Magu visits Dubai to repatriate looted funds
- As the Buhari-led administration continues its fight against corruption, EFCC boss Magu has visited Dubai
- The visit to Dubai is part of intelligence gathering to trace looted funds and assets
- According to a source, Magu met with Dubai intelligence in company of crack detectives for intelligence sharing
The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has recently visited Dubai for intelligence gathering and tracing of stolen assets.
Leadership reports that Magu, who is attending a three-day event of the 2019 Intersec Security Summit with crack detectives from the commission, met with Dubai intelligence community on Monday over the need to block such illicit funds from coming to Nigeria.
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A source who spoke to the press said: “I can tell you authoritatively that the acting EFCC chairman met with Dubai intelligence in company of crack detectives for intelligence sharing and cooperation on Monday.
“This is directly connected to the illicit assets tracing and financial flow vis-a-vis the commission’s active surveillance on vote buying and monitoring its funding source.
“You will recall that the purpose of those who looted our commonwealth is to bring in the illicit funds into country in order to undermine the national security and engage in voters’ inducement.
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“Please note that the development is capable of scaring investors, discourage investments and cripple the economy.
“But I can tell you that the commission is equal to the task and all hands are on deck to ensure that this infamous action is tackled for the progress of the country."
Legit.ng earlier reported that the EFCC disclosed that Nigeria recorded illicit financial outflows of $217.7bn in 38 years, specifically between 1970 and 2008.
Magu said the various investigations, arrests, prosecution and assets recoveries over the years had confirmed that the level of corruption in Nigeria had been truly staggering. He said individuals and groups both in the private and public sectors were perpetrating corruption in Nigeria.
The EFCC boss identified former state governors, ministers, high ranking military officers, chief executives of parastatals and top bureaucrats in state and federal agencies as culprits involved in the staggering theft in the public sector.
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