Tag: Presidential Panel

CBN Forensic Audit: Presidential Investigation Panel hunts ‘conspirators’ in alleged N7tr frauds linked to top officials

Aminu Imam

The probe into the Nigerian financial system which could emerge as the biggest financial fraud in the history of the country is currently heating up, as the team of special investigators set up to probe the Central Bank of Nigeria (CBN) and related entities are working to unravel a slew of crimes, already estimated at over N7 trillion. Recall that President Bola Ahmed Tinubu appointed former Chief Executive of the Financial Reporting Council of Nigeria (FRC) and forensic auditor, Jim Obazee, as “Special Investigator” of the CBN and related entities…

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I don’t regret heading Magu’s probe panel – Justice Salami

Ishaku Yohanna

A former President of the Court of Appeal, Justice Ayo Salami, has denied expressing regrets for accepting the appointment to chair the panel investigating Ibrahim Magu, suspended Acting Chairman of the Economic and Financial Crimes Commission. Magu is being investigated over allegations of abuse of office and mismanagement of recovered assets from May 2015 to May 2020. In a memo on Tuesday, Salami accused the lawyers of planting reports in the media that he regrets chairing the panel. He said, “The reports were a figment of the wild imagination of…

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Magu failed to account for 332 recovered properties, says Presidential Panel

Ishaku Yohanna

The suspended acting chairman of the Economic and Financial Commission (EFCC), Ibrahim Magu, has again been accused of allegedly failing to give a proper account of missing 332 out of the 836 recovered real estate property in March 2018. A report by the Presidential Committee on Audit of Recovered Assets (PCARA) made available to the News Agency of Nigeria (NAN) confirmed the development, indicating that the unaccounted property was worth billions of naira. The report also noted massive wastage and deterioration of physical assets (including landed property, cars and vessels…

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Magu asks IGP for bail

Ishaku Yohanna

Suspended acting Chairman of the Economic and Financial Crimes Commission EFCC, Ibrahim Magu, has written a letter to the Inspector-General of Police, IGP Mohammed Adamu, asking for bail on self recognizance. He requested for bail through a letter sent on his behalf by one of his lawyers, Oluwatosin Ojaomo, to the Police Chief on Friday, July 10. Magu has been detained at the Force Criminal Investigation Department (FCID) since Monday, July 6 when he first appeared before the Presidential Panel probing him for the allegations of misconduct leveled against him…

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EFCC: Buhari approves Umar’s appointment as Magu remains suspended

Ishaku Yohanna

President Muhammadu Buhari has approved the appointment of Mohammed Umar as the acting head of the Economic and Financial Crimes Commission (EFCC) while its long-serving acting Chairman, Ibrahim Magu, remains suspended. Magu was arrested on Monday, July 6, 2020 to answer questions before a Presidential Panel about his stewardship of the anti-graft agency. Since his arrest and detention, the Federal Government had failed to announce a temporary replacement even though his suspension had also been reported in the media without official confirmation. However, the office of the Attorney-General of the…

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