Acting chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu yesterday said that the commission recovered N896 billion in 2017. Magu gave the breakdown of the recovery as; N473,065,195,977.50; $98,258,124.97; GBP 294,851.82; €7,247,363.75; Dirham 443,400 and South African Rand 70,500, respectively between January to December, 2017. Magu disclosed this during when he appeared before the House of Representatives Committee on Financial Crimes. He also expressed delight over the financial and operations autonomy of Nigerian Financial Intelligence Unit (NFIU) with the approval of Budget Office of the Federation and Accountant General of the Federation. Other funds recovered by the Commission include: GBP 294,851.82; Dirha 443400 and 70,500 South African Rand within the period under review. According to the submission made by the commission, final forfeiture of N32 billion and $5 million was recovers from Diezani Allison-Madueke, former Minister of Petroleum Resources; recovery and final forfeiture of N449 million at Legico Plaza in Victoria Island, Lagos and final forfeiture of over $43 million discovered in Osborne Towers, Ikoyi, Lagos. Others include: Recovery of N329 billion from petroleum marketers by the Commission’s Kano office; withholding tax recovery of over N27.7 billion from banks; €6.6 million recovered from Nigerian Ports Authority; recoveries of about N1.1 billion on behalf of AMCON; recovery of subsidy fraud funds of over N4 billion. Magu, however, assured that independence of Nigerian Financial Intelligence Unit (NFIU) would not be compromised. “In the course of the outgoing financial year, the NFIU was granted self accounting status by both the Office of the Accountant General of the Federation and the Budget Office. Effective date of implementation is 1st January, 2018,” he said. While expressing concern over the delay in the release of funds for the discharge of the commission’s activities, Magu lamented that the “delayed and irregular release of the overhead component of the recurrent vote affected the commission’s investigation and prosecution activities especially in the zones.” Out of the total sum of total sum of N17,202,253,360 appropriated in 2017, only N11,737,492,342.07 (68%) has so far been released out of which N9,759,277,008.53 has been utilized. From the sum of N7,127,316,354 appropriated for personnel, N6,533,373,324 was released; from N3,000,713,298 appropriated for overhead only N1,667,007,163.70 has been released while from N7,074,223,708 appropriated for capital expenditure, only N3,537,111,853.87 was released to the commission.
From:leadership online news