By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Magu Failed to Remit N48bn, Sold Seized Assets to Associates – Panel
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Magu Failed to Remit N48bn, Sold Seized Assets to Associates – Panel

News

Magu Failed to Remit N48bn, Sold Seized Assets to Associates – Panel

Tare Magbei
Tare Magbei
Published: June 15, 2025
Last updated: June 15, 2025
5 Min Read
Share
Magu Failed to Remit N48bn, Sold Seized Assets to Associates - Panel | Daily Report Nigeria
SHARE

Former Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu has been found wanting after failing to remit N48 billion of recovered loot.

This formed part of discoveries made by the presidential panel that probed Magu and as contained in its final report.

The panel led by Ayo Salami also said the former EFFC boss abandoned 14 fraud cases involving N118 billion and $309 million.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

The panel was set up to probe activities of the anti-graft agency from May 2015 to May 2020 when Magu was in charge of the agency.

The Cable reports that the complete report has been submitted to the office of the secretary to the government of the federation, with a panel to develop a white paper from the report to be set up.

Magu was accused of mishandling recovered loot and sold seized assets to close associates.

The report reviewed both written and oral testimonies of over 100 witnesses, having overtaken nationwide physical verification of recovered forfeited assets, comprising real estate, automobiles, vessels and other non-cash as well as cash assets.

The review of the report of the Presidential Committee on Audit of Recovered Assets (PCARA) appeared to show that the anti-graft commission gave contradictory figures on the total number of recovered real estate.

“The EFCC under the watch of the suspended Ag. Chairman in its submission to PCARA reported N46,038,882,509.87 as being the foreign currency equivalent recovered by the commission between May 29, 2015, and November 22, 2018,” the report stated.

“The EFCC, however, only produced evidence of lodgements of thirty-seven billion, five hundred and thirty-three million, seven hundred and sixty-four thousand, one hundred and ninety-five naira, sixty-six kobo (N37,533,764,195.66), leaving a shortfall of eight billion, five hundred and five million, one hundred and eighteen thousand, three hundred and fourteen naira, twenty-one kobo (N8,505,118,314.21).

“The EFCC reported to PCARA a total naira recovery of five and four billion, one hundred and fifty-four million, one hundred and eighty-four thousand, seven hundred and forty-four naira, four kobo (N504,154,184,744.04); the actual bank lodgement of the naira recoveries was, however, five hundred and forty-three billion, five hundred and eleven million, seven hundred and ninety-two thousand, eight hundred and sixty-three naira, forty-seven kobo (N543,511.792,863.47).

“That EFCC failed to produce before PCARA the evidence/record of the difference of thirty-nine billion, three hundred and fifty-seven million, six hundred and eight thousand, one hundred and nineteen naira, forty-three kobo (N39,357,608,119.43).

“The EFCC, in its returns on non-cash assets, made to the president on April 7, 2017, declared 836 as the total number of recovered real estates, while in its first and second returns to PCARA, it rendered contradictory figures of 339 on 13/12/2017, leaving a difference of 497 and 504 on 9/3/2018, with a difference of 332.”

In addition, the panel alleged that Magu abandoned multi-million dollar fraud cases involving high-profile individuals and transferred some officials of the commission investigating the cases.

He was also accused of disobeying court orders and presidential directives.

“Between 2016 and 2019, fourteen (14) procurement fraud cases involving N117,972,209,035 and $309,151,419 were abandoned under Mr Ibrahim Magu’s watch,” the judicial commission said.

“The commission observed from its findings that prosecutorial decisions by Ibrahim Magu on case files were based on his personal whims, as against the law and facts. The commission also notes the prevalence of widespread corruption, abuse of power and pervasive impunity in the running of the EFCC.”

Wahab Shittu, Magu’s lawyer, declined to comment on the report when contacted by TheCable “because I cannot talk on a report I have not seen”.

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:EFCCTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

WAFCON 2024 Kicks Off in Morocco as Twelve Nations Battle for African Glory | Daily Report Nigeria
WAFCON 2024 Kicks Off in Morocco as Twelve Nations Battle for African Glory
Sports
Nigeria Immigration Declares Amnesty for Foreigners With Expired Visas | Daily Report Nigeria
Nigeria Immigration Declares Amnesty for Foreigners With Expired Visas
Business
PDP Reconciliation Chairman Quits Party, Joins ADC | Daily Report Nigeria
PDP Reconciliation Chairman Quits Party, Joins ADC
Politics
PDP Faces Deepening Crisis as Wave of Defections Hits Party | Daily Report Nigeria
PDP Faces Deepening Crisis as Wave of Defections Hits Party
Politics
Esther Kolawole Clinches Gold at Spanish Wrestling Grand Prix | Daily Report Nigeria
Esther Kolawole Clinches Gold at Spanish Wrestling Grand Prix
Sports

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Primary: Money Didn’t Give Atiku Victory – Lamido | Daily Report Nigeria
Politics

Primary: Money Didn’t Give Atiku Victory – Lamido

June 15, 2025
BREAKING: INEC Fixes Date For Supplementary Guber, Assembly Elections | Daily Report Nigeria
News

BREAKING: INEC Fixes Date For Supplementary Guber, Assembly Elections

June 13, 2025
Sunday Igboho released
News

BREAKING: Anxiety As Igboho’s Extradition Hearing Holds Today

June 13, 2025
The Effect Of Party Lines in Executing Good Governance | Daily Report Nigeria
News

The Effect Of Party Lines in Executing Good Governance

June 13, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?