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Magu controversy: No seized assets sold in five years- Investigation

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  • Audit panel queries whereabouts of bank interest on seized cash
  • Alleges discrepancies in agency’s records of recovered loots
  • Suspended EFCC chair rules out going to court

An audit panel has raised questions on the whereabouts of the interest accruing from N550 billion recovered by the Economic and Financial Crimes Commission (EFCC) from treasury looters.

The panel has also queried what it perceives as discrepancies in the EFCC records of recovered funds.

The questions are contained in the final report of the  Presidential Committee on Audit of Recovered Assets  (PCARA)  covering May 29, 2015 to Novembr 22, 2018.

The panel is different from the Ayo Salami Presidential Investigation Committee which is currently probing allegations against the suspended Acting Chairman of EFCC, Mallam Ibrahim Magu, by the Attorney General of the Federation and Justice Minister, Abubakar Malami (SAN).

Sources said yesterday that none of the assets seized by the EFCC had been sold, except the 244 trucks which a Federal High Court ordered to be disposed of by the Deputy Chief Registrar of the FHC in conjunction with the Department of Petroleum Resources and the commission.

The proceeds of the sales were remitted into the Federal Government Recovery Account, it was gathered.

The News Agency of Nigeria (NAN) in a report on Saturday quoted PRACA as saying in its report that it was “quite disturbing that conflicting figures are being circulated in the public space by EFCC as the amount of recovered funds.”

Citing foreign currency recoveries as an example, the audit panel said: “ EFCC reported a total naira equivalent of  N46,038,882,509.87, while the naira equivalent of the foreign currency lodgments were N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.

“These inconsistencies cast a serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.

“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgments were  N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.

“It must be pointed out that the discrepancy of more than thirty nine billion naira does not include interest accrued in this account since it was opened.

“It therefore casts serious doubt on the credibility of the figures and means that substantial amount of money has not been accurately accounted for.

“Failure to report on the interest on actual lodgments clearly establishes that interest element of over N550 billion has been re-looted relating to the period under review.

“This is an apparent case of manipulation of data in a very brazen and unprofessional manner, and this has greatly eroded the public confidence in the anti-corruption efforts,’’ the report stated in part.

The PCARA alleged acts of corruption and money laundering against some EFCC officials, including Magu.

It said: “The NFIU reports established that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.

“The report has shown that a particular Bureau de Change based in Kaduna has more than 158 accounts and has been receiving huge sums of funds,” the PCARA report said.

The panel was tasked to audit the Assets and Finances of the EFCC as a legal entity from 2015-2020, with a view to establishing compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.

Fresh facts however emerged yesterday that none of the assets seized by the EFCC has been sold except the 244 trucks which the Federal High Court ordered to be disposed of by the Deputy Chief Registrar of the Federal High Court in conjunction with the Department of Petroleum Resources and the EFCC.

After selling the trucks, the proceeds were remitted into the Federal Government Recovery Account.

Sources also said there was allocation of vehicles to some government agencies through special auction with Presidential approval.

Assets under interim forfeiture order were also rented by some Ministries, Departments and Agencies (MDAs).

It was learnt that recently the EFCC secured a presidential approval to dispose of 450 forfeited vehicles in Abuja and Lagos.

But the sale of the vehicles is yet to commence.

Despite his travails, the suspended Acting Chairman of EFCC has ruled out a court action against the Federal Government.

He told his relations and lawyers that he has faith in President Muhammadu Buhari to ensure fairness and justice for him.

These details are contained in an investigative fact-sheet on the assets forfeited to the Federal Government.

The suspended EFCC chairman had been accused of selling assets to cronies and relations.

The fact-sheet was already made available to some MDAs and government officials.

Although Magu has denied the allegation, the Presidential Investigation Committee has directed all sectional heads, including the Director in charge of Assets Forfeiture, to submit their reports from 2015 to 2019 on or before Thursday.

Sources said “not a single recovered or forfeited property has been sold and the proceeds fraudulently converted.

“Also, there is a Presidential approval to dispose of 450 forfeited vehicles but no sale/ disposal has been conducted yet.”

One of the sources said: “In the coming days, the comprehensive list of these assets will be defended by the relevant units and Magu.

“It is important to clarify that some MDAs were involved in all the processes on how to dispose of assets; the EFCC or Magu was never unilateral.”

Some of the MDAs which benefitted from the forfeited assets after Presidential approval are the State House; the Ministry of Humanitarian Affairs and Disaster Management; the North-East Development Commission; the National Directorate of Employment( NDE); Pension Transitional Arrangement Directorate (PTAD); Voice of Nigeria (VON); the National Commission for Refugees and Displaced Persons and Lagos State Government.

Those who have sought to rent properties under interim forfeiture are the National Council for Arts and Culture and the National Human Rights Commission.

Other beneficiaries are the Nigerian Army, the Federal Ministry of Finance, the Fiscal Responsibility Commission, Nigerians in Diaspora Commission and the Federal Airports Authority of Nigeria (FAAN).

Magu is said to be not disposed to challenging the Federal Government in court under any guise.

