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Recovered Vehicles Auctioned To Presidential Villa, Ministries —– Magu

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The suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, says some of the vehicles recovered by the EFCC were auctioned to the Presidential Villa, the Ministry of Humanitarian Affairs, Disaster Management and Social Development as well as the Federal Inland Revenue Services and other agencies.

He further stated that some of these agencies had not paid for the vehicles but there was an arrangement that the money would be deducted from their financial allocation.

Magu, in a letter, addressed to the Justice Ayo Salami-led panel titled, ‘Re: Alleged Case of Conspiracy, Enrichment, Abuse of Public Office and Other Infractions,’ explained how some of the recovered vehicles were auctioned.

The letter was in response to an earlier report by the Presidential Committee on Audit of Recovered Assets in which Magu was accused of being unable to account for the interest accrued to N550bn recovered funds as well as recovered vehicles and houses.

In his response to the allegations of being unable to account for recovered vehicles, Magu stated, “On allocation of vehicles to some government agencies through special auction with presidential approval. The beneficiary agencies are the Ministry of Humanitarian Affairs and Disaster Management of which the valued price is to be debited from their allocation; State House, National Commission for Refugees and Displaced Persons; Federal Inland Revenue Service and National Directorate of Employment.”

The suspended EFCC boss said about 450 other vehicles, which had been recovered, had yet to be sold despite receiving presidential approval to do so.

“The commission presently has presidential approval to dispose over 450 forfeited vehicles located in Lagos and Abuja. The vehicles have been valued by the National Automotive Council Valuers and the Federal Ministry of Works and Housing. But no sale/disposal has been conducted yet,” Magu stated.

He said some of the houses permanently forfeited to the Federal Government by looters had also been handed over to some government agencies like the Voice of Nigeria, North -East Development Commission and the Pension Transitional Arrangement Directorate.

The suspended EFCC boss explained that some other properties, which had been forfeited pending the outcome of court cases, were being rented by the Federal Ministry of Finance, the Nigerian Army and other agencies of government.

The letter further read, “Real properties finally forfeited to the Federal Government of Nigeria and allocated to some agencies for official use in line with the Presidential approval are: Voice of Nigeria, National Directorate of Employment, Ministry of Humanitarian Affairs and Disaster Management, North East Development Commission and Pension Transitional Arrangement Directorate.

“Properties under interim forfeiture order are rented by the following government agencies: Nigerian Army, Federal Ministry of Finance, Fiscal Responsibility Commission, Nigerians in Diaspora Commission and Federal Airports Authority of Nigeria.

“Other agencies of government that have approached the commission to rent properties under interim forfeiture order include the National Human Rights Commission and National Council for Arts and culture.”

Magu said the commission also temporarily handed over the property in Lagos to the Lagos State Government for use as isolation centres for COVID-19 patients.

The suspended EFCC boss attached photographs of some of the recovered assets to the letter he addressed to the panel.

However, it was learnt that an attempt by Magu’s lawyer, Wahab Shittu, to submit the letter to the panel on Monday was rebuffed.

The panel was said to have insisted that there was no basis for the letter and informed Shittu that Magu would be summoned if there was a need for clarification.

“An attempt to submit the letter to the secretary of the panel on Monday failed. Magu’s team was informed that the panel does not entertain letters but it is purely an investigative one. If there is a need for clarification, Magu would be invited,” a source said.

Magu’s lawyer did not respond to calls on Tuesday evening.

A government source, however, said the Presidency would not like to be dragged into the matter.

“Magu wrote to the panel, it is the panel that should be responding to him if the need be,” the source said.

Magu was arrested by the police on July 6, 2020, and brought before the Justice Ayo Salami-led panel which is sitting at the Presidential Villa.

He was subsequently suspended and detained for about 10 days at the Force Criminal Investigation Department, Abuja. While in custody, his house in the Karu area of Abuja was searched.

In an earlier statement and open letter titled, ‘Publications prejudicial to the proceedings of this honourable panel,’ Magu’s lawyer, Shittu, had complained that the allegations against Magu circulating on social and print media were completely false and a misrepresentation of the probe.

BIG STORY

BON Awards Hosts Memorable Book Reading Of Do As You’re Told Baji

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On November 24th, 2024, the Best of Nollywood (BON) Awards organized a captivating book reading of Do As You’re Told, Baji, authored by the renowned writer Lola Shoneyin. The event, held at 11 a.m. in Kwara State, celebrated the power of storytelling and the importance of fostering a culture of reading among families.

