Wednesday, 20 September 2017

LOOT: We Have Recovered N409bn, $70m In Eight Months - EFCC Boss

The Economic and Financial Crimes Commission EFCC has secured 137 convictions between January and August 2017, and recovered looted funds in different currency denominations totaling N409Bn.

The acting Chairman of the anti-graft agency, Mr. Ibrahim Magu, disclosed this in Abuja at a public lecture organised by the Abuja chapter of the Finance Correspondents Association of Nigeria FICAN to mark its 20th anniversary.

The recovered monies, Magu stated, are kept in the recovery fund account of the Central Bank of Nigeria (CBN).

Delivering a lecture on ‘Corruption and National Development: Issues, Challenges and Solutions,’ the EFCC boss said corruption was the single biggest challenge facing Nigeria, adding that never in the history of the agency had corruption being fought in a manner it was being addressed by the EFCC.

He added that with the successes so far recorded by the agency, the era of impunity was over.

Magu, who was represented by the Head, Public Interface Unit, EFCC, Tony Orilade, said a lot of successes had been recorded in the fight against corruption, adding that those benefiting from corrupt practices were seriously fighting back.

"To state that Nigeria has all it takes to truly be the giant of Africa is to state the obvious. We are blessed with both human and mineral resources. But, why have we been unable to explore and exploit our potential to the fullest? Corruption is no doubt at the heart of why a media house will will not pay it’s teeming staff members their salaries, despite their toil day and night to ensure the publication does not miss the light of the day.

"Corruption is the reason why our hospitals have remained in deplorable states. To put it more bluntly, the single major problem militating against our national development is corruption. Most crimes against humanity are perpetrated using the proceeds of corruption, monies obtained through illegal activities, illicit cashflows and money laundering. But we are winning the war against corruption, because the age of impunity is over. Never again would anyone be treated as sacred cow” he said.

"As much as we are striving to fight corruption to a standstill in Nigeria, sadly it is fighting back, really hard. In the history of the EFCC’s 14 years of spearheading the fight against corruption, the fight-back has never been this serious. What won’t they do to silence the commission and it’s dutiful officials”? He queried.


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