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EFCC recovers N473b, $98.2m, £294,851 in 2017, says Magu

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EFCC recovers N473b, $98.2m, £294,851 in 2017, says Magu

The Economic and Financial Crimes Commission (EFCC) was able to recover crime – related funds amounting to N473b in addition to $98,258,124.97; £294,851.82; €7,247,363.75; 443,400 Dirham and 70,500 Rand, the Commission’s acting Chairman, Ibrahim Magu has said.

Magu also confirmed that identified whistle blowers, including the Osborne Towers, Ikoyi whistle blower were being paid timely to encourage other Nigerians buy into the policy.

During the course of 2017, the Commission also succeeded in securing final forfeiture of the Osborne Towers, Ikoyi cash of $43m as well as N32b; $5m recovered from a former Petroleum Resources Minister and N449m discovered at Legico Plaza in Victoria Island, Lagos, he said.

While defending the Commission’s 2017 budget before the Kayode Oladele-led House of Representatives Committee on Financial Crimes yesterday, Magu said the $43m Osborne Towers cash got forfeited to the Federal government because no one came forward to claim it.

The Committee had asked Magu whether the Osborne cash was ever traced to anyone.

In response, Magu explained that the document recovered from the property from where the money was recovered showed that it belonged to a company owned by the wife and son of a former Director General of the National Intelligence Agency (NIA).

However, after due diligence and no one coming forward to calm it, the court had to pronounce it’s final forfeiture, he said.

Among other recoveries and forfeitures from proceeds of crime, Magu said over N329b was recovered from petroleum marketers by the Kano office of the Commission; withholding tax recovery of over N27.7b from banks; €6.6m recovered from Nigerian Ports Authority (NPA); recoveries of about N1.1b on behalf of AMCON; and recovery of subsidy fraud funds of over N4b.

Magu however reiterated government commitment to the whistle blowing policy, saying, promised incentives are being paid timely.

Saying that the Ikoyigate whistle blower has also been paid, Magu noted the payment policy was meant to encouraged more Nigerians to join in the campaign against corruption.

On the 2017 budget implementation, the EFCC boss complained of delay in fund releases which he said affected operations of the Commission

“Delayed and irregular release of the overhead component of the recurrent vote affected the commission’s investigation and prosecution activities especially in the Zones.

“Out of the total sum of total sum of N17,202,253,360 appropriated in 2017, only N11,737,492,342.07 or 68 percent has so far been released out of which N9,759,277,008.53 has been utilized.

“From the sum of N7,127,316,354 appropriated for Personnel, N6,533,373,324 was released; from N3,000,713,298 appropriated for Overhead only N1,667,007,163.70 has been released while from N7,074,223,708 appropriated for Capital expenditure, only N3,537,111,853.87 was released to the commission so far,” he added.

He also complained that the Commission’s 2018 budget proposal of N45b was reduced to about N21b, which is capable of hampering the activities of the Commission for the year.

Magu also informed the Committee that Nigerian Financial Intelligence Unit (NFIU) has been granted autonomy.

“In the course of the outgoing financial year, the NFIU was granted self-accounting status by both the Office of the Accountant General of the Federation and the Budget Office. Effective date of implementation is 1st January, 2018 with a budget proposal of N2.903b,” he said.

Of the sum, N339.350m was proposed for Personnel cost; N22.500m for meals and refreshment to cater for numerous sub-regional, national and internal meetings while N26.500m was proposed for publicity and advertisement for stakeholders in the financial sector.

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Breaking : UK Tightens Security With Road Closures, No-Fly Zones for Tinubu’s Visit

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Britain will impose airspace restrictions and deploy armed police officers in Windsor next week as President Bola Tinubu arrives for a state visit hosted by King Charles III.

Tinubu is expected to begin the visit in the company of his wife Oluremi Tinubu on Wednesday, March 18, with a reception at Windsor Castle.

Thames Valley Police in a statement on its website on Wednesday, said it is working with the Royal Borough of Windsor and Maidenhead, the Royal Household and other security partners.

The force said airspace restrictions over Windsor Castle, which are in place permanently throughout the year, would be extended on Wednesday, March 18, to cover the period from 7am to 11.59pm.

Chief Superintendent Adrian Hall of Thames Valley Police’s Joint Operations Unit said the air restrictions formed part of a broader security operation for the visit.

“The air restrictions are just one part of our robust security operation for the state visit of Nigerian President Tinubu next week, with many measures you will see and others you will not..

“As a force, we have a vast amount of experience in policing Royal events in Windsor and significant planning, and preparation has gone into this event,” Hall said.

He said the force would take a strong stance in enforcing the restrictions, warning that any breach would constitute a criminal offence under the Air Navigation Order and could lead to arrest.

“We will be taking a strong stance in enforcing the restrictions; anyone who breaches them will be committing a criminal offence under the Air Navigation Order and could be arrested.”

The police chief said officers with specialist capabilities, including search teams, the Mounted Section, road policing, and armed units, would be deployed across Windsor, alongside neighbourhood policing and Project Servator resources.

