Adeosun Asks Magu to Account for Looted Funds

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The Minister of Finance, Mrs. Kemi Adeosun, has asked the acting Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, to clarify where the cash recoveries from May 2015 to January 2018 have been deposited and provide accompanying evidence. 

In a letter dated with reference number: FM/HMF/EFCC/S-EFCC-REC/2018/1 dated February 9, 2018 and entitled: ‘Summary of EFCC Recoveries from May 2015 to January 2018,’ Adesoun said the clarification became necessary based on the information available to the Office of Accountant-General of the Federation.

‘’This is to notify you of the records of cash asset recoveries in the custody of the EFCC from May 2015 till date based on information available to the Office of the Accountant-General of the Federation (attached),’’ the minister stated.

‘’It is however come to the attention of the Ministry of Finance, the use of recovery figures in media reports by the EFCC that do not reconcile with the records of the ministry.

‘’You are therefore kindly requested to clarify where these cash recoveries have been deposited and provide accompanying evidence. Please, accept the assurances of my best regards.’’

While later reacting to the letter, Adeosun stated that it was a standard letter aimed at improving controls over recovered funds.

She added that there was no ulterior motive was intended at the time she wrote the letter.

In a statement by her media aide, Mr. Oluyinka Akintunde, the minister described the letter as “innocuous”

The statement read: “The attention of the Minister of Finance, Adeosun, has been drawn to media reports misrepresenting her innocuous letter to Magu on cash recoveries by the federal government.

“The minister wishes to state explicitly that the letter dated February 9, 2018, was a standard letter aimed at improving controls over the recovered funds.

“There is no ulterior motive behind the letter as alleged in some media reports but to enable the reconciliation and harmonisation of the figures on recovered funds by the government,” the statement said.

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