For days now, the Nigeria media has consistently reported about the arrest and detention of former EFCC Boss, Magu. Finally, the Presidential Committee on Audit of Recovered Assets (PCARA) has released its own report on how Ibrahim Magu led the Economic and Financial Crimes Commission (EFCC) before being suspended as the agency’s acting chairman. 

Read the report below:

“The blatant display of arrogance and acquisition of illicit wealth has turned the EFCC into a glorified police station. 

“Despite massive recruitment of officers and men in recent years the (suspended) acting chairman at the EFCC, he is still seconding police officers to the EFCC because he is comfortable with his fellow officers to carry out his illicit activities.

“He does not have any exit strategy for the police even though the EFCC officers are more experienced in the investigation of economic and financial crimes.”

“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 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.”

“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.”

“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. 

“However, in its 1st Returns to PCARA on 13/12/2017, EFCC short-changed the system and gave the figure of 339 therefailing 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 therebridging the gap to 332 property.’’

“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 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.”