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Ibrahim Magu Speaks On Misappropriating N329bn Recovered Funds


Suspended Acting Chairman of Economic and Financial Crimes Commission, Ibrahim Magu, has denied the media report that he misappropriated the sum of N329bn recovered for the Nigerian National Petroleum Corporation.

He said the fund was remitted directly into NNPC dedicated accounts via REMITTA under a special arrangement endorsed by the oil firm, the Economic and Financial Crimes Commission and the affected indebted marketers.

Magu disclosed this on Sunday in a statement released  by his lawyer, Wahab Shittu.

Statement in parts:

“We wish to express our profound gratitude for the successful collaboration between the EFCC and PPMC/NNPC which largely resulted in the huge recovery of debts from the marketers from the inception of the recovery exercise in 2016 till date.

“We appreciate your commission’s professional and diligent handling of the recovery of debts from the marketers throughout the period and we look forward to further collaboration in further areas.
"The issue of NNPC recovered funds has never featured in the proceedings of the panel and our client has never been confronted with such wild allegations.

“Our client is alarmed at the motive behind such spurious allegations in spite of altruistic service to the country without personal pecuniary benefits."

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