Thursday, 13 April 2017

How EFCC recovered $43m, £27,000, N23m during house raid

The Economic and Financial Crimes Commission on Wednesday raided a house in Ikoyi, Lagos recovering about $43m, N23m and £27,000 in cash.The total cash when converted using the current
 rate of the Central Bank of Nigeria amounts to N11,661,314,000.

It was learnt that the recovery was made at a service apartment located at Osborne Towers.

The identity of the owner of the funds had yet to be ascertained as of press time but the recovery was made due to information from a whistle-blower.

In line with the whistleblower policy of the Federal Government, the whistleblower is expected to receive nothing less than N500m as a reward.

A source at the EFCC said, “We received a tip-off from a whistleblower regarding the existence of a huge sum of cash in an apartment in Osborne Towers, Ikoyi. We were overwhelmed to see such a huge sum of money.

“We had to quickly notify officials of the Central Bank of Nigeria to come with counting machines. We have been counting the money all day and everything will be transferred to the CBN this night because we don’t have a vault that can store such a huge sum of money.

“I can tell you that the whistleblower policy is one of the best things the Federal Government has ever done to help the fight against corruption.”

As of 8:51pm on Wednesday, the money was still being counted.

Investigations by our correspondent revealed that the total cash recovery made by the EFCC in Lagos alone in the last five days sums up to N12,360,814,000 while the amount traced to private accounts sums up to N4bn.

In essence, the EFCC had made a recovery of about N16bn in the last five days due to the assistance of whistleblowers.

On Friday last week, the EFCC uncovered N448,850,000 in a shop at LEGICO Shopping Plaza, Ahmadu Bello Way, Victoria Island, Lagos. The money stashed in several ‘Ghana Must Go’ bags were in N500 and N1000 denominations, hidden in a shop awaiting conversion into foreign currency.

On Monday, the commission again recovered €547,730 and £21,090 as well as N5,648,500 from a Bureau de Change operator in Balogun Market, Lagos. The figure sums up to N250,558,670 when converted to naira, according to the EFCC.

Sources at the anti-graft agency told our correspondent that due to the existence of the Bank Verification Number and other anti-corruption mechanisms put in place by the CBN and other anti-graft agencies, it had become difficult for politically exposed persons to deposit money in their private accounts.

Detectives at the commission told our correspondent that many more recoveries are expected to be made in the coming days as long as whistleblowers are protected.



SOURCE

12 comments:

  1. I think the EFCC should start holding big press conferences to make global the disclosures of these seizures/discoveries. In addition to local media firms, EFCC should bring CNN, CNBC Africa, BBC Africa, AP and other media giants that are present in Nigeria to their press conferences. After making the disclosures, then they need to hold successive press conferences to carry along the members of the public with the progress of investigations. Doing this will add more credibility to the EFCC, and may even prompt the support and partnership (especially in the area of training) of foreign agencies like the FBI or Scotland Yard once they see transparency and professionalism. Overall, kudos to the EFCC! Let the raids continue!

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  2. Asiwere to nko oro jo,ti ko si mo eni ti o na,shiooo

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  3. Whosoever owns that apartment should lose it and it should be auctioned also immediately to augment the found cash. Corruption must face a very strong opposition.
    The whistle blower just got value for being a patriot. This is the revenge against the elites and Nigerians should have EFCC's number on speed dial going forward.

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  4. Oh, you think they don't know? they read news more than many of us here, my brother, Yooba Ponbele points is very valid regardless of the degrading concern you mentioned. Kudos EFCC!!!

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  5. It will show to world how diabolic , self- centered, greedy , wicked, heartless etc the so called our leaders are and compiling a list of them all for the world to see so that people will stop being envious of them and their children but rather see them and call them THIEVES which they truly are

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  6. They know already. I'm sure EFCC update these guys abroad so they can help keep tab on the rogues each time they come to spend abroad.

