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In The News: Magu says $217.7b was looted in Nigeria between 1970 and 2008

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has disclosed that $217.7 billion was the total money stolen in Nigeria in 38 years.

The anti-graft agency boss revealed this during the third annual conference of the Online Publishers Association of Nigeria (OPAN), held on Wednesday in Abuja.

According to Magu who was represented by the EFCC spokesman, Tony Orilade, Nigeria constituted about 30.5 per cent of Africa’s total share of illicit financial outflow.

He said: “In February 2015, a High-level panel on illicit Financial Flows from Africa constituted by the African Union under the chairmanship of the former President of South Africa, Thabo Mbeki, revealed that Nigeria ranked first among 10 African countries by Cumulative Illicit Financial flows between 1970 and 2008.

“The total outflow from Nigeria for the period was $217.7 billion, constituting about 30.5 per cent of Africa’s total share.”

Magu also stated that the investigation, arrests, prosecution and asset recoveries undertaken by the anti-graft body over the years confirmed that the level of corruption in Nigeria was truly staggering.

“The various investigations, arrests, prosecution and asset recoveries we have been undertaking at the EFCC over the years have confirmed to us that the level of corruption in Nigeria us truly staggering.

“Thus horrible and inhuman crime is being perpetrated by individuals and groups in both the private and public sectors all over the country.

“The latter include serving and defunct state governors, cabinet ministers, high ranking officers, chief executives of parastatals, and top bureaucrats in the state and federal government agencies.

“The alarming rate of corruption committed by these unpatriotic elements can be partly seen in the number of convictions secured by the EFCC from Nigerian courts since I assumed duty as the head of the Commission in 2015.

“The figure stands at 103 in 2015, 195 (2016), 189 (2017) and 312 for the period January to November 2018.
“The total figure for the period January 2015 to 2018 is a mind blowing 799 convictions.

“In the process of such convictions, the EFCC recovered: N794.5 billion, $261 million, £1.1 million, 8.1 million euro and CFA 86,500.

“Other recoveries under my tenure include: Seized 407 mansions, 281 under interim forfeiture and 126 under final forfeiture.

“Confiscated hundreds of filling stations, petroleum products, real estate, heavy machineries and investment shares.
“Seized 87 lands, 56 under interim forfeiture and 42 under final forfeiture.”

The conference, which held at Sandralia Hotel, Jabi, Abuja, was sponsored by UBA, The Dickens Sanomi Foundation, Access Bank, Fidelity Bank and First Bank of Nigeria.

Tribunal (CCT/ABJ/1/19 – Federal Republic of Nigeria v Hon. Justice Walter Onnoghen Nkanu Walter Samuel.

“These accounts are: Account number 5001062683 (euro) Standard Chartered Bank; 5001062683 (pounds); 0001062650 (dollar); 0010626667 (naira), and 5001062683 (naira).”


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