EFCC reveals what happens to money, properties seized from fraudsters

EFCC reveals what happens to money, properties seized from fraudsters

- The Economic and Financial Crimes Commission said it does not keep recovered or forfeited loot

- The anti-graft agency said such money is returned to individual, state or federal government

- The agency said only the National Assembly can appropriate federal funds

The Economic and Financial Crimes Commission (EFCC) has clarified that contrary to rumour, the agency does not share recovered money or properties recovered from fraudsters or forfeited.

In a video clip shared by the anti-graft agency on its social media page, the EFCC said when it recovers money, it returns it to the affected individual, state or federal government.

In the case of federal government, the EFCC said the money is taken to consolidated revenue account in the Central Bank of Nigeria.

It said it is only the National Assembly that can appropriate recovered monies either for budget or other programmes.

Meanwhile, the Kaduna zonal office of the anti-graft agency arrested one Nuhu Ibrahim Shuaibu for alleged fraud.

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The suspect was arraigned before Justice P. Mallong of the Federal High Court, sitting in Kaduna on four-count charges that border on impersonation and fraud to the tune of N65,150,000.

Meanwhile, acting chairman of the EFCC, Ibrahim Magu, said the EFCC is not selective in its fight against corruption in the country.

According to Magu, the majority of the people accusing the commission of being selective in the fight against corruption were the most corrupt individuals in the country.

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He further explained that ‎most of the suspected corrupt individuals arrested by the commission had never denied their involvement in the allegations against them.

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