EFCC Reveals Amount Of Recovered Loot In 2017

The Economic and Financial Crimes Commission, EFCC revealed to the national assembly that it has recovered about N511.9 billion in 2017. According to the chairman of the commission Ibrahim Magu more than N473 billion, $98 million, €7 million, and £294,000 among others.

This was revealed at the agency’s budget defence session organized by the House of Representatives committee on financial crimes.

The anti-graft chief also told the lawmakers that part of the monies recovered in 2017 included N32 billion and $5 million forfeited to the federal government by former Minister of Petroleum Resources, Alison Madueke.

Others forfeited are N449 million discovered at a plaza in Lagos, $43 million discovered in an apartment in Ikoyi area of Lagos, N329 billion from petroleum marketers in Kano while withholding tax of over N27.7 billion was retrieved from banks.

Other recovered monies include the Nigerian Ports Authority recovery of €6.6 million, recovery of about N1.1 billion on behalf of AMCON, and the recovery of subsidy fraud funds more than N4 billion.

He also said the breakdown of the total recovery has been sent to the National Assembly.

The anti-graft agency had last year at a conference of the state parties to the United Nations Convention Against Corruption held in Vienna said it recovered loots totalling N738.9 billion or $2.9 billion between May 2015 and October 20, 2017.

The commission said it made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The committee is headed by Kayode Oladele (Ogun – APC).