By our reporter| The suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on Monday fought back allegation that he re-looted interests on recovered funds describing it as ”blatant falsehood”.
The Presidential Committee on Audit of Recovered Assets (PCARA) that probed assets recovered by the EFCC from May 2015 to May 2020 indicted the EFCC under Magu of re-looting recovered loot, a development that lead to the suspension of Magu who is currently facing the Justice Ayo Salami panel.
According to NAN,the presidential panel had said the interest on the N550 billion recovered by the agency under Magu was re-looted.
But in a statement on Monday, Wahab Shittu, Magu’s counsel, who described described the claim as a “blatant falsehood”, said the recovered funds are lodged in the treasury single account (TSA) with the Central Bank of Nigeria (CBN), adding that funds in the TSA do not generate interests.
The statement read in part, “It is falsehood that Magu placed N550 billion recovered loot into a deposit account.”
“The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is blatant falsehood.
“To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.
“All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.
“This can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.”
The suspended former EFCC boss was arrested on July 6 by a combined team of security officials and is currently being interrogated by a panel headed, former president of the appeal court, Ayo Salami.
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