to establishing compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.

However, new facts have emerged on how interest rates accruing from N550 billion recovered by the EFCC in the period under review were allegedly re-looted.

Magu is now expected to disclose the whereabouts of the missing interest funds running into millions of naira.

NAN also observed that the Final Report of Presidential Committee on Audit of Recovered Assets that covered the period of May 29, 2015, to November 22, 2018, had also confirmed the concerns of the public about contradictory recovery figures emanating from Magu.

The report said: “It is quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds

“For Foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the naira equivalent of the foreign currency lodgements were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

“These inconsistencies cast serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.

“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgements were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgement exceeded its reported recoveries by N39,357,608,119.43.

“It must be pointed out that the discrepancy of more than thirty-nine billion naira does not include interest accrued in this account since it was opened.

“It, therefore, cast serious doubt on the credibility of the figures and means that a substantial amount of money has not been accurately accounted for.

“Failure to report on the interest on actual lodgements clearly establishes that interest element of over N550 billion has been re-looted relating to the period under review.

“This is an apparent case of manipulation of data in a very brazen and unprofessional manner and this has greatly eroded the public confidence in the anti-corruption efforts.”

NAN also reports that the PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit exposed acts of corruption and money laundering against some EFCC officials, including Magu.

The report added: “The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.

“The report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of funds.

“The link to Magu was also established by the payment of N28 million to FALANA who is a close associate and ally of the Acting Chairman.”

NAN reports that the Salami probe panel is expected to continue sitting on Monday while Magu’s lawyer, Oluwatosin Ojaomo, had on Friday applied for an administrative bail for his client, who is facing corruption and other charges before the panel.

NAN.

BIG STORY

Presidency Releases Footage To Back Claim On Maersk’s $600m Investment [VIDEO]

Published

on

The presidency, on Wednesday, released a video to back its claim on securing a $600 million investment commitment from A.P Moller-Maersk, a Danish shipping company.

The minister of industry, trade, and investment, Doris Uzoka-Anite, was informed in the video by Keith Svendsen, chairman of APM Terminals, that the corporation and its partners will invest $500 million, or half a billion dollars, in the Apapa ports.

Maersk’s subsidiary APM Terminals oversees container terminal operations and offers comprehensive inland and cargo services.

The video, which shows the minister, Svendsen, and other participants in the meeting, was uploaded on X formerly known as Twitter on February 9.

“We just finished the upgrading of Onne facility to meet world-class capabilities. So we invested over $100 million there,” Svendsen had said at the meeting.

“Our proposal is to upgrade the Apapa port facility with our partners there and invest half a billion ($500 million) in upgrading the facilities.”

In a statement on April 28, Ajuri Ngelale, special adviser to the president on media and publicity, said Nigeria secured a $600 million investment commitment from Maersk to expand existing ports infrastructure in the country.

Ngelale had said Robert Uggla, chairman of A.P Moller-Maersk, made the investment commitment during a meeting with President Bola Tinubu on the sidelines of the World Economic Forum (WEF) in Saudi Arabia.

However, in a report by Lloyd’s List on April 29, officials of the logistics firm said no $600 million investment deal was signed with the Nigerian government.

The officials of the company, according to the publication, said such a deal does not exist.

“Maersk has been present in Nigeria for 35 years and, as a global provider of logistics services, we remain committed to develop opportunities for growth to people, the port sector and businesses locally,” the company told Lloyd’s List.

“Therefore, it is natural to have an ongoing dialogue with the administration. However, we are not able to comment on any investment talks.”

Reacting to the development on May 1,  Bayo Onanuga, special adviser on information and strategy to the president, also said no agreement was signed between the federal government and Maersk.

Citing Maersk’s statement, Onanuga said the company was unable to comment on investment talks, stressing that it did not also expressly deny that there was an investment discussion.

Continue Reading

BIG STORY

14-Yr-Old Nigerian Boy Killed With Sword On London Street

Published

on

The teenager who died in Tuesday’s horrifying attack in east London has been identified by London’s Metropolitan Police, and he is Nigerian!

Fourteen-year-old Daniel Anjorin, a British-Nigerian, lost his life after he and two police officers were stabbed in an east London street attack by a guy brandishing a sword.

