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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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NRC Boosts Workforce Development with Graduation of 86 Technical Trainees

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Dr Kayode Opeifa, presenting certificate to the best student Class of 2025, Taiwo Olamide

No fewer than 86 trainees have graduated from the Railway Technical Institute (RTI), Ebute-Metta, Lagos, after completing their technical and vocational training under the collaborative skills acquisition programme between the Nigerian Railway Corporation (NRC) and the National Directorate of Employment (NDE).

Describing the ceremony as a reflection of the Corporation’s strong commitment to youth empowerment, workforce development, and nation-building, the NRC Managing Director assured the graduands of employment opportunities. He noted that they had received intensive hands-on training required to thrive in today’s competitive labour market.

He highlighted the institute’s rich legacy, stating that since its establishment in 1924, it has remained a critical hub for developing technical manpower in Nigeria. For over a century, the RTI has trained artisans, technicians, and skilled personnel in railway operations, mechanical systems, and related technical fields.

“Today, we celebrate 86 graduands who have successfully completed rigorous training in various disciplines, including electrical installation and maintenance, electronics engineering, welding and fabrication, refrigeration and air-conditioning, and automobile mechanics,” he said.
“Other areas include carpentry and joinery, computer engineering and ICT, fashion design and tailoring, painting and decoration, as well as printing technology.”

The Managing Director reaffirmed the Corporation’s commitment to repositioning the institute into a modern, efficient, and commercially viable rail training centre capable of driving national economic integration, industrial growth, and logistics efficiency.

“We are working with relevant regulatory authorities and stakeholders to reposition the institute through curriculum enhancement, infrastructure upgrades, faculty development, and strategic partnerships with both local and international institutions,” he added.
“Efforts are also ongoing to align our training with global trends in railway technology, energy transition, and transport innovation.”

He urged the graduands to uphold excellence, professionalism, innovation, and integrity as ambassadors of both the institute and the NRC.

In her remarks, the Senior Special Assistant to the President on Technical, Vocational, and Entrepreneurship Education, Dr Abiola Arogundade—represented by the Head of Strategy, Dr Abiola Isikalu—commended the NRC for revitalising the institute. She noted that technical and vocational education remains vital for youth engagement in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Also speaking, the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, congratulated the NRC and RTI on the successful graduation of the 2024 and 2025 sets. He reaffirmed the initiative’s commitment to partnering with the NRC in promoting sustainable energy solutions.

“Our collaboration will continue to focus on advancing natural gas adoption, reducing fuel costs, and promoting cleaner energy, all of which require a highly skilled technical workforce,” he said.

The Vice-Chancellor of Trinity University, Yaba, Professor Clement Olusegun Kolawole, also expressed the institution’s pride in partnering with the NRC and RTI in manpower development and logistics advancement.

Earlier, the Principal of RTI, Mr Kelechi Raphael Nosike, described the graduation as a milestone event for trainees who successfully completed their three-year craft programmes across various disciplines. He noted that the training aligns with the Federal Government’s Renewed Hope Agenda, which prioritises youth empowerment through technical and vocational education.

He also appreciated the NRC management for its commitment to upgrading the institute into a higher institution of learning.

The highlight of the event was the presentation of certificates of excellence to outstanding students, including Master Fadayomi Olamide Andrew, Best Graduating Student (Class of 2024), and Master Taiwo Ayomide, Best Graduating Student (Class of 2025).

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Dangote Denies Fallout with Elumelu, Debunks Financial Support Claims

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The Dangote Group has dismissed as false and malicious claims of a rift between its President, Aliko Dangote, and the Chairman of Heirs Holdings, Tony Elumelu, and also rejected allegations that he (Dangote) solicited support for financing his refinery project.

In a statement issued on Sunday, the group described as “entirely baseless” a publication stating that Dangote had revealed why he distanced himself from Elumelu, stressing that neither the businessman nor the organisation made such remarks.

The statement, signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, said the report misrepresented both personal and corporate positions and added that there was no disagreement between the two prominent business leaders.

