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EFCC went through Switzerland, USA, UK, UAE, others to recover stolen funds – Magu

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The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, said the anti-graft agency recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and October 20, 2017.

Magu stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna, Austria.

Spokesman of the Commission, Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.

In a presentation titled: “International Cooperation in Relation to Tecnical Assistance: The Nigerian Experience”, Magu said the sum was exclusive of smaller currencies in Durham, CRA and British Pound.

Recovery mechanism

He further state that the Commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

“Within this year alone, the Commission recovered stolen assets running into several millions of US Dollars and billions in naira.

“These include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts”, he explained.

Magu also said the country had also made progress in specific cases related to Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal.

These efforts, he said, cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.

In his recommendations, the EFCC boss sought improved coordination and cooperation among state parties in asset recovery.

He said this could be done through the consideration and adoption of measures that would remove traditional barriers such as bank secrecy in line with Article 46(8) and dual Criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.