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EFCC has recovered N17billion in four months – Magu

*We secured 140 c0nvictions

*Details of the recoveries highlighted

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has disclosed that the organisation have recovered over N17billion in the last four months.

Magu stated this, while speaking at the 2017 Association of National Accountants of Nigeria (ANAN) Week/Award Day at the weekend at the FCT Archive Building, Abuja.

The Acting EFCC chairman said the anti-graft agency recovered N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00.

Magu also revealed that the commission recorded 62 convictions in the first quarter of the year.

“Apart from several other recoveries running into several billions of Naira, the recent whistleblower policy has led to the recovery by EFCC of N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00,” he said.

It would be recalled that the EFCC’s supervising minister, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) said the organisation in its first 12 years has so far recovered more than $2 trillion (about N400trn at current exchange rate) looted from the national treasury.

The AGF said it was estimated that in 1998 alone, the late former Head of State, General Sani Abacha, laundered over $2million.

The AGF, who made the disclosure in a keynote address presented at the ‘First Annual Conference on Financial Fraud, Cyber-Crime & Other Cross-border Crimes’, in Abuja, reiterated that President Muhammadu Buhari has vowed “to recover the fortunes that criminals have made illegally by returning every penny that belongs to the Nigerian public.”

He observed that the passage of the Administration of Criminal Justice Act, ACJA, had made it possible for criminal matters to enjoy accelerated hearing in courts.

The AGF said: “With more than 166 million inhabitants, Nigeria represents more than half of Africa’s total population. Nigeria’s major source of revenue is oil and Nigeria is ranked ninth highest exporter of crude among members of the Oil Producing Exporting Countries (OPEC) and 13th across the globe. “In 1998, Nigeria came under severe attacks from the international community. Political and economic sanctions were imposed on the country to pressurise the military regime at the time to create an enabling environment for democratic election.

“During this period, the Nigerian financial system suffered crisis of confidence, caused in part by the inability of the financial supervisory authorities and the enforcement agencies to prevent the abuse of the financial system and enforce national and international financial laws and regulations.

“It is estimated that General Abacha alone laundered more than USD2 million during this period. It was not just the financial system that broke down under severe mismanagement but also the justice system due to lack of comprehensive legal framework, weak law enforcement agencies, ill equipped judiciary, and the over-crowded court system.

These were just a few of the problems that contributed to the high rate of economic and financial crimes in Nigeria.

The breakdown of the monies recovered so far by the EFCC under President Muhammadu Buhari as compiled by SB Morgen Intelligence are:

October 2015

One recovery N1.2m

February 2016

Three recoveries.


May 2016.

Three recoveries N17m.

June 2016.

Twelve recoveries.

N15.613,172,600, $15m, £2m.


July 2016.

One recovery.


September 2016.

Two recoveries.

N78.01m.. $3m.

November 2016

Four recoveries.


Immediately the whistleblowers policy came on board & Anti-graft recoveries massively skyrocket on monthly basis.

December 2016.


January 2017

Two recoveries.


February 2017.

Five recoveries.

N8.195Bn, $198.3m & £74,000.

March 2017

One recovery.


April 2017

Two recoveries.


TOTAL: N148.426,772,600;   $217,300,000;   £2.074,000.


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