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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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KOGI STATE STRENGTHENS CHINA PARTNERSHIP FOR AGRO-INDUSTRIAL DEVELOPMENT AND SAPZ IMPLEMENTATION

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Kogi State has taken a significant step in advancing its international partnerships aimed at accelerating the implementation of its Special Agro-Industrial Processing Zone (SAPZ) programme.

The SAPZ initiative is a strategic agro-industrial platform designed to boost food production, enhance processing capacity, create employment opportunities, attract private sector investment, and position Kogi State as a leading agricultural and industrial hub in Nigeria.

Central to the engagement is the development of a modern agricultural science and technology industrial park in Kogi State. The project aligns with the broader SAPZ framework and is expected to drive agro-processing, facilitate agricultural technology transfer, support equipment deployment, promote enterprise incubation, strengthen logistics and cold chain systems, enhance export infrastructure, and provide sustainable power solutions.

The Kogi SAPZ structure comprises the Ajaokuta Agro-Industrial Hub, alongside Agricultural Transformation Centres in Anyigba, Alape, and Osara, as well as the Zariagi Agro-Air Hub. The programme is designed to integrate existing farmer clusters with an additional 150,000 hectares of farmland per zone, creating opportunities for large-scale, tenant-driven agricultural production.

Priority value chains under the SAPZ include rice, maize, cassava, livestock and poultry, sesame, cashew, oil palm, and greenhouse farming. The programme also incorporates critical support systems such as warehousing, cold chain logistics, power solutions, compressed natural gas (CNG), agricultural technology, equipment deployment, and agro-export infrastructure.

As part of this effort, Kogi State entered into a strategic cooperation agreement with Hezheng Holdings Group and Hezheng Digital Technology (Hezheng Innovation Valley) Co., Ltd. The agreement marks a transition from conceptual planning to implementation and reflects the State’s deliberate strategy to attract credible technical partners, industrial park operators, investors, and global business platforms into the SAPZ ecosystem.

The Kogi State delegation was led by Alhaji Yakubu Okala, FCA, Auditor General of Kogi State and Project Investment Adviser, who represented His Excellency, the Executive Governor of Kogi State. Other members of the delegation included the Honourable Commissioner for Agriculture, Hon. Ojomah Timothy; Technical Adviser to the Governor’s Office, Dr. Abdullahi Ozomata; Chief Economic Adviser to the State, Alhaji Aliyu Inda Salami; and Project Consultant/Managing Director of Pulse Engineering and Consulting Limited, Mr. David Lekan Obatolu.

During the visit, the delegation toured key Hezheng facilities, including its investment promotion centre, agricultural industry exhibition hall, global launch hall, and live-streaming incubation base. The tour provided valuable insights into Hezheng’s industrial park management model, enterprise support systems, agricultural technology integration, and cross-border market development strategies.

Deliberations between both parties focused on actionable implementation areas such as industrial park development, technology transfer, processing infrastructure, enterprise incubation, park management systems, investment mobilisation, and equipment deployment. Discussions also explored frameworks for establishing a structured and sustainable China–Kogi industrial cooperation platform.

Both sides expressed strong alignment on the project vision and implementation roadmap. In the coming months, technical and commercial workstreams will be advanced towards full project mobilisation, including preparatory activities for groundbreaking and the establishment of coordination offices in China, Kogi State, and Abuja.

This engagement underscores the commitment of the Kogi State Government to transitioning the SAPZ programme from planning to execution, while positioning the State as a competitive destination for agro-industrial investment.

Kogi State remains resolute in its vision to build a bankable and investment-ready agro-industrial ecosystem that will enhance food security, promote value addition, create jobs, strengthen farmer-market linkages, support export growth, and unlock new economic opportunities for its people.

 

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Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment

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How the NEDC is attempting to turn years of devastation into a pathway for long-term development

By Michael Olukayode

For more than a decade, Nigeria’s North-East has remained a symbol of prolonged conflict and humanitarian collapse. The insurgency led by Boko Haram and its breakaway factions did far more than disrupt security—it dismantled entire communities, shattered economic systems, and altered the social and cultural foundations of a region once anchored by farming and cross-border trade.

