How $217 billion was carted away in Nigeria — Magu

The Acting chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has disclosed how $217 billion was transfered illegally from Nigeria to foreign countries in 38 years.

Magu made this known during annual conference of Online Publisher Association of Nigeria (OPAN).

Magu who was represented by the agency’s spokesman, Tony Orilade explained that between 1970 -2008 Nigeria contributed to 30.5 percent of illicit financial flows in Africa.

Magu said, “In February 2015, a High-level panel on illicit Financial Flows from Africa constituted by the African Union (AU), under the chairmanship of the former President of South Africa, Thabo Mbeki, revealed that Nigeria ranked first among ten 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 % of Africa’s total share.”

He added that ,”The total figure for the period January 2015- 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

“Seized 259 automobiles, 35 under interim forfeiture and 224 under final forfeiture.”

Speaking on Corruption allegation against Governor of Kano state, Abdullahi Ganduje, Magu said the investigation on the matter is still ongoing adding the agency will only infirm the public when it is ready to prosecute him.

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