Among the distinguished attendees were the First Lady of Kwara State, Ambassador Olufolake AbdulRazaq, alongside notable figures such as Wole Ojo, Cynthia Clarke, Chioma Okafor, Segun Arinze, and Kemi Adekomi, who added prestige and insight to the event.

In her remarks, Ambassador Olufolake AbdulRazaq highlighted the vital role of parents in fostering a love for reading among children. “Parents should cultivate the habit of reading with their children,” she said. “It’s not just about education—it’s about creating lasting memories and strengthening family bonds.”

The reading of Do As You’re Told, Baji showcased Lola Shoneyin’s vibrant and relatable storytelling, leaving participants inspired to embrace literature as a means of cultural and personal enrichment. The event also featured engaging discussions about the book’s themes, celebrating the depth and diversity of Nigerian literature.

This initiative reinforces the BON Awards’ dedication to promoting the arts, literacy, and the celebration of Nigerian creative talents.

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BIG STORY

An Aspirant Gave Each Delegate $30,000 During PDP Primary In 2022 — Dele Momodu

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Dele Momodu, publisher of Ovation Magazine, says he regrets spending about N50 million to buy the presidential nomination form of the Peoples Democratic Party (PDP) in 2022.

Momodu spoke in a recent interview on Eden Oasis, published on Sunday.

The journalist and politician said the primary was heavily monetised, with a particular aspirant doling out $30,000 to each of the 774 delegates who voted during the election.

The politician stated that he would not vie for any party’s presidential ticket unless he is adopted as a consensus candidate.

“Experience is the best teacher. I have come to realise that there are powers that you can describe as principalities that control Nigeria,” he said.

“Unless a major political party decides to adopt me — where you have a consensus of people who say Dele Momodu is best suited to change and to lead Nigeria. Then I will consider it.

“But if I have to pick my money to buy a presidential nomination form of about N100 million… I spent about N50 million to buy the form for the last one.

“N50 million would have bought me a property. It was a waste. I didn’t get even one vote because everything was monetised.

“One of the candidates paid as much as $30,000 per delegate, and we had 774 delegates.

“So, how do you want to compete with them? They have stolen the country blind and are doing all kinds of deals to make money, especially those in the oil-rich areas.

“It is not easy. You can’t compete with them. That’s why they insult Nigerians anyhow because of the amount of money available to them in raw cash. There’s no country where people buy raw cash like Nigeria.

“The bulk of their money is not in any bank. So, they are not traceable to any bank. So, they have the money. If today you say to some politicians that you need $500 million to become a president, they will find it.

“So, people like us, where will I start from?”

Momodu was one of the presidential hopefuls of the PDP at the time. He did not secure any votes during the exercise.

Atiku Abubakar clinched the presidential ticket with 371 votes to beat his closest challenger, Nyesom Wike, now minister of the federal capital territory (FCT), who polled 237 votes.

Abubakar was defeated by Bola Tinubu of the All Progressives Congress (APC) in the 2023 presidential election.

Bukola Saraki, former senate president, scored 70 votes; Bala Mohammed, Bauchi governor, got 20 votes; Udom Emmanuel, former governor of Akwa Ibom, secured 38 votes; while Pius Anyim, former secretary to the government of the federation, polled 14 votes.

Sam Ohuabunwa, a businessman, alongside Momodu and Ayodele Fayose, the former governor of Ekiti, received zero votes.

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BIG STORY

Nigeria Has Saved $20bn From Subsidy Removal, Naira Float Policies — Finance Minister Edun

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Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from “petrol” subsidy removal and market-based pricing of the foreign exchange rate.

Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.

“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on “PMS”; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.

“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”

Edun said these flows now return into the government’s coffers for further deployment to the aforementioned sectors.

“The real change that has happened with the measures of Mr. President is that nobody can wake up and their target for the day or for the week or the month or the year is to get access to cheap funding, cheap funding exchange from central bank, which they can now flip,” Edun said.

“And overnight, they become wealthy from no value added for doing virtually nothing, except you know the right people. Similarly, they can no longer try and be part of a new peak market and very inefficient “petrol” subsidy regime as a way of making money overnight.”

On May 29, President Bola Tinubu said the “petrol” subsidy regime was over.

Three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on “petrol” as crude oil prices and foreign exchange rates soared.

After several denials of the return of “petrol” subsidy by the authorities, the Nigerian National Petroleum Company (NNPC) Limited, on August 19, said the federal government owes it N7.8 trillion for under-recovery.

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