The human cost has been staggering. More than 350,000 people are estimated to have died directly and indirectly from the conflict. Over 2.5 million individuals were forced from their homes, while at the height of the crisis, about 8.4 million people required urgent humanitarian support. Entire settlements across Borno, Adamawa, and Yobe were destroyed, leaving behind a region marked by displacement and ruin.

A System Built from Collapse

The scale of destruction prompted the establishment of the North-East Development Commission (NEDC) in 2017 under former President Muhammadu Buhari. It was created not simply as a relief agency, but as a long-term institutional response to structural breakdown across an entire region.

Early post-conflict assessments placed the cost of destruction at over $9 billion. Infrastructure losses were extensive: thousands of homes were destroyed, more than 1,400 schools were damaged or completely wiped out, and in some areas over 70 percent of health facilities became unusable. The agricultural sector—long the backbone of the regional economy—collapsed almost entirely, deepening poverty and food insecurity.

To coordinate recovery, the Commission was tasked with implementing the North-East Stabilisation and Development Master Plan (NESDMP), a blueprint designed to move the region from emergency humanitarian response into structured reconstruction and sustainable development.

From Emergency Response to Large-Scale Reconstruction

Since beginning operations, the NEDC has implemented interventions worth hundreds of billions of naira, funded through federal allocations and supported by development partners.

Its activities span all six states of the region—Borno, Adamawa, Yobe, Bauchi, Gombe, and Taraba—where thousands of projects have either been completed or are ongoing.

Across its portfolio, the Commission has:
• Built and rehabilitated thousands of housing units for displaced families
• Executed more than 1,000 infrastructure projects, including roads, schools, and healthcare centres
• Distributed millions of relief items during peak humanitarian emergencies
• Supported agricultural programmes reaching hundreds of thousands of farmers

The Managing Director/Chief Executive Officer of the Commission, Mohammed Goni Alkali, explained that the institution is now deliberately evolving its focus.

“We are transitioning from humanitarian interventions to sustainable development,” he said. “The priority is building systems that can endure beyond immediate recovery.”

He added that reconstruction must be understood beyond physical structures.

“It is not only about rebuilding infrastructure. It is about restoring livelihoods, rebuilding institutions, and restoring hope to communities,” Alkali said.

Gradual Return to Normalcy Across Communities

On the ground, signs of recovery are beginning to emerge across the region, though unevenly.

Large numbers of internally displaced persons have started returning to reconstructed communities, easing long-standing pressure on overcrowded camps. Schools that were destroyed or abandoned during the peak of the insurgency are being rehabilitated and reopened, restoring access to education for thousands of children.

Healthcare delivery has also improved, with rebuilt and newly equipped facilities expanding access, particularly in rural areas that were previously cut off. Road reconstruction projects are reconnecting isolated communities, improving movement, trade, and access to services.

The Governor of Borno State, Professor Babagana Umara Zulum, acknowledged the role of the Commission in supporting recovery efforts.

“The NEDC has played a critical role in supporting the rebuilding of communities and restoring hope to our people,” he said.

Restoring the Economic Lifeline

Before the insurgency, agriculture was the dominant economic activity in the North-East, employing a large portion of the population. The conflict disrupted farming cycles, displaced rural communities, and left vast tracts of farmland abandoned.

Recovery efforts are now focusing on reversing that collapse. Through the distribution of seeds, fertilisers, and farming equipment, as well as investments in irrigation and dry-season farming, agricultural production is gradually resuming. Small businesses and cooperatives are also receiving support to stimulate local economies.

According to Alkali, economic recovery remains central to the Commission’s strategy.

“Without livelihoods, recovery cannot be sustained,” he said. “Economic empowerment is therefore at the core of our interventions.”

