Nigerian News At

Latest Nigeriannews at Nigerian News Read Nigerian at

EFCC Recovers N409bn Looted funds.


EFCC Chair, Ibrahim Magu revelas EFCC has recovered N409, $70M in Eight Months.


The Economic and Financial Crimes Commission (EFCC) has revealed that it has recovered a total of N409,270,706,686.75, $69,501,156.67 million, £231,118.68, €610,816.20; AED 443,400.00 and SR70,500 looted funds between January and August 2017.

The acting Chairman of the Economic and financial crimes commission Ibrahim Magu, disclosed this in Abuja Delivering a lecture on ‘Corruption and National Development: Issues, Challenges and Solutions organized by the Abuja chapter of the Finance Correspondents Association of Nigeria (FICAN) to mark its 20th anniversary.  He also revealed that 137 convictions has also been recovered within the time under review.

Magu, who was represented by the Head, Public Interface Unit, EFCC, Tony Orilade, noted that Nigeria is blessed with both human and mineral resources. But corruption has continued to hamper it’s ability to explore and exploit it’s potential to the fullest.

“To state that Nigeria has all it takes to truly be the giant of Africa is to state the obvious. We are blessed with both human and mineral resources. But, why have we been unable to explore and exploit our potential to the fullest? Corruption is no doubt at the heart of why a media house will will not pay it’s teeming staff members their salaries, despite their toil day and night to ensure the publication does not miss the light of the day.

“Corruption is the reason why our hospitals have remained in deplorable states. To put it more bluntly, the single major problem militating against our national development is corruption. Most crimes against humanity are perpetrated using the proceeds of corruption, monies obtained through illegal activities, illicit cashflows and money laundering. But we are winning the war against corruption, because the age of impunity is over. Never again would anyone be treated as sacred cow,” he said.

“As much as we are striving to fight corruption to a standstill in Nigeria, sadly it is fighting back, really hard. In the history of the EFCC’s 14 years of spearheading the fight against corruption, the fight-back has never been this serious. What won’t they do to silence the commission and it’s dutiful officials”?

He added that with the successes so far recorded by the agency, the era of impunity was over.


Leave a Reply

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