fbpx
Success Tonics Blog
  • HOME
  • ABOUT
  • CONTACT US
    • ADVERT PLACEMENT
  • CURRICULUM VITAE
  • LECTURES AND SEMINAR
  • PUBLICATIONS
  • ASSIGNMENT AND QUIZ
  • INSPIRATION
  • NEWS
    • ENTERTAINMENT
  • LIFESTYLE
  • SOCIO-ECONOMIC ISSUES
  • SPORTS UPDATE
  • ICT UPDATE
  • INEWS
  • SCHOLARSHIPS
  • JOBS AND VACANCIES
  • Books & Resources
    • Get My Books on Amazon
    • Resource Center
    • The Books
      • Just a Fruit (Book)
      • Pathway to Success and Excellence Book
      • You Are On a Journey and You Will Get There (Book)
    • Visit My Selar Store
  • Shop
    • My account
    • Checkout
  • Wishlist
  • Basket
  • Checkout
  • JPY 3 Books Launch by Dr Tony Orji
No Result
View All Result
  • HOME
  • ABOUT
  • CONTACT US
    • ADVERT PLACEMENT
  • CURRICULUM VITAE
  • LECTURES AND SEMINAR
  • PUBLICATIONS
  • ASSIGNMENT AND QUIZ
  • INSPIRATION
  • NEWS
    • ENTERTAINMENT
  • LIFESTYLE
  • SOCIO-ECONOMIC ISSUES
  • SPORTS UPDATE
  • ICT UPDATE
  • INEWS
  • SCHOLARSHIPS
  • JOBS AND VACANCIES
  • Books & Resources
    • Get My Books on Amazon
    • Resource Center
    • The Books
      • Just a Fruit (Book)
      • Pathway to Success and Excellence Book
      • You Are On a Journey and You Will Get There (Book)
    • Visit My Selar Store
  • Shop
    • My account
    • Checkout
  • Wishlist
  • Basket
  • Checkout
  • JPY 3 Books Launch by Dr Tony Orji
No Result
View All Result
Success Tonics Blog
No Result
View All Result

EFCC recovers N738b, says Magu

Tony Orji by Tony Orji
November 9, 2017
in Uncategorized
Reading Time: 4 mins read
A A
0
Share on FacebookShare on TwitterShare on Whatsapp


Magu: $2.9b recovered

The Economic and Financial Crimes Commission (EFCC) on Wednesday in Austria said it recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and Oct. 20, 2017.
Its Acting Chairman, Mr Ibrahim Magu, stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.
Spokesman of the commission, Mr Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.
In a presentation titled: “International Cooperation in Relation to Tecnical Assistance: The Nigerian Experience”, Magu said the sum was exclusive of smaller currencies in Durham, CRA and British Pound.
He stated that the commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
“Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in naira.
“These include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts”, he explained.
Magu, who was said to be a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery.
He said the country had also made progress in specific cases related to Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal.
These efforts, he said, cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.
In his recommendations, the EFCC boss sought improved coordination and cooperation among state parties in asset recovery.
He said this could be done through the consideration and adoption of measures that would remove traditional barriers such as bank secrecy in line with Article 46(8) and dual Criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.
He further sought measures to reduce cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.
He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.
Meanwhile, Nigeria has received global commendation for its doggedness in tracing and recovery of its solen assets, according to the commission’s spokesman.
Uwujaren said the commendation came at a meeting between Magu and Dr Nassar Abaalkhail, the Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia.
The meeting, which held on the sidelines of the conference, followed Magu’s presentation, Uwujaren said.
He quoted Abaalkhail as saying that Nigeria’s efforts at loot recovery were remarkable.
“From what I have heard, Nigeria’s effort at asset tracing is remarkable. Nigeria is indeed a role model for countries, including developed countries.
“We have so much to learn from Nigeria”, he said.
Uwujaren said the Iranian National Focal Point for the United Nations Convention Against Corruption, Dr Mohsen Mardal, also commended the Nigerian presentation.
Similarly, the Commissioner, Sierra Leone Anti-Corruption Agency, Ady Macauley, said the EFCC was not only “formidable, but a pride to the African States”.
“My men were in Nigeria a fortnight ago to understudy your operations, I must confess, we have a lot to learn in investigation, prosecution and asset recovery”.
Tags: News
Previous Post

10 Richest Kids In The World

Next Post

50 Norwegian firms to invest in oil, gas sector

Related Posts

Breaking! Newly Added NYSC Entries Batch A 2025 Full Time and Sandwich for the University of Nigeria, Nsukka (Download it here)

March 23, 2025

APPLY NOW! 2025 Google Internship Program

February 24, 2025

University Of Ottawa Undergraduate Scholarships in Canada 2025

January 29, 2025

APPLY NOW! Bayreuth International Graduate School of African Studies Scholarship 2025

November 1, 2024

Leave a Reply Cancel reply

Your email address will not be published.

