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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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Araraume Felicitates President Tinubu on his birthday. Hails his Reform Agenda and National Milestones

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Senator Ifeanyi Araraume has congratulated President Bola Ahmed Tinubu on the occasion of his birthday, praising the President’s leadership style and the series of reforms that have shaped the direction of the country since he assumed office.

In a statement issued on Saturday, Araraume described President Tinubu as “a courageous reformer whose decisions continue to redefine Nigeria’s economic and governance landscape.” He noted that the President’s first year in office has been marked by bold policy choices aimed at stabilizing the economy and laying the groundwork for long term national development.

Araraume highlighted the removal of the petrol subsidy as one of the most significant economic decisions in recent decades, saying it demonstrated the President’s willingness to confront long‑standing structural challenges. According to him, the policy, though demanding, has redirected national resources toward infrastructure, social investment, and other critical sectors.

He also commended the administration’s unification of the foreign exchange market, describing it as a major step toward restoring investor confidence and strengthening Nigeria’s global competitiveness. The senator noted that the reforms have attracted renewed interest from international partners and signaled a commitment to transparent economic management.

Beyond economic restructuring, Araraume pointed to ongoing infrastructure expansion as evidence of the administration’s focus on national development. He cited the acceleration of key road projects, renewed efforts to expand rail connectivity, and the push to improve power generation and distribution as initiatives that reflect the President’s long term vision for a more productive Nigeria.

The senator further acknowledged the government’s interventions in agriculture, including support for mechanization and targeted programs aimed at boosting food security. He said these efforts are essential to reducing dependence on imports and strengthening local production.

On the diplomatic front, Araraume praised President Tinubu’s engagements across Africa and beyond, noting his role in strengthening regional cooperation within ECOWAS and advancing Nigeria’s interests on the global stage.

“As we celebrate this milestone, it is important to recognize the resilience and determination with which President Tinubu has approached the task of nation building,” Araraume said. “His commitment to reforms, economic stability, and democratic governance continues to inspire confidence in Nigeria’s future.”

He wished the President good health, renewed strength, and continued wisdom as he leads the country through what he described as “a defining period in Nigeria’s history.”

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Araraume Salutes Tinubu’s Vision, Lists Key Achievements on Birthday

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Senator Ifeanyi Araraume has congratulated President Bola Ahmed Tinubu on the occasion of his birthday, praising his leadership style and the series of reforms that have shaped the country’s direction since he assumed office.

In a statement issued on Saturday, Araraume described the President as “a courageous reformer whose decisions continue to redefine Nigeria’s economic and governance landscape.” He noted that Tinubu’s first year in office has been marked by bold policy choices aimed at stabilizing the economy and laying the groundwork for long-term national development.

Araraume highlighted the removal of the petrol subsidy as one of the most significant economic decisions in recent decades, saying it demonstrated the President’s willingness to confront long-standing structural challenges. According to him, the policy, though demanding, has redirected national resources toward infrastructure, social investment, and other critical sectors.

He also commended the administration’s unification of the foreign exchange market, describing it as a major step toward restoring investor confidence and strengthening Nigeria’s global competitiveness. The senator noted that the reforms have attracted renewed interest from international partners and signaled a commitment to transparent economic management.

Beyond economic restructuring, Araraume pointed to ongoing infrastructure expansion as evidence of the administration’s focus on national development. He cited the acceleration of key road projects, renewed efforts to expand rail connectivity, and the push to improve power generation and distribution as initiatives that reflect the President’s long-term vision for a more productive Nigeria.

The senator further acknowledged the government’s interventions in agriculture, including support for mechanization and targeted programmes aimed at boosting food security. He said these efforts are essential to reducing dependence on imports and strengthening local production.

On the diplomatic front, Araraume praised Tinubu’s engagements across Africa and beyond, noting his role in strengthening regional cooperation within ECOWAS and advancing Nigeria’s interests on the global stage.

“As we celebrate this milestone, it is important to recognise the resilience and determination with which President Tinubu has approached the task of nation-building,” Araraume said. “His commitment to reforms, economic stability, and democratic governance continues to inspire confidence in Nigeria’s future.”

He wished the President good health, renewed strength, and continued wisdom as he leads the country through what he described as “a defining period in Nigeria’s history.”

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APC Convention: Party Eyes Consensus for National Leadership Selection

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The All Progressives Congress has confirmed that it plans to adopt a consensus approach for selecting its national leadership during the party’s convention scheduled for March 27–28, 2026, in Abuja.

The Assistant Secretary for Media and Publicity for the APC National Convention 2026, Mary Ikoku, disclosed the plan during an interview on Channels Television’s Sunrise Daily on Wednesday.

On the issue of elective positions during primaries, Ikoku said the party had not yet decided how these would be handled, noting that decisions may vary depending on local political dynamics.

She explained, “APC, for this convention, I am aware and can say that the party is adopting consensus for this convention. As to whether they are adopting consensus for elective positions, I do not have an answer to that because politics is local.

“So, I believe that, at the end of the day, when it comes to the issue of elective positions, the persons who would emerge aren’t often what you would want to make consensus in every space.”

Ikoku also addressed the Electoral Act’s provisions, which require political parties to register members online within a specified timeframe and outline acceptable methods for candidate selection.

She said these requirements posed challenges for some parties but reflected preparedness—or the lack thereof.

“We have an electoral law that defines the models for these elections. Direct primaries and consensus have been allowed, while indirect primaries have been taken out.

“That is the current law of the nation, passed and assented to. Now, why do you think other political parties will have issues with that?” she asked.

“That would be to say there are levels of unpreparedness of these political parties. Any political party that is worth its salt should not wait till election season to start preparing for the run for office and all of these congresses.

“It is something they would have planned ahead of time. So, when you are not proactive as a party, these kinds of situations can challenge you deeply,” she added.

Ahead of the convention, the party began screening aspirants for key positions in its National Working Committee , including National Chairman aspirant Nentawe Yilwatda and National Secretary hopeful Ajibola Basiru.

Other NWC members seeking to retain their posts include National Youth Leader Dayo Israel, Deputy National Chairman (North) Ali Bukar Dalori, National Legal Adviser Abdulkarim Abubakar Kana, National Woman Leader Mary Alile Idele, and National Publicity Secretary Felix Morka, among others.

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