Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu yesterday, disclosed that the commission between January, 2018 and first quarter of 2019 recovered the sum of N251 billion in cash, multi-million dollar worth of jewelleries such as gold and trapped taxes.
fraud EFCC operatives Magu made the disclosure at the ongoing 2018/2019 budget defence held by the House of Representatives Committee on Financial Crimes, chaired by Kayode Oladele (APC-Ogun).
According to him, a breakdown of the recovery shows N11.5 billion final forfeiture (cash and accounts); N133.8 billion Non-forfeiture recoveries; N8.92 billion direct deposits; N38.64 billion tax recoveries; N4.30 billion fuel subsidy recoveries and N42 billion banks (third party).
“These are in addition to recoveries of assets as jewelleries (gold), various sums in other currencies and cash for major government agencies including NNPC, FIRS and AMCON.
Other details are in the appendix on recoveries, according to the EFCC boss. “In the first quarter 2019 financial year, the commission made recoveries which include: Cash – N140.7 million; Direct Deposits – N2.02 billion; Tax recoveries – N7.20 billion; Subsidy recoveries –N3.06 billion and $292 million,” Magu told lawmakers.
He said that the Commission required a total sum of N22.071 billion in 2019 budget as against the sum of N26.396 billion approved in 2018. He also observed that the capital expenditure of N15.196 billion was reduced to N3.978 billion in the executive summary submitted by the Executive to the Legislature.
“This represents a 74.82 percent reduction from the approved estimate of N10.07 billion in 2018.
We again wish to crave the indulgence of this committee to consider an upward review in the Commission capital expenditure proposal for 2019,” he said.
Magu also disclosed plans to increase salaries and allowances of 970 additional staff approved for recruitment, who are to be fully enrolled on the personnel cost platform in 2019. In his remarks, the chairman of the House committee, Oladele restated committee’s commitment to ensuring that the government wins the ongoing war against economic crimes.