President Muhammadu Buhari says all those found culpable in the Ikoyi cash scandal will be punished.

The president said this while receiving a report of the panel established to review the operational, technical and administrative structure of the National Intelligence Agency (NIA).

Buhari described the discovery of monies in the flat as ‘‘unfortunate incident which rightly aroused public interest and outcry”.

The Economic and Financial Crimes Commission (EFCC) had uncovered $43, 449, 947, £27, 800 and N23, 218, 000 at Osborne Towers, Ikoyi, Lagos, in April.

Buhari said those found guilty would be made to give an account of the discovered monies.


‘‘All the circumstances surrounding the obtaining, keeping custody and disbursement of the funds have been examined by the vice-president’s committee and all those found to be culpable will be made to account and appropriately sanctioned,” he said.

‘‘However, it must be understood that this cannot be done in a manner that jeopardises national security or exposes the operations of any intelligence agency, which must, by nature be conducted in secrecy.

‘‘Suffice it for me to assure all that justice will be done consistent with our anti-corruption policies.”

The president commended the presidential review panel on NIA led by Babagana Kingibe, former minister of foreign affairs, for completing their assignment expeditiously.

He expressed hope that the recommendations of the panel and that of an earlier committee headed by the vice- president would assist government in improving the operations of the NIA and the overall national security architecture.

‘‘Your panel’s recommendation, informed as they are by your collective experience and expertise in this field, should in particular help to reposition the NIA to better perform its vital functions with greater professionalism,” he said.

“The Osborne Tower incident and its aftermath has also brought to the fore the need to review the entire National Security Architecture, which has now been in operation as established 31 years ago.

‘‘Once again, I thank you very much for undertaking this national assignment.”

Vice- President Yemi Osinbajo was present at the presentation of the report by the panel.

The Cable NG