Wednesday, 30 August 2017

Nigeria has failed in the war against corruption - Magu

The chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, has described the war on corruption in Nigeria as almost lost, saying a lot needs to be done to revive it.

Speaking with journalists at a luncheon in Abuja on Wednesday, Mr. Magu said corruption was fighting back.
“The way we are going we have already failed. I am telling you we have almost failed. It is almost lost. The battle against corruption is not only evil, it is a poison,” the chairman said.
He however added that despite the challenges, a lot of successes had been recorded by the commission, between January and August 2017.
“Regardless of the challenges that we have faced and continue to face, I am happy to report that we are making progress,” he said.
“Many of you are aware of the achievements that we have recorded in the fight against corruption especially in the area of assets recovery. Two days ago, we got the court to forfeit to the Nigerian Government a sum of N7.6 billion which was hidden in a Nigerian bank by former petroleum resources minister, Diezani Alison-Madueke.
“Two weeks earlier, another court issued a temporary forfeiture order to seize properties worth Twenty One Million, Three Hundred and Ninety Two Thousand, Two Hundred and Twenty Four Thousand Dollars  ($21,392,224) belonging to the same former minister. Those properties are awaiting final forfeiture.
“Over a month ago, the Commission recovered over N329 billion from a group of oil marketers for the Nigerian National Petroleum Corporation. These are major recoveries from a sector of the economy. But to give a holistic picture of the aggressive drive to recover stolen wealth, I have the pleasure to report that the Commission between January and August 30, 2017 recorded the following monetary recoveries:
“Four Hundred and Nine Billion, Two Hundred and Seventy Million, Seven Hundred and Six Thousand, Six Hundred and  Eighty Six Naira, Seventy Five Kobo (N409, 270, 706,686.75); Sixty Nine Million, Five Hundred and One Thousand, One Hundred and Fifty Six Dollars, Sixty Seven Cents ($69, 501,156.67); Two Hundred and Thirty One Thousand, One Hundred and Eighteen Pounds, Sixty Nine Shillings (Pounds 231,118.69; Six Hundred and Ten Thousand, Eight Hundred and Sixteen Thousand, Twenty Euros (Euro 610,816.20); Four Hundred and Forty Three Thousand, Four Hundred Dirham (Dirham 443,400.00 and (Seventy Thousand, Five Hundred Saudi Riyal (SR70, 500.00).

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