Moving Away from Long-Term Aid Dependence

One of the most significant shifts emerging in the region is the gradual transition from humanitarian dependency to self-reliance.

Although millions of people still require assistance, returning communities are increasingly rebuilding their own economic and social systems as stability improves.

Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.

“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.

Security Gains and Lingering Vulnerability

Despite notable progress in stabilisation, the North-East remains fragile. Military operations have significantly degraded insurgent capabilities, but sporadic attacks continue in some areas.

The Chairman of the Governing Board of the NEDC, Major General Paul Tarfa (rtd.), stressed that development must consolidate security achievements.

“Security gains must be reinforced with development initiatives. Only then can we achieve lasting peace,” he said.

Persistent Gaps in the Recovery Process

Even with extensive interventions, major challenges remain. Millions of residents are still dependent on humanitarian assistance, unemployment among young people remains high, and environmental pressures—including climate-related shocks—continue to threaten agricultural recovery.

In addition, funding limitations remain a key constraint, with the scale of needs far exceeding available resources.

The Managing Director acknowledged these gaps but reaffirmed the Commission’s commitment.

“The level of devastation is enormous, but we are committed to working with all stakeholders to deliver sustainable recovery,” Alkali said.

A Region Still in Transition

The North-East today exists in a complex state between crisis and recovery. It remains one of Nigeria’s most vulnerable regions, but also one of its most ambitious reconstruction theatres.

What is unfolding is a slow transformation: from destruction to rebuilding, from dependency to resilience, and from emergency survival to structured development.

Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.

“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.

Observing during his tenure in the country that: “The transition is visible, but sustaining it will require long-term investment and strong collaboration.”

Conclusion: Beyond Reconstruction

The work of the North-East Development Commission goes beyond rebuilding damaged infrastructure. It represents an attempt to reimagine post-conflict recovery at scale—linking humanitarian relief with long-term development planning.

From housing and healthcare to education and livelihoods, the foundations of a new regional reality are gradually taking shape.

Yet, as stakeholders consistently emphasise, the true measure of success will not be the number of projects completed, but whether the region can sustain stability, dignity, and opportunity over time.

In the North-East, the story of recovery is no longer only about survival.

It is about building a future that once seemed impossible—and ensuring it endures.

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Breaking : Tinubu Appoints Oyedele as Finance Minister in Cabinet Shake-Up

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…Edun, Dangiwa exit FEC

…Darma named Housing minister-designate

President Bola Ahmed Tinubu has approved a minor cabinet reshuffle, effecting changes in the membership of the Federal Executive Council (FEC) with the exit of two ministers and the appointment of replacements.

The decision, conveyed in a memo signed by the Secretary to the Government of the Federation (SGF), George Akume, directed the immediate redeployment of portfolios to strengthen governance delivery.

According to a statement issued by Special Adviser to the SGF on Media and Publicity, Yomi Odunuga, Mr. Wale Edun has been relieved of his duties as Minister of Finance and Coordinating Minister of the Economy under the reshuffle.

He is to hand over to Mr. Taiwo Oyedele, who has now been elevated to the position from his previous role as Minister of State in the ministry.

Similarly, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, is to exit the cabinet, with the President naming Dr. Muttaqha Rabe Darma as ministerial nominee and minister-designate for the ministry.

The directive also mandates that Dangiwa hand over to the Minister of State in the ministry, pending Darma’s confirmation and assumption of office.

According to the memo, all handover and takeover processes are to be completed by close of business on Thursday, April 23, 2026.

Explaining the rationale for the changes, Akume said the reshuffle was designed to “strengthen cohesion, synergy in governance as well as achieve more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

He added that the President exercised his constitutional powers under Sections 147 and 148 of the 1999 Constitution (as amended) in effecting the changes.

The President expressed appreciation to the outgoing ministers for their service to the nation and wished them success in their future endeavours.

Akume further conveyed the President’s assurance to cabinet members that the process of reinvigorating the government would be continuous and in line with the administration’s policy objectives.

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