The Acting Chairman of the Economic and Financial Crimes Commission, EFCC on Tuesday, October 22, 2019 disclosed that the agency earned a record of 882 convictions between January and October this year.
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Magu made the disclosure as he defended the Commission's 2020 budget of N30.921billion before the Senate Committee on Anti-corruption and Financial Crimes.
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Though the year has not ended, the conviction figure in the meantime, represents over 200 per cent improvement on the 312 convictions recorded last year.
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Speaking further on the notable achievements of the Commission in the current fiscal year, the EFCC boss disclosed that between January and September 2019, the Commission made monetary recoveries on behalf of both the federal government and third parties in the following sums : N64,721,161,510.01 (Sixty Four Billion, Seven Hundred and Twenty One Million, One Hundred and Sixty One Thousand, Five Hundred and Ten Naira, One Kobo), $14,030,512.32 (Fourteen Million, Thirty Thousand, Five Hundred and Twelve Dollars, Thirty Two Cents), £4,644,493.00 (Four Million, Six Hundred and Forty Four Thousand, Four Hundred and Ninety Three Pounds), €53,325.00 (Fifty Three Thousand, Three Hundred and Twenty Five Euros).
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Magu also noted the crucial role the Commission played in assisting the country secure a temporary reprieve in the $9.6billion Process and Industrial Developments Limited (P&ID) arbitral award against Nigeria by a UK commercial court, which he said followed the Commission’s investigation and consequent arraignment of P&ID Limited and P&ID Nigeria Limited on charges of fraud, intent to defraud and dealing in petroleum product without license, to which their representatives pleaded guilty to the charges, leading to a court closure of the companies and the forfeiture of their properties to the federal government.
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Read more at www.efccnigeria.org
.
.
Magu made the disclosure as he defended the Commission's 2020 budget of N30.921billion before the Senate Committee on Anti-corruption and Financial Crimes.
.
.
Though the year has not ended, the conviction figure in the meantime, represents over 200 per cent improvement on the 312 convictions recorded last year.
.
.
Speaking further on the notable achievements of the Commission in the current fiscal year, the EFCC boss disclosed that between January and September 2019, the Commission made monetary recoveries on behalf of both the federal government and third parties in the following sums : N64,721,161,510.01 (Sixty Four Billion, Seven Hundred and Twenty One Million, One Hundred and Sixty One Thousand, Five Hundred and Ten Naira, One Kobo), $14,030,512.32 (Fourteen Million, Thirty Thousand, Five Hundred and Twelve Dollars, Thirty Two Cents), £4,644,493.00 (Four Million, Six Hundred and Forty Four Thousand, Four Hundred and Ninety Three Pounds), €53,325.00 (Fifty Three Thousand, Three Hundred and Twenty Five Euros).
.
.
Magu also noted the crucial role the Commission played in assisting the country secure a temporary reprieve in the $9.6billion Process and Industrial Developments Limited (P&ID) arbitral award against Nigeria by a UK commercial court, which he said followed the Commission’s investigation and consequent arraignment of P&ID Limited and P&ID Nigeria Limited on charges of fraud, intent to defraud and dealing in petroleum product without license, to which their representatives pleaded guilty to the charges, leading to a court closure of the companies and the forfeiture of their properties to the federal government.
.
.
Read more at www.efccnigeria.org
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