EFCC gets no share on assets recovered- Ibarhim Magu

EFCC gets no share on assets recovered- Ibarhim Magu
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EFCC gets no share on assets recovered- Ibarhim Magu

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, on Wednesday, April 25th told the House 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

Magu made the clarification while responding to issues raised by the committee regarding revenue generation by the Commission as well as assets recovered or forfeited to the government through its efforts.

The EFCC boss was at the lower chamber to present report on financial activities of the Commission covering 2015 and 2018 to the House Committee on Public Accounts and Finance.

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 to support the Committee in any area of assistance needed to move the country forward".

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

Kingsley Chinda, Chairman, House Committee on Public Accounts and Finance, 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 utilized and what value it had added to the Nigerian society”.

According to him, the EFCC and the National Assembly had crucial roles to play towards ensuring transparency and accountability in the handling of government funds, and for the fight against corruption to be won.

Documents presented at the sitting include: Background Review Document on the Activities of the EFCC submitted to the House of Representatives on Public Accounts, 2018; Detailed Financial Information; List of Capital Projects Executed and Ongoing; Evidence of Submission of the Account of the Audited Account to the Auditor General; Income/Expenditure Profile January 2015/February 2018 and Contract Files with respect to the Head Office Complex as well as the EFCC Nominal Roll.

Some of the 46 member committee present at the sitting include Hon. Dutse Abdullahi, Babatunde Kolawole, T. J. Yusuf, Rimande Shawulu and Jisalo Zaphaniah.
Also in attendance were representatives of the office of the Auditor General and Accountant General as well as top Management Staff of the EFCC.

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