✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

60 percent of looted funds still hidden in Nigeria – Magu

The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has said 60 percent of looted funds is still hidden in Nigeria.…

The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has said 60 percent of looted funds is still hidden in Nigeria.

He made this known on Wednesday in Abuja during an interactive session with journalists at the EFCC head office.

He appealed to Nigerians to take advantage of government’s whistle blower policy which enabled the commission recover over 40 million dollars at an apartment in Ikoyi, Lagos state.

He noted that 60 percent of looted state funds are still being kept in both foreign and local currencies such as the Ikoyi Gate loot.

He said the EFCC are collaborating with Bureau de Change operators to ensure that such activities are curtailed.

He lamented that such funds are being kept in different kinds of unorthodox storage facilities.

He said all law enforcement agencies must collaborate on the fight against corruption and double efforts to recover such hidden funds.

He said the EFCC is working to secure the extradition of a former minister of petroleum, Diezani Madueke, even as the commission has been given 72 hours to produce her by a High Court in Abuja.

He said the challenge is that she is being investigated by the United Kingdom law enforcement agencies.

He noted that the difficulty in prosecuting Madueke in the UK is strange because her money laundering activities is known to several law enforcement agencies in different jurisdictions across the world.

It was learnt that the EFCC is ready to prosecute her because she is linked to several looted funds and property in Nigeria.

Magu also noted that over $300million (dollars) looted from Nigeria is hanging in Jersey Island, in the United Kingdom.

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.