His counsel, Mr. Wahab Shittu, made the clarifications in a chat with our correspondent.

He said: “Magu will not take the Federal Government to court because of his faith in the administration of President Muhammadu Buhari and his respect for the person of the President.

“He also believes that notwithstanding the campaign of calumny, justice will prevail.

“Magu is convinced that there are sufficient documentary materials in the custody of various government agencies  that will exonerate him.”

The Ayo Salami panel is expected to continue its investigation on Sunday.

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Nigeria, U.S. Launch Multiple Deadly Airstrikes on Terrorists in Sokoto — FG

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Nigeria and the United States yesterday launched a joint military operation to flush out terrorists in the Northwest, the Ministry of Foreign Affairs confirmed last night.

The Federal Government confirmed in a statement by the ministry that it remained engaged in structured security cooperation with international partners, including the United States (U.S.), in addressing the persistent threat of terrorism and violent extremism.

U.S. President Donald Trump confirmed the joint operation in a tweet on his X handle.

He said the attacks were on Islamic States of Iraq and Syria (ISIS) in Sokoto State.

The statement by the Foreign Affairs Ministry was signed in the early hours of today by Kimiebi Imomotimi Ebienfa.

It reads: “This has led to precision hits on terrorist targets in Nigeria by air strikes in the Northwest. In line with established international practice and bilateral understandings, this cooperation includes the exchange of intelligence, strategic coordination, and other forms of support consistent with international law, mutual respect for sovereignty, and shared commitments to regional and global security.

“Nigeria reiterates that all counter-terrorism efforts are guided by the primacy of protecting civilian lives, safeguarding national unity, and upholding the rights

and dignity of all citizens, irrespective of faith or ethnicity.

“Terrorist violence in any form, whether directed at Christians, Muslims, or other communities, remains an affront to Nigeria’s values and to international peace and security.

“The Federal Government continues to work closely with its partners through established diplomatic and security channels to weaken terrorist networks, disrupt their financing and logistics, and prevent cross-border threats, while strengthening Nigeria’s own security institutions and intelligence capabilities.

“The Ministry of Foreign Affairs will continue to engage relevant partners and keep the public informed through appropriate official channels.”

Confirming the operation, Trump said the military struck terrorists’ hideout in Sokoto.

The U.S. President said he had ordered the deadly strike to flush out ISIS terrorists in the Northwest.

Trump had accused the terror group of persecuting Christians in Nigeria.

In a post on social media, Trump said he had directed a “powerful and deadly strike against ISIS Terrorist Scum in Northwest Nigeria,” who he said had been killing innocent people.

U.S. Africa Command said the strike killed multiple terrorists at the request of Nigerian authorities in Sokoto State, which borders Niger to the north.

The claim could not be verified as at the time of filing this report.

“I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was,” Trump wrote on Truth Social.

“The Department of War executed numerous perfect strikes, as only the United States is capable of doing.

“Under my leadership, our country will not allow radical terrorism to prosper. May God bless our military, and MERRY CHRISTMAS to all, including the dead terrorists, of which there will be many more if their slaughter of Christians continues,” added the president, who is spending the Christmas holiday at his estate in Palm Beach.

In a separate post on social media, Defence Secretary Pete Hegseth said he was “grateful for Nigerian government support & cooperation”.

The Special Adviser to President Bola Tinubu, Mr. Daniel Bwala, told CNN: “The U.S. and Nigeria are on the same page in the fight against terrorism.”

Trump has focused for the last several months on terrorist activities, including calling in November on his secretary of defence to “prepare for possible action” and warning the U.S. would enter Nigeria “guns-a-blazing” to protect the Christian population of Africa’s most populous country.

On Christmas Eve, Tinubu shared a “Christmas Goodwill Message” in which he wished Christians across his nation and the world a merry Christmas and prayed for peace among individuals of differing religious beliefs.

“I stand committed to doing everything within my power to enshrine religious freedom in Nigeria and to protect Christians, Muslims, and all Nigerians from violence,” President Tinubu said in a post on X.

A delegation of senior Nigerian officials had visited the U.S. to hold talks with their counterpart.

The team, led by the National Security Adviser (NSA), Mallam Nuhu Ribadu, had explained the government position.

The team said the terrorists have no specific target.

A delegation made manily of U.S Congressmen had also visited Nigeria.
Both countries had raised a joint committee to deepen talks

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Update : • $7m School Fees Controversy: ICPC Invites Dangote Over Claim Against Ex-NMDPRA Boss

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ICPC invites Dangote and ex-NMDPRA boss

Pushes ahead despite ex-CEO’s resignation
Raises panel, opens investigation on Monday
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has invited businessman, Aliko Dangote for more information in respect of his petition against the immediate past managing director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Alhaji Farouk Ahmed.

Dangote is expected to appear or send his lawyer, Ogwu Onoja (SAN) tomorrow when ICPC’s investigation of the petition formally commences.

The commission raised a panel of crack investigators on Friday to handle the probe,

The ICPC ,according to sources ,has asked Dangote to submit his evidence to the anti-graft agency.