“We will also be deploying numerous police officers to Windsor with specialist capabilities, including our search teams, Mounted Section, Roads Policing and armed units, while our neighbourhood and Project Servator resources will also be on the ground engaging with the public,” he said.

The authorities will also deploy an extensive closed-circuit television network, hostile vehicle mitigation barriers, and other undisclosed security measures for the event.

Hall said, “We will also be using the extensive CCTV network in Windsor, Hostile Vehicle Mitigation barriers, and many other security measures that you may not be able to see to make sure the event runs safely.”

He urged members of the public to support the security operation by remaining vigilant.

“The public plays a critical role to support us so we encourage them to report any suspicious activity or anything that does not seem quite right by calling 101 or speaking to one of our officers. If there is an immediate threat or emergency, then call 999,” Hall added.

Road closures and parking restrictions will take effect from Tuesday, March 17, with possible temporary disruption to roads in and around Windsor during the visit.

Thames Valley Police said it was being supported by the Civil Aviation Authority and National Air Traffic Services to enforce the flight restrictions. Persons with legitimate reasons for drone flying were directed to email [email protected].

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BREAKING: PDP Convention Crisis Deepens as Appeal Court Backs Order Against INEC Recognition

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…dismisses appeal, awards N2m cost against party

The Court of Appeal in Abuja has dismissed an appeal by the Peoples Democratic Party (PDP) against the October 31 judgment by Justice James Omotosho of the Federal High Court in Abuja restraining the Independent National Electoral Commission (INEC) from recognising the outcome of the national convention planned for Ibadan, Oyo State on November 15 and 16 by the PDP.

In a unanimous judgment on Monday, a three-member panel of the appellate court resolved the four issues for determination against the PDP.

It held that the appeal by the PDP was without merit and that the Federal High Court was right to have entered the October 31 judgment and granted all the reliefs sought by the plaintiffs.

The Court of Appeal faulted the PDP’s claim that the trial court lacked jurisdiction to have heard the case on the grounds that issues involved were solely internal affairs of the party.

The court also held that the plaintiffs had the locus standi to have institutes the suit to protect their democratic rights and that the PDP was not denied fair hearing as it claimed in its appeal.

The court awarded N2million cost against the PDP for filing a frivolous appeal.

The court is yet to render its decisions in the remaining eight appeals, which include judgment and rulings

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Opeifa Defends Rail Reforms, Unveils Nationwide Expansion Roadmap

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Opeifa maintained that derailments are not peculiar to Nigeria, noting that such incidents occur across advanced rail systems globally.

“Derailments are regular occurrences in the rail sector worldwide. In February alone, there were incidents in countries like Britain and others. Around the same time we experienced one, there were multiple derailments across the world,” he said.

He disclosed that in 2025, Nigeria recorded three major derailments:
• August 26 at Asham in Kaduna State
• November 1 at Abraka on the Warri–Itakpe line
• November 8 at Agbor on the same corridor

He said the NRC responded swiftly, restoring services within 24 hours in one case, while others were resolved within 21 and 28 days respectively.

Opeifa stressed that derailments can result from factors such as weather conditions, signal glitches, human error, speeding, or aging infrastructure, but noted that in Nigeria’s recent cases, there were no fatalities.

“These incidents are preventable and efforts are ongoing to minimize them. However, they should not be seen as major setbacks to the overall progress of the railway system,” he said.

On Allegations of Mismanagement

Addressing allegations of financial mismanagement within the corporation, Opeifa declined detailed comments, citing ongoing legal processes.

“When a matter is in court, it is sub judice. Allegations of corruption or mismanagement should be handled by the appropriate authorities,” he stated.

He reiterated that his priority is to reposition the NRC in line with global best practices and ensure efficient rail services for Nigerians.

Expansion, Upgrades and National Connectivity

The NRC boss said efforts are underway to restore damaged coaches and upgrade infrastructure using local engineers and technicians.

“We are bringing back the lines and retrofitting coaches. The Warri–Itakpe line is operational. The Abuja–Kaduna line is running, and we are increasing trips from two to three,” he said.

On long-term plans, Opeifa disclosed that the NRC roadmap envisions rail connectivity across major cities nationwide, subject to funding and phased execution.

He dismissed claims of abandoned projects, explaining that rail developments are capital-intensive and implemented in phases based on available resources.

He cited progress on the Lagos–Ibadan corridor—part of the larger Lagos–Kano project—as well as ongoing work on the Kano–Maradi line linking key northern cities.

Lagos–South-East, Port Connections in View

Opeifa also highlighted plans to expand connectivity between southern ports and inland cities. These include proposed links from Warri to Abuja and from Lekki Deep Sea Port to Kajola, Benin, Onitsha, and Aba, enabling both passenger and cargo movement.

Toward Modern Signaling and Faster Trains

On modernization, he said Nigeria is gradually upgrading from older narrow-gauge systems to standard-gauge infrastructure with improved signaling technology.

He noted that metro rail projects in Kaduna, Kano, and Lagos are being developed with higher signaling standards, positioning the country for faster and more efficient train services in the coming years.

“We are not yet at the highest global level, but we are moving steadily upward,” Opeifa said.

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