The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, yesterday, told the House of Representatives Committee on Public Accounts and Finance that the Commission does not generate revenue or get any percentage on assets recovered or forfeited to government.

“All recoveries by the Commission are paid into the consolidated revenue Fund account after due processes had been followed,” he added.

In a statement yesterday in Abuja, Magu made the clarification while responding to issues raised by the committee regarding revenue generation by the Commission and assets recovered or forfeited to the government through its efforts.


The EFCC boss was at the House to present report on financial activities of the Commission covering 2015 and this year to the Committee.

Magu, while praying for a united front said: “We are partners in progress, as our roles are intertwined. This is the first time EFCC is appearing before the Committee and we are ready not only for our weaknesses to be exposed, but also to support the Committee in any area of assistance needed to move the country forward.”

He stated that the hearing was a good step in the right direction, as it would help put government agencies on their toes and further reduce the burden of work of the EFCC.

Magu added that the EFCC would create a desk to deal with enquiries raised by the Committee and also provide avenue for dealing with issues expeditiously.

Chairman of the Committee, Kingsley Chinda, commended the EFCC for its prudence and commitment to the fight against corruption.

Chinda, while explaining the responsibilities of the Committee, said: “We are looking at monies entrusted to public agencies, including EFCC, to see the extent the funds have been utilised and what value it had added to the Nigerian society.”

He said the EFCC and the National Assembly have crucial roles to play towards ensuring transparency and accountability in the handling of government funds and for the fight against corruption to be won.

Some of the 46-member committee present at the sitting include Dutse Abdullahi, Babatunde Kolawole, T. J. Yusuf, Rimande Shawulu and Jisalo Zaphaniah, with representatives of the office of the Auditor General of the Federation and Accountant General of the Federation, as well as top management staff of the Commission.

The Guardian NG