The Presidential Committee on Audit of Recovered Assets have accused the embattled former acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu of turning the anti-graft agency into a glorified Police station and unable to account for 332 recovered real estate properties.
The suspended acting Chairman Ibrahim Magu, has allegedly been accused of turning EFCC into glorified police station’ for alleged selfish motives. Magu was also unable to account for 332 recovered asset.
The Presidential Committee on Audit of Recovered Assets [PCARA] panel which was set up by President Buhari to look into the activities of the EFCC under Magu, alleged that he seconded police officers to EFCC officials in spite of the massive recruitment of police officers, carried out by the commission in recent years.
The report partly read;
“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 by 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.”
The report added;
“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 by 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.”
The “massive wastage and deterioration” of physical assets (including landed property, cars and vessels recovered by the EFCC due to poor management were also highlighted in the report.
Magu is currently being interrogated by a panel headed by Ayo Salami, former president of the appeal court. He has been accused of not being transparent in managing assets recovered by the commission.
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