Dangote had accused Farouk of corruption and misappropriation of funds, including spending millions of dollars on his four children’s education in expensive and exclusive schools in Switzerland.

The businessman accused Farouk of economic sabotage by undermining domestic refining by colluding with international traders and oil importers through the continued issuance of import licences.

Farouk has since resigned his appointment.

But the commission said it is going ahead with the investigation, Farouk’s resignation notwithstanding.

“All is set for the investigation, ” a well- placed source in ICPC told The Nation yesterday.

“ICPC has set up a panel of crack investigators on Dangote’s petition. The Chairman of the commission, Dr. Musa Adamu Aliyu (SAN) asked the trusted team to stay action on a case and focus on Dangote’s petition. This underscores the importance attached to this case,” the source said.

“We have also invited Dangote or his lawyer to come on Monday to adopt the petition. “Either of them is to present relevant documents or evidence to support the petition.

“He who alleges must prove or provide lead on the allegations which our investigators must act on.

“We have acknowledged the receipt of the petition in line with our guidelines or mandate to do so within 48 hours.”

Continuing, the source said :”after formal adoption of the petition, we will isolate issues and ask Ahmed to respond to the allegations.

“We have been inundated with enquiries but I can assure you that ICPC will be fair to all the parties.”

Responding to a question, the source added: “The resignation of Ahmed does not affect this probe which is in the public interest.”

“Section 19 of the Corrupt Practices and Other Related Offences Act (ICPC Act 2000) makes it an offence for any public officer to use his/her position to confer an unfair or corrupt advantage on himself, his relatives, associates, or other public officers.Anyone found guilty of any such offence is liable to five years imprisonment without the option of a fine.

“The enabling law also stipulates harsh punishment for individuals deemed to have wasted ICPC’s time and resources by making malicious or frivolous petitions against others.”

In the petition submitted on Tuesday through his lawyer, Ogwu Onoja SAN), Dangote demanded the arrest, investigation and prosecution of Farouk for allegedly living above his means as a public servant.

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NITDA, ICPC launch joint task force to tackle corruption in government IT projects
He accused Farouk of “spending without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.

The document named the children and their schools and provided specific amounts paid for verification.

“Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over $7million of public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” Dangote alleged.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement constitute gross acts of corrupt practices, for which ICPC is statutorily empowered under section 19 of the ICPC Act to investigate and prosecute,” Dangote added.

The cold war between Dangote and petroleum regulators had earlier sparked a N100billion suit.

The Dangote Petroleum Refinery and Petrochemicals FZE filed a N100 billion lawsuit at the Federal High Court in Abuja challenging import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and others, including the Nigerian National Petroleum Company Limited (NNPCL).

The refinery accused the regulator of granting licences to import refined petroleum products despite domestic production capacity.

It alleged that the action of the regulator has violated some sections of the Petroleum Industry Act.

The suit, FHC/ABJ/CS/1324/2024, was discontinued in July 2025 by Dangote’s lawyers.

ICPC petition guidelines say: “Any person anywhere in the world may make a complaint against any other person (corporate or non- corporate) in Nigeria, where reasonable grounds exist for suspecting that such a person has conspired to commit or attempted to commit or has committed an offence under the Corrupt Practices and Other Related Offences Act 2000.

Complaint/petition is made through oral/written report submitted through post, physically to any ICPC office in Nigeria.

A complaint made orally or by an illiterate shall be reduced into writing and read over to the complainant by an officer of the Commission.

The report shall set out details of the complaint , date, time and place where the offence was allegedly committed.

The complainant shall provide the names and addresses, phone number, email and other relevant information that may assist the Commission in locating the person or persons against whom the complaint is made.

The complainant shall state his/her full address, email or phone number or any other information that will assist the commission in contacting him/her, whenever necessary.

Reports can also be made online through any of the commission’s reporting platforms.

The commission shall acknowledge receipt of any petition within 48 hours.

Spokesperson of ICPC , John Okor Odey confirmed that the commission “received a formal petition on Tuesday, 16th December, 2025 from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”

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JUST IN : N2.2bn Fraud, Court Upholds Ngige’s EFCC Bail, Insists on Senior Civil Servant as Surety

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The Federal Capital Territory High Court sitting in Gwarinpa, Abuja, on Thursday, granted a former Minister of Labour and Employment, Chris Ngige, to continue to enjoy the administrative bail earlier granted him by the Economic and Financial Crimes Commission.

The trial judge, Justice Maryam Hassan, made the order while delivering a ruling in the bail application filed and argued on behalf of the former minister by his lead counsel, Patrick Ikwueto (SAN).

Justice Hassan in the ruling directed Ngige to produce a surety who must be a director in the employment of the Federal Government and own a landed property.

Justice Hassan ruled that the surety is to deposit the title documents of the landed property, as well as his travel documents, with the court pending the time Ngige completes the retrieval of his own international passport.

The EFCC had previously granted Ngige bail on self-recognition and directed him to submit his travel documents to the commission, in addition to providing one surety.

 

 

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