“The Dangote Group has become aware of a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is false, malicious, and baseless. At no time did the President or the Group make such statements or express such sentiments,” the statement read in part.

The company further dismissed claims that the multi-billion-dollar Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends, describing such assertions as inaccurate and a deliberate misrepresentation of facts.

According to the group, Dangote does not fund projects through informal personal loans, noting that any such claims should be backed by verifiable evidence.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature. Any individual making such claims should provide verifiable evidence to substantiate them,” the statement added.

The group also clarified that there was no strain in the relationship between Dangote and Elumelu, maintaining that both men continue to enjoy a longstanding and cordial relationship despite the claims circulating in the report.

The clarification follows the circulation of a widely shared online post which alleged that Dangote fell out with Elumelu after a failed financial assistance request during the construction of the refinery.

In the post, attributed to Dangote but now disowned by the company, the author claimed that in 2021, when the refinery project was about half-completed, he ran out of funds and approached several business associates for support, including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Elumelu.

The post further alleged that Elumelu promised $20m but later became unreachable, while other associates reportedly raised $500m to support the project, with Otedola said to have contributed $300m.

However, the Dangote Group said such claims were fabricated and should not be attributed to its president, reiterating that the financing narrative presented in the post was false.

Beyond the disputed publication, the company raised concerns over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s identity in digitally manipulated content.

It warned that the misuse of his name, likeness, and image in artificial intelligence-generated advertisements and other misleading materials poses reputational risks and could amount to fraud.

“Furthermore, the group notes with concern a rising pattern of fabricated statements and the unauthorised use of Aliko Dangote’s name, likeness, and image in AI-generated advertisements and other misleading content. These actions amount to reputational harm and potential fraud,” the statement said.

The company cautioned individuals, organisations, and platforms involved in creating or disseminating false information to desist immediately, warning that it would not hesitate to pursue legal action where necessary to protect its reputation and that of its leadership.

The Dangote Group reaffirmed its commitment to maintaining high standards of integrity while continuing its industrial and economic contributions across Africa, particularly in advancing self-sufficiency and sustainable development.

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Rising Attacks on Abuja–Kaduna Trains Spark Alarm as NRC Seeks Urgent Community Support

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The Nigerian Railway Corporation (NRC) has raised serious concerns over a growing wave of attacks targeting train operations along the Abuja–Kaduna rail corridor, describing the incidents as dangerous and economically damaging.

In the latest attack, suspected vandals reportedly targeted a moving train around Kilometer 177 on the route, pelting stones at the locomotive and damaging its windscreen. The incident is one of several recorded in recent weeks, highlighting an alarming pattern of hostility along the critical transport corridor.

According to the Corporation, similar acts have occurred in multiple locations, including Gidan Busa and Sarki Gora Village in Kakau District, within Chikun Local Government Area of Kaduna State. In total, more than six attack points have been identified within a two-week span, intensifying operational challenges for railway authorities.

The NRC warned that these repeated attacks pose a direct threat to passengers, railway personnel, and infrastructure. It described the acts as economic sabotage capable of undermining the Federal Government’s heavy investment in rail transport and disrupting a key component of national mobility.

Despite the risks, the Corporation confirmed that train services along the corridor have continued, with heightened safety measures and increased vigilance by railway staff to ensure passenger safety. Management commended security agencies for their ongoing collaboration in protecting railway assets and maintaining order along the routes.

Efforts are currently underway in partnership with security operatives, community leaders, and other stakeholders to strengthen surveillance, identify those responsible, and bring them to justice.

The NRC has also appealed to residents living along railway corridors to play an active role in safeguarding the infrastructure. It urged communities to report suspicious movements and discourage acts of vandalism, warning that continued attacks could disrupt smooth service delivery if not urgently addressed.

Reaffirming its commitment, the Corporation assured Nigerians that it remains focused on providing safe, secure, and efficient rail services nationwide, while intensifying efforts to protect both passengers and critical railway infrastructure.

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