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60% Of Looted Funds Still Hidden In Nigeria – EFCC

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

He spoke yesterday 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 EFCC to recover over $40m at an apartment in Ikoyi, Lagos State.

He said 60 percent of looted state funds are still being kept in both foreign and local currencies, adding that the EFCC was 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 former minister of petroleum, Diezani Alison-Madueke. The commission had been given 72 hours by a High Court in Abuja to produce her.

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

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

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

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