EFCC recovered N738.9 billion in two years, Magu says

EFCC Acting Chairman, Ibrahim Magu

The Economic and Financial Crimes Commission, EFCC, on Wednesday in Austria said it recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and October 20, 2017.

Its Acting Chairman, Ibrahim 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.

The spokesperson of the commission, Wilson Uwujaren, gave account of Mr. Magu’s engagement in a statement in Abuja on Wednesday.

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

He stated 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 Diezani Alison-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.

Mr. Magu, who was said to be a panellist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery.

He 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.

He further sought measures to reduce cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.

Meanwhile, Nigeria has received global commendation for its doggedness in tracing and recovery of its stolen assets, according to the commission’s spokesman.

Mr. Uwujaren said the commendation came at a meeting between Mr. Magu and Nassar Abaalkhail, the head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia.

The meeting, which held on the sidelines of the conference, followed Mr. Magu’s presentation, Mr. Uwujaren said.

He quoted Mr. Abaalkhail as saying that Nigeria’s efforts at loot recovery were remarkable.

“From what I have heard, Nigeria’s effort at asset tracing is remarkable. Nigeria is indeed a role model for countries, including developed countries.

“We have so much to learn from Nigeria”, he said.

Mr. Uwujaren said the Iranian National Focal Point for the United Nations Convention Against Corruption, Mohsen Mardal, also commended the Nigerian presentation.

Similarly, the Commissioner, Sierra Leone Anti-Corruption Agency, Ady Macauley, said the EFCC was not only “formidable, but a pride to the African States”.

“My men were in Nigeria a fortnight ago to understudy your operations, I must confess, we have a lot to learn in investigation, prosecution and asset recovery”.



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  • share Idea

    EFCC recovered over $2B dollars and Buhari is still begging NASS to approve his loan approval request. APC and their lying institution. Nigeria we hail thee

    • pambegua

      There are internal and external loans. APC don’t borrowed external debt to pay salaries like PDP. All external requested by PMB were for capital project which will bring job opportunity, infrastructure and development to the country. If the FG don’t have money to construct a rail line any country such as Chinese, Japan can come and invest their money in Nigeria and the money made in the transportation can be use to service the loan to the Chinese

      • share Idea

        I thought you could do better. Report had it that FG borrowed more than 1.5 Trillion naira from CBN between january to April 2017 to help them run government (spending, and possibly looted as no capital projects were executed with that).

        According Kalamity Kemi, the expected loan of $5B is not meant to collected by FG but some would be used to settled already borrowed internal loans….

        Nigeria we hail thee

        • Kareem Raji

          Why you dey mind am?

        • niran ade

          Your point exactly? That’s our EFCC didn’t recover as much? Or that they have shared the recovered loot? What exactly is your goddamn point, wailer

  • curseless

    I believe that any rational citizen should at least applaud the effort of this administration for retrieving this big heist from unpatriotic politicians and public officials. We know for a fact that no administration is clean in Nigeria but some of them still demonstrate humane face. The last but one government stole all the money from the ATM and carry the machine with them which has led the nation into financial dire strait. The mountain of corruption feces left behind by PDP courtesy of the last government is so massive that it will take bull dozers working 24/7 for about five years to clean up . I congratulate EFCC and I ask that they should not relent on this effort and in doing this they should pursue corrupt men in APC too.

  • Franklin2000


    History will not be kind to Goodluck Ebele Jonathan who was president of Nigeria
    at the time of these heinous thefts. He’ll go through all sorts of contrition for what
    might have been if he had moral discipline and was not so thoroughly debauched
    to believe that plunder and governing meant the same thing. If he was merely dull
    or incompetent it would be less tragic than that he was complicit and negligent on
    his oath of office. To look less like a criminal abettor of planned stealing of Nigeria
    would be his life struggle despite that Muhamadu Buhari who succeeded him loses
    trust and confidence in Nigeria and abroad as a dullard in sensible policy-making.

  • La Poeticas


    Goodluck Jonathan made his terrible choices and chose money as his own God. He is today the most hated as the most irrelevant thing in Nigeria. His aides are gone; his guards are gone and he’s left in his rustic smells. Here lies the remnants
    of a morally dissolute man who disgraced the Ijaw nation. The PDP party he nearly destroyed with his messes agrees his prosecution. His wife does not speak out in his defence over alleged multi-billion thefts. An only companion of his is one
    fellow criminal; Jide Omokore, with whom he allegedly looted. And now, this theft of $2.9 billion so far recovered, convicts.

    • Anon

      In the case of Dipreye Alamieyeseigha – Mr. Jonathan’s former boss and friend whom
      he would later grant state pardon following his conviction on corruption charges –
      the US did invite Nigeria to claim a $700,000 Maryland mansion and a Massachusetts
      investment account worth about $400,000 that were recovered from the former governor.
      Jonathan refused, true to his faith that stealing is not corruption, and the US kept the items


      (July 19th, 2015)

  • Concerned

    Well done EFCC – more grease to your elbow !

  • vaale-kupu

    Kudos to Ibrahim Magu for these recoveries. I hope he will not re-loot these recovered assets the way the pioneer chairman of EFCC (Nuhu Ribadu) re-looted forfeited assets (cash and properties) running into hundred of billions of naira and used same to acquire properties in high brow areas of abuja ( Wuse, maitama etc). Interestingly no body has asked Nuhu Ribadu to account for his stewardship while he goes about sermonizing on corruption.

    Nuhu should explain, as a public officer then, how he got the money to buy a house for a lady who now heads a revenue generating agency in maitama, near former Governor Suswan house which the lady later sold to the MD of an oil and gas company for about a billion naira

    Nuhu should explain how he got the money to buy a luxurious house in Bua Court, Opposite former CBN Governor’s quarters in Wuse 2

    I hope and pray that ibrahim Magu will be different from Nuhu Ribadu!!!