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  7. This is the reason the senathieves and enemies of state hate Buhari and Magu. Unfortunately, they have to wait until 2031 since Buhari will finish his 2nd term in 2023, while our dear Prof. Osinbajo will end his 2nd term in 2031. Those who want to die can drink otapiapia

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  8. Personally, I have a full trust in Magu and his ability to fight corruption head on. That's why the Senate is using DSS to scuttled his confirmation as the EFCC chairman, the reason I am so mad with Buhari, who has all the power to open the criminal rap sheets of all these senators and put the 'fear of God' in their minds. They will be shaking right to their boots. None of them will dare utter a word. Unlike the executive arms, they don't enjoy immunity. Saraki's case in CCT should have been expedited and the bastard thrown behind bars. The forgery case that made both Saraki and Ekweremandu or whatever his name should have been decided long ago, which should have led to removal of both of them as the president and deputy president of the Senate respectively. Buhari's core loyalists should have been calling the shots at the Senate by now. And all this trash going on at the NASS would never have happened. What is Buhari afraid of? A man with power but very clueless on how to use it will be harshly judged by history.

    One will feel sorry for the EFCC officials doing the hard job of cracking down on looters, but will watch all their efforts go down the drain through unscrupulous judges. Tomorrow, we may hear that all the monies should be released to their 'owners'. My question is: didn't Buhari know that the judiciary is rotten? Did't he hear of Ibori's acquittal of 170 criminal charges by a Nigerian judge? Didn't he hear of N700K fine for a man who stole N32 billion pension funds, and the man allowed to keep the whooping N32 billion? Didn't he know that not one single person was in jail for corruption before he became the president? And even uptill now, under his watch, no single person is in prison for corruption after 2yrs of his own administration. Where is the deterrent against corruption? All we hear is this billion discovered that trillion recovered; the news died down and no one is punished. No one knows what becomes of all the monies claimed to ave been recovered.

    If Buhari and his team lack the knowledge of how to reign in the judiciary they should go out and seek help. If not, with the judiciary in its present state, corruption will keep festering unhindered. The judiciary can easily be tamed. Quote me!

    Oya, where are Buhari's blind supporters with no iota of sense to reason? Start firing your usual blank bullets!!

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    Replies
    1. Buhari's core loyalists to head nass....so u want nass to be rubber stamp n appendages to the executives?, only a fool will think this way. So u don't want checks n ballances? U just want nass to push through what ever rubbish the executive s throws at them? De same way buhari's bogus 20billion dollars lone was thrown out because he did not provide expenditure plans, u want such bogus borrowing to be approved in the name of being loyal to buhari? I didn't mean to insult u but ur reasoning call for questioning. U r not thinkn aright in that aspect but generally, u have a nice argument concerning buhari unpreparedness n zeal to fight corruption. Am not a fan of saraki nor ekweremadu. I don't like buhari too...reason
      They have been around for too long.
      Exhuming buhari to be my president after he was for my dad's era is insulting to my person.
      Its an inditement to my generation.
      When will youths be leaders since The likes of buhari. Obasanjo. Have been calling the shots since the 60s, 70s? I mean its crazy.

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    2. Kudos happy to know we still have right thinking Nigerian, you summarized all without mincing words

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  9. I can do better than Magu. Corruption fight is not about individual but institutions. When you have the right institutions on ground, every successive administration or individual is supposed to build on that. Magu has done his part even if he was there for a short time. Let another person take over the leadership, building on the existing foundation in the fight against corruption. What we are seeing today is a representation of what has been achieved within the banking sector through the mandatory BVN for all customer, which makes it difficult for any customer to get away easily with illicit transactions. Of course, the BVN innovation within the banking sector is a product of past administration, which is fine seeing this administration leveraging on it to fight the monster called corruption.

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  10. Its a shame that we coexist with these guys. The best way of looking at this is, its the revenge against the elites. They deprived Buhari the chance for 12 years, they eventually will likewise get punished for another 12 years because they will be deprived of everything they have used in holding us down. Nigerians should take charge of this campaign and not leave it to Buhari alone, this is our country also and we shall not be seconded as second class citizens.

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