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Magu opens up on ‘N550b missing interest’, denies allegations

The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu has denied the allegation that he failed to account for the interest in the N550 billion recovered fund kept in the Central Bank of Nigeria (CBN) custody.

It would be recalled that the Final Report of Presidential Committee on Audit of Recovered Assets, PCARA, surfaced at the weekend and revealed the interest rates accrued from N550 billion recovered by the EFFC within the period of May, 2015 and May 2020.

The report read: “Failure to report on the interest on actual lodgments clearly establishes that interest element of over N550 billion has been re-looted relating to the period under review.”

However, in a statement by his lawyer, Wahab Shittu on Sunday, Magu said no interest generated from such recovered fund kept with the CBN.

The statement further added, “It is falsehood that Magu placed N550 billion recovered loot into a deposit account.”

The lawyer in his statement also asserted that all recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN) saying such recovered funds do not generate interest.

“This is elementary and can be verified from the CBN and the federal ministry of finance, it can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.” He added.

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