‘NAN lied, Presidential panel never questioned Magu on re-looting of recovered fund’

0
602
presidential panel

‘NAN lied, Presidential panel never questioned Magu on re-looting of recovered fund’

Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), says allegations that he re-looted interests on recovered funds is false.

Speaking through his counsel, Wahab Shittu, the former Chairman of the anti-graft agency described the claim as a “blatant falsehood”.

The News Agency of Nigeria, NAN earlier reported that the Presidential Committee on Audit of Recovered Assets (PCARA) indicted the EFCC under Magu of re-looting recovered loot.

The panel probed the federal government assets recovered by the EFCC from May 2015 to May 2020.

According to NAN,the presidential panel had said the interest on the N550 billion recovered by the agency under Magu was re-looted.

But in a statement, Wahab Shittu, Magu’s counsel, described the claim as a “blatant falsehood”.

He said the 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 statement read.

“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.”



Add 0802 030 1137 to receive SKYTREND NEWS alerts on whatsApp;
For adverts enquiries, call or whatsapp 0802 030 1137,
Send Articles & News Stories To editor@skytrendnews.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?