Magu reveals beneficiaries of recovered vehicles, houses, other properties

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The former Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, has thrown more light on some of the vehicles and other properties recovered by the anti-graft agency. In a letter addressed to the Justice Ayo Salami-led panel titled, ‘Re: Alleged Case of Conspiracy, Enrichment, Abuse of Public Office and Other Infractions,’ the former EFCC boss explained how some of the recovered vehicles were auctioned to the Presidential Villa, the Ministry of Humanitarian Affairs, Disaster Management and Social Development as well as the Federal Inland Revenue Services and other agencies. The Presidential Committee on Audit of Recovered Assets had accused of being unable to account for the interest accrued to N550bn recovered funds as well as recovered vehicles and houses.

He further stated that some of these agencies had not paid for the vehicles but there was an arrangement that the money would be deducted from their financial allocation.

The suspended EFCC boss said about 450 other vehicles, which had been recovered, had yet to be sold despite receiving presidential approval to do so.

“The commission presently has presidential approval to dispose over 450 forfeited vehicles located in Lagos and Abuja. The vehicles have been valued by the National Automotive Council Valuers and the Federal Ministry of Works and Housing. But no sale/disposal has been conducted yet,” Magu stated.

He said some of the houses permanently forfeited to the Federal Government by looters had also been handed over to some government agencies like the Voice of Nigeria, North -East Development Commission and the Pension Transitional Arrangement Directorate.

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