EFCC Recovers N4bn In 2 Weeks

The Economic and Financial Crimes Commission (EFCC) hinted yesterday that two weeks ago, it recovered $9.750 million and £750,000 from a residence in Kaduna State and an additional N1.25 billion from a public servant.

Chairman of the commission, Ibrahim Magu who disclosed this at a budget appraisal and defense session of the House of Representatives Committee on Financial Crimes also informed the committee that the commission recovered over N1.9 billion, $8.2 billion, £29.1 million and €12.4 million between January and December 2016.

A breakdown of the commission’s 2016 budgetary allocation presented to the committee showed that out of N18,887,531,631 approved, N7.621 billion was for personnel cost, N8.485 billion was for capital, while overhead gulped the remaining N2.750 billion.

According to the record, only N14,739,273,473.86 which represent 78.04 percent has so far been released.

Magu called for an increase in the commission’s budgetary allocation to enable it accommodate its new personnel as well as training of its officers.

Meanwhile, the committee also revealed that Nigeria has applied to join the Financial Action Task Force (FATF) as part of efforts to strengthen the country’s war against corruption.

Chairman of the committee, Hon. Kayode Oladele who commended the move also expressed optimism that Nigeria will be absorbed as an observer member before the year runs out and consequently become a full-fledged member in the nearest future.

He said, “Our collective efforts to unleash sustainable development in Nigeria through the rooting out of corruption will not produce the desired result if Nigeria is unable to transact in the international market place without hindrance.

“In this regard, Nigeria has applied to join the FATF and based on the level of our commitment, a high-level delegation from the FATF is due to visit Nigeria in March 2017 to meet with various stakeholders and report back to its plenary in June this year. I have no doubt in my mind that we will be successfully accredited and admitted at the end of the exercise”.

While commending the commission’s giant strides, Oladele solicited the support of Nigerians in stemming the scourge of corruption in various facets of the economy.

“The fight against corruption is one of the most potent weapons to fight recession which structural cause is rooted in waste, looting, misplacement of priorities and misappropriation of yesteryears”, he noted.

Source: Leadership