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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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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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