Magu counters presidential panel, says recovered funds don’t generate interest
The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has countered presidential panel’s allegation of looting interests of recovered funds, says allegations that the Commission under him re-looted interests on the funds recovered from looters, is false.
Recall that the Presidential Committee on Audit of Recovered Assets (PCARA) over the weekend alleged that the interest generated on the N550 billion recovered from looters have been re-looted under Magu
The panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020.
Reacting to the allegation, Wahab Shittu, the counsel of Ibrahim Magu on Monday, July 13 in a statement described the allegation as a ”blatant falsehood”.
According to the embattled chairman, recovered funds are lodged in the treasury single account (TSA) with the Central Bank of Nigeria (CBN), adding that funds in the TSA do not generate interests.
“It is falsehood that Magu placed N550 billion recovered loot into a deposit account. The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is blatant falsehood.
To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.
All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.
This can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.” his statement reads.