One male, age 36, has been taken into custody on charges of killing someone.

An injury to a 33-year-old man occurred when the suspect’s van collided with a Laing Close property, according to an official statement from the Metropolitan Police.

Subsequently, the suspect physically assaulted the victim, causing a wound to his neck.

Additionally, a 35-year-old man suffered lacerations to his arm during an assault inside a neighboring residence.

The Metropolitan Police have stated that although both victims’ injuries are serious, they are not considered to be life-threatening.

After this, the suspect proceeded to attack Anjorin.

“It is with great sadness that one of those injured in this incident… has died from his injuries,” Chief Superintendent Stuart Bell of London’s Metropolitan Police told reporters at the scene.

“He was taken to hospital after being stabbed and sadly died shortly afterwards.”

According to Buckingham Palace, King Charles III expressed disbelief at the stabbings and praised the bravery of the emergency services.

“His thoughts and prayers are with all those affected, particularly the family of the young victim who lost her life,” a spokesperson said.

Prime Minister Rishi Sunak said in a post on his X account that “such violence has no place on our streets.”

In an interview with LBC, Sir Mark Rowley, the Metropolitan Police commissioner, said: “The first thing to say is to the parents involved, that they lost their 14-year-old son, and that is just horrible, and it is La everyone’s worst nightmare.

“I’m sure we’re all thinking about them.”

On the other hand, Holy Family Catholic School, where the teenager’s mother works, issued a statement.

“It is with great sadness that I share with you the news of the death of the son of one of our staff members.

“Please keep Mrs. Anjorin, her husband and her other children in your prayers.”

One resident, who asked AFP not to be identified, recounted the experience of hiding behind a window while the suspect was outside her house, shouting: “Do you believe in God?” in the police.

“We were very scared and we were trying to hide and not show ourselves through the window because he was standing right next to our house and he could have seen us if he had looked up.”

Continue Reading

BIG STORY

86 Rooms Where Tenants Paid N250,000 A Year Found Under Dolphin Estate Bridge [PHOTOS/VIDEO]

Published

on

The government found 86 divided rooms, measuring 10 by 10 and 12 by 10, beneath the Dolphin Estate Bridge in Ikoyi, Lagos Island, according to Tokunbo Wahab, the commissioner for environment and water resources for Lagos State.

The improvised flat beneath the bridge is reportedly rented for N250,000 annually by tenants.

Wahab, on Wednesday, posted videos along with this information On X (formerly known as Twitter)

He went on to say that all of the constructions beneath the Dolphin Estate bridge had been successfully removed by the enforcement team of the Lagos State Ministry of Environment and Water Resources, including a container used for criminal activity.

Sharing videos he wrote, “A total number of 86 rooms, partitioned into 10×10 and 12×10, and a container used for different illegal activities were discovered under the Dolphin Estate Bridge.

“They have all been removed by the enforcement team of the Lagos State Ministry of the Environment and Water Resources”

A Special Adviser to Governor Babajide Sanwo-Olu, Kunle Rotimi-Akodu, further confirmed the eviction of squatters from beneath the bridge towards Dolphin Estate in Ikoyi over illegal settlement and environmental violations.

Rotimi-Akodu mentioned that 23 individuals were arrested during the eviction, which was carried out by officials of the Lagos State Environmental Sanitation Corps, popularly known as KAI on Tuesday.

He wrote, “Squatters dwelling under the bridge leading from inward Dolphin Estate, Ikoyi were evicted today Tuesday, 30th of April, 2024 by officials of the Lagos State Environmental Sanitation Corps LAGESC (aka KAI).

“These people created their illegal settlement under the bridge, thereby exposing the critical infrastructure to impending destruction. 23 persons have so far been arrested and MoE/KAI will continue to monitor the place. The law will take its course.”

He also confirmed that the bridge has hitherto housed 86 rooms, partitioned into 10×10 and 12×10 with squatters paying an average rent of N250,000 per annum.

“Continuation of the removal of abode under Dolphin bridge. 11 more persons were arrested. It is important to note that wood materials were used to construct the shelters, some occupants used gas cylinders, and some had stored fuel for their generators, these are recipes for disaster,” he added.

Continue Reading

Most Popular