Magu reveals how EFCC recovered looted funds in foreign currency

- The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has made some key revelations
- Magu disclosed how the commission has been recovering looted funds in hard currency
- He made the disclosure earlier today, February 9 when he appeared before the House of Representatives Committee on Financial Crimes
The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has disclosed how the commission has been recovering looted funds in hard currency.
Magu reveals how EFCC recovered looted funds in foreign currencies
EFCC boss, Ibrahim Magu
According to The Nation, Magu made the disclosure earlier today, February 9 when he appeared before the House of Representatives Committee on Financial Crimes.
He said the commission recovered N102,913,791,217.54, $8,296,313.99, GBP 29,155, £12,475, 117,004 Canadian Dollar, 806.50 Dirham, 5,000 Francs and 2,000 Rupee as proceeds of crime between January and December 2016.
He also confirmed the recovery of $9.750 million and £750,000 from a residence in Kaduna state recently, adding that N1.25 billion was recovered from a public servant a fortnight ago.
The EFCC boss appeared before the committee led by Honourable Kayode Oladele for the commission's 2016 budget appraisal and 2017 budget defence.
According to a document submitted by Magu to the committee, out of the 37 accounts frozen/forfeited, six banks are yet to provide relevant information on the amount accrued into the suspected accounts during the period under review.
The commission, according to him, secured 135 convictions last year.
He said 46 of the convictions were from Lagos zone, 30 from Abuja, 22 from Port Harcourt, 19 from Kano, 15 from Enugu, and three from Gombe.
Meanwhile, a former Katsina state governor, Dr Ibrahim Shema has accused his successor, Governor Aminu Masari of masterminding his recent ‘abduction’ by the Economic and Financial Crimes Commission (EFCC).
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