The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, on Tuesday reviewed the activities of the commission in 2018 saying a total of 315 people were convicted for various economic and financial offences while N11.5 billion was also forfeited to government during the period under review.
Magu, who appeared before the Senate Committee on Anti-corruption and Financial Crimes to defend the commission’s 2019 budget estimates disclosed that in year 2018, the EFCC obtained 315 convictions, and had within the first three months of this year, obtained 160 convictions.
On recoveries, he stated that N11.5billion was recorded in final forfeiture, N133.8billion in non forfeiture recoveries, N8.92billion in direct deposits, N38.12billion in tax recoveries, N1.82billion in Subsidy Recoveries, and N42billion from Banks (Third Party), totalling N236billion in 2018.
These, according to Magu, “are in addition to recoveries of various sums in other currencies, other assets, jewelries (gold) and recoveries for major government agencies including NNPC and AMCON.
“In the first quarter of the 2019 Financial Year, the Commission made recoveries which included: N140.7million in cash, N2.021billion in direct deposits, N7.20billion in tax recoveries, N3.06billion in subsidy recoveries and -$0.292billion.”
Magu lamented that incomplete releases of both approved overhead and capital estimates, had in no small measure, negatively impacted the ability of the Commission to meet its pressing needs and obligations.