Subscribe For Updates

RCCG 2022 JANUARY SHILOH HOUR

Video Player
https://www.youtube.com/watch?v=z5rJDn-4SvE
00:00
00:00
01:06:20
Use Up/Down Arrow keys to increase or decrease volume.

Categories

Select Category

    Tags

    African scholarship Assignment Assingnment And Quiz award Call for Papers Capacity Building Career Careers Conference empowerment encouragement Entertainment Fellowship funding Grant grants ICT Updates INews Inspiration JOBS leadership Lifestyle message motivation News Nigeria opportunities Opportunity Post Doc Fellowship Post Graduate Post Graduate Scholarship Publication Quiz Recruitment Research scholarship Scholarships Seminar Socio-Economic Issues Sports Update VACANCIES Vacancy Wealth Creation Women Workshop

    Recent Comments

    • Ubi grace kamsiyochukwu (2022/244636) on SUCCESS TONICS ESSAY INT”L COMPETITION, JUNE 2024 DIFFERENT PRIZES TO BE WON–CLICK HERE)
    • Ojobo maureen Onyemaechi on SUCCESS TONICS ESSAY INT”L COMPETITION, JUNE 2024 DIFFERENT PRIZES TO BE WON–CLICK HERE)
    • Ogbolu Racheal Udoka on SUCCESS TONICS ESSAY INT”L COMPETITION, JUNE 2024 DIFFERENT PRIZES TO BE WON–CLICK HERE)
    • Ogbolu Racheal Udoka on SUCCESS TONICS ESSAY INT”L COMPETITION, JUNE 2024 DIFFERENT PRIZES TO BE WON–CLICK HERE)
    • Ogbolu Racheal Udoka on SUCCESS TONICS ESSAY INT”L COMPETITION, JUNE 2024 DIFFERENT PRIZES TO BE WON–CLICK HERE)

    About Dr. Anthony Orji

    Dr Anthony Orji

    Senior Lecturer, Economics, UNN

    Dr Anthony Orji is a Ph.D holder in Economics and a lecturer at the Department of Economics, University of Nigeria Nsukka.

    He obtained his B.Sc, Msc and Ph.D Degrees from the University of Nigeria, Nsukka and a Post Graduate Diploma in Sustainable Local Economic Development (SLED) from Erasmus University, Rotterdam Netherlands.

    Dr Anthony Orji

    Categories

    • Assignment And Quiz (127)
    • Conferences (45)
    • Empowerment (220)
    • Entertainment (214)
    • Featured (224)
    • ICT Update (142)
    • INews (1,370)
    • Inspiration (415)
    • Jobs and Vacancies (336)
    • Lectures and Seminar (57)
    • Lifestyle (508)
    • NESA-UNN (169)
    • News (1,666)
    • Publications (62)
    • Scholarships (728)
    • Socio-Economic Issues (1,201)
    • Sports Update (93)
    • Uncategorized (1,341)
    • Workshops and Seminars (58)

    Tag Cloud

    African scholarship Assignment Assingnment And Quiz award Call for Papers Capacity Building Career Careers Conference empowerment encouragement Entertainment Fellowship funding Grant grants ICT Updates INews Inspiration JOBS leadership Lifestyle message motivation News Nigeria opportunities Opportunity Post Doc Fellowship Post Graduate Post Graduate Scholarship Publication Quiz Recruitment Research scholarship Scholarships Seminar Socio-Economic Issues Sports Update VACANCIES Vacancy Wealth Creation Women Workshop

    Success Tonics Blog © 2022 - All Rights Reserved.

    No Result
    View All Result
    • HOME
    • ABOUT
    • CONTACT US
    • ADVERT PLACEMENT
    • JOBS AND VACANCIES
    • SCHOLARSHIPS
    • LECTURES AND SEMINAR
    • ASSIGNMENT AND QUIZ
    • Shop
      • My account
        • Checkout
        • Wishlist
      • Selar Store
    • JPY 3 Books Launch by Dr Tony Orji
    • Books & Resources
    • CONTACT US

    Success Tonics Blog © 2022 - All Rights Reserved.

    Notifications