The Economic and Financial Crimes Commission (EFCC) yesterday disclosed that it has recovered N251 billion and multi-million dollar worth of gold and trapped taxes between January 2018 and first quarter of 2019.
Acting Chairman of the anti-graft agency, Ibrahim Magu, stated this during his 2018/2019 budget defence with the Kayode Oladele (APC Ogun)-led House Committee on Financial Crimes.
Oladele, who restated the Committee’s support for sustenance of President Muhammadu Buhari’s war against corruption and EFCC’s transformation into world-class anti-graft institution, noted that the issue of paucity of funds has ended.
“The 8th National Assembly has done a lot to partner with the executive in the fight against corruption and our Committee will go down in history as the most effective and productive House Committee on Financial Crimes in Nigeria,” he said.
However, giving details of the recoveries, Magu explained that N11.5b was realised from final forfeiture (cash and accounts); N133.8b from non-forfeiture recoveries; N8.92b from direct deposits; N38.64b from tax recoveries; N4.30b from fuel subsidy recoveries and N42b from banks.
“These are in addition to recoveries of gold, various sums in other currencies and cash from major government agencies including NNPC, FIRS and AMCON, among others,” he added.
Magu also urged the Nigeria Immigration Service (NIS) to support the EFCC in tackling illegal Bureau de Change (BDC) operators in Rivers State.
He stated this through the Port Harcourt Zonal Head of EFCC, Abdulrasheed Bawa, during a visit to the state Comptroller of Immigration, I. U. Panshekara.
He pointed out that many high-end BDC operators in the state were foreigners operating illegally and breaching extant rules on currency and foreign exchange (Forex) transactions.
Besides, Magu advised Nigerian youth to be more concerned about how their actions will impact humanity than the focus on monetary rewards.
He gave the charge in a lecture delivered on his behalf by the Ibadan Zonal Head of EFCC, Friday Ebelo at the Oyo State’s National Youth Service Corps (NYSC) Orientation Camp, Iseyin to 2019 Batch ‘A’ corps members.
Meanwhile, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, said the corporation recovered N29b from debtors of liquidated financial institutions, including money banks, microfinance banks and primary mortgage banks.
He explained that NDIC insured limits of N500, 000 was prescribed for depositors in deposit money banks, non-interest banks and primary mortgage banks, while N200, 000 was approved for depositors in microfinance banks and currently covers 95 per cent of depositors in the country.
He stated this yesterday during his address at the 40th Kaduna International Trade Fair.
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Acting Chairman of the anti-graft agency, Ibrahim Magu, stated this during his 2018/2019 budget defence with the Kayode Oladele (APC Ogun)-led House Committee on Financial Crimes.
Oladele, who restated the Committee’s support for sustenance of President Muhammadu Buhari’s war against corruption and EFCC’s transformation into world-class anti-graft institution, noted that the issue of paucity of funds has ended.
“The 8th National Assembly has done a lot to partner with the executive in the fight against corruption and our Committee will go down in history as the most effective and productive House Committee on Financial Crimes in Nigeria,” he said.
However, giving details of the recoveries, Magu explained that N11.5b was realised from final forfeiture (cash and accounts); N133.8b from non-forfeiture recoveries; N8.92b from direct deposits; N38.64b from tax recoveries; N4.30b from fuel subsidy recoveries and N42b from banks.
“These are in addition to recoveries of gold, various sums in other currencies and cash from major government agencies including NNPC, FIRS and AMCON, among others,” he added.
Magu also urged the Nigeria Immigration Service (NIS) to support the EFCC in tackling illegal Bureau de Change (BDC) operators in Rivers State.
He stated this through the Port Harcourt Zonal Head of EFCC, Abdulrasheed Bawa, during a visit to the state Comptroller of Immigration, I. U. Panshekara.
He pointed out that many high-end BDC operators in the state were foreigners operating illegally and breaching extant rules on currency and foreign exchange (Forex) transactions.
Besides, Magu advised Nigerian youth to be more concerned about how their actions will impact humanity than the focus on monetary rewards.
He gave the charge in a lecture delivered on his behalf by the Ibadan Zonal Head of EFCC, Friday Ebelo at the Oyo State’s National Youth Service Corps (NYSC) Orientation Camp, Iseyin to 2019 Batch ‘A’ corps members.
Meanwhile, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, said the corporation recovered N29b from debtors of liquidated financial institutions, including money banks, microfinance banks and primary mortgage banks.
He explained that NDIC insured limits of N500, 000 was prescribed for depositors in deposit money banks, non-interest banks and primary mortgage banks, while N200, 000 was approved for depositors in microfinance banks and currently covers 95 per cent of depositors in the country.
He stated this yesterday during his address at the 40th Kaduna International Trade Fair.
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