Magu Explains How Recovered Assets Were Auctioned, Lists Beneficiaries

The suspended acting chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, has revealed that some of the forfeited assets recovered by the Commission under his management were auctioned to ministries and agencies of the federal government.

Magu who has been in the news for mind blowing allegations of corruption and abuse of public trust, disclosed that the assets were auctioned with the express approval of the president.

In a letter addressed to the Ayo Salami-led presidential panel probing the allegations brought against him by his supervising minister, Abubakar Malami, Magu shared some insights on how the recovered assets were sold off.

The embattled Magu listed the ministry of humanitarian affairs and disaster management, Federal Inland Revenue Service (FIRS) as a part of agencies that benefited from recovered vehicles through special auction with presidential approval.

He revealed that about 450 forfeited vehicles, in Lagos and Abuja and yet to be sold, but explained that the agency had since obtained presidential approval to auction them.

The suspended anti-corruption czar said pointed that some of these agencies have not paid for the vehicles but that there was an arrangement that their values will be deducted from the ministries’ allocation.

“On allocation of vehicles to some government agencies through special auction with presidential approval. The beneficiary agencies are: the Ministry of Humanitarian Affairs and Disaster Management of which the valued price is to be debited from their allocation; State House, National Commission for Refugees and Displaced Persons; Federal Inland Revenue Service and National Directorate of Employment,” he said.

“The commission presently has presidential approval to dispose over 450 forfeited vehicles located in Lagos and Abuja. The vehicles have been valued by the National Automotive Council Valuers and the Federal Ministry of Works and Housing. But no sale/disposal has been conducted yet.”

Magu said some permanently forfeited property were allocated to agencies including the Voice of Nigeria, National Directorate of Employment while some property under interim forfeiture were rented out to the Nigerian army and the federal ministry of finance.

“Real properties finally forfeited to the Federal Government of Nigeria and allocated to some agencies for official use in line with the Presidential approval are: Voice of Nigeria, National Directorate of Employment, Ministry of Humanitarian Affairs and Disaster Management, North East Development Commission and Pension Transitional Arrangement Directorate,” he said.

“Properties under interim forfeiture order are rented by the following government agencies: Nigerian Army, Federal Ministry of Finance, Fiscal Responsibility Commission, Nigerians in Diaspora Commission and Federal Airports Authority of Nigeria.

“Other agencies of government that have approached the commission to rent properties under interim forfeiture order include: National Human Rights Commission and National Council for Arts and culture.”

He also said the commission temporarily handed over some properties in Lagos to the state government for use as isolation centres for COVID-19 patients.

TheCable is however reporting that the presidential panel probing the allegations against Magu rejected his defence since according to a source quoted by the newspaper, Magu has not been formally served by the Ayo Salami panel and wondered how Magu would be reacting based on media reports he personally tagged “nonsense.”