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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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Just IN : Relief in Kaduna as Soldiers Rescue 31 Kidnapped Easter Worshippers

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Troops of the Nigerian Army have rescued 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.

The rescue followed a distress call reporting that terrorists had invaded an ECWA Church in the community and abducted worshippers during the service.

In a statement posted on its X handle on Sunday, the Army said that upon receiving the information, troops swiftly mobilised to the scene and, with the support and guidance of members of the Ariko community, advanced in pursuit of the fleeing attackers.

The Army said the troops engaged the terrorists in a fierce firefight, overpowering them with superior firepower.

“Troops of the Nigerian Army, through a swift response, successfully foiled a terrorist attack, leading to the rescue of 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.

“The swift response followed a distress call reporting the abduction of worshippers during an Easter service at an ECWA Church in Ariko Village. The troops, on receipt of the information, promptly mobilised to the scene. With the support and guidance of members of the Ariko community, they advanced in pursuit of the fleeing terrorists and engaged the criminals in a fierce firefight, overwhelming them with superior firepower.

“The pressure mounted by the advancing troops forced the terrorists to abandon 31 hostages, including one injured victim who is currently receiving medical attention,” the statement partly read.

However, the army disclosed that troops also recovered the remains of five victims already killed by the terrorists at the scene.

“Regrettably, the remains of five victims already killed by the terrorists were also recovered at the scene. The fleeing terrorists are believed to have sustained significant casualties, as evidenced by blood trails along their escape routes.

“Troops have since intensified pursuit operations to track the fleeing elements to their enclaves, with ongoing efforts aimed at rescuing any remaining captives and ensuring the perpetrators are brought to justice,” the statement added.

The army said additional troops had been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.

“To consolidate the gains recorded, additional troops have been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.

“The Nigerian Army reaffirms its unwavering commitment to the protection of citizens and the defence of Nigeria’s territorial integrity, in collaboration with other security agencies and local stakeholders. Troops remain resolute in sustaining offensive operations against all threats to national security.

“Members of the public are encouraged to continue supporting the Nigerian Army and other security agencies by providing timely and credible information, as collective vigilance remains vital to achieving enduring peace and stability,” the statement concluded.

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Breaking : Tinubu Moves to Fix Power Crisis with N3.3tn Debt Clearance

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President Bola Tinubu has approved a ₦3.3 trillion payment plan aimed at resolving long-standing debts in Nigeria’s power sector and boosting the reliability of electricity supply.

The plan addresses legacy debts accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme.

Following a comprehensive review, the government agreed on ₦3.3 trillion as a full and final settlement, ensuring transparency and fairness.

A statement issued on Sunday by the special adviser to the president on information and strategy, Bayo Onanuga, stated that implementation of the repayment plan has already begun, with fifteen power plants already signed settlement agreements totalling ₦2.3 trillion.

The statement read, “President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.

“The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.

“The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.

“Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.

“What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.”

Commenting on the development, the Special Adviser on Energy to the President, Olu Arowolo-Verheijen, explained that the settlement would improve electricity reliability by stabilising the power value chain.

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.

The adviser added that the reforms are part of broader initiatives, including better metering and service-based tariffs that link consumer payments to the quality of electricity received.

Priority will also be given to supplying electricity to businesses, industries, and small enterprises to support job creation and economic growth.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” Arowolo-Verheijen said.

President Tinubu commended all stakeholders involved in resolving the legacy issues and confirmed that the next phase of the reforms, Series II, will commence this quarter.

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Easter : Senator Araraume urges Nigerians to embrace sacrifice, renewed hope, prays for Tinubu’s leadership

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..…Says Christ’s resurrection symbolises Nigeria’s rising from challenges to glory

,,,,Commends President Tinubu’s bold reforms, calls for continued prayers

As Christians across Nigeria and the world celebrate Easter, a chieftain of the All Progressives Congress (APC), Senator Ifeanyi Godwin Araraume, has called on Nigerians to embrace the virtues of sacrifice, forgiveness, and renewed hope which the resurrection of Jesus Christ symbolises.

In his Easter message, which he personally signed, the former governorship candidate of Imo State reflected on the profound significance of the season, describing Easter as a divine testament that no night lasts forever, and that after every crucifixion comes a glorious resurrection.

“Easter is not merely a festival; it is a spiritual declaration that darkness does not have the final word. As Christ rose triumphantly on the third day, I believe Nigeria, too, is rising from every challenge to meet her God-ordained destiny,” Araraume stated.

The APC chieftain used the occasion to offer fervent prayers for President Bola Ahmed Tinubu, whom he described as a courageous leader steering the ship of state through turbulent but necessary waters.

“I pray that the God who raised Christ from the dead will raise every help that President Tinubu needs to succeed. I pray for divine wisdom, physical strength, and uncommon protection over his life. Let no arrow of the wicked find its mark in his camp. May his labours for our nation yield fruits that generations yet unborn will celebrate,” Araraume prayed.

He further commended President Tinubu for his bold and far-reaching reforms, acknowledging that while the policies may demand present sacrifice from citizens, the long-term dividends will be peace, stability, and shared prosperity.

“Mr. President has shown that he has the heart of a reformer and the backbone of a statesman. These are not easy times, but great nations are forged in the furnace of difficult decisions. I call on all Nigerians, regardless of party or creed, to support this administration with patience and prayer,” the Senator added.

Senator Araraume also urged Nigerians to show love to one another, especially to the less privileged, the grieving, and the displaced, noting that the true essence of Easter is found in selfless giving and communal solidarity.

“Let us visit the orphanage, feed the hungry, and extend a hand to our neighbour in distress. That is the gospel in action. That is the Nigeria we must build together,” he said.

He wished all Christians a peaceful, joyous, and spiritually fulfilling Easter celebration.

Signed:
Senator Ifeanyi Godwin Araraume
Chieftain, All Progressives Congress (APC)

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