Magu Probe: Buhari and Unrecovered $142 billion stolen Funds

Written by Obinna Akukwe

President Buhari deserves commendation for the probe of head of Nigeria’s anti-corruption EFCC Unit., Ibrahim Magu for failure to recover much of the estimated $142-150 billion stolen under Jonathan.  I have numerous evidences of how the EFCC top shots are relooting funds. These evidences are not yet in public domain, including the transfer of seized funds from banks to some individuals.

The sack of Okoi Obono-Obla -led Assets Recovery Panel is fallout of battle between Magu, Malami, Osinbajo and Kyari over control of the recovered assets. The facts are very disgraceful and I prefer to watch the situation unfold.

I was about releasing report on the corruption in EFCC when I heard that Ayo Salami, an incorruptible Yoruba former Justice of Court of Appeal has been appointed to head the panel. With Justice Salami in charge, Magu and his cohorts cannot go scot free. 

The same Justice Salami that was hounded by the corrupt PDP under Jonathan, and illegally suspended for his anti electoral corruption stance, is now investigating a key government official.

I commend Buhari for this probe, and it has given us hope that this Fulani man, surrounded by corrupt persons, have finally woken up from the spells and incantations against him to fulfil his electoral promises.

Magu’s hands are not clean. Jonathan embezzled over $ 150 billion dollars in five years (N60 trilion), and Magu recovered only N1 trillion. We ousted Jonathan to set the nation free from corruption, and corrupt persons are trying to ruin our efforts. In my widely published report of March, 2015, titled ‘Stolen! $142 billion Nigeria’s Oil Revenue in Five Years in the midst of national poverty-additional financial mathematics’ which the looters have pressurized some platforms to remove from circulation, I reported that;

“There is a financial mathematical inclination to believe that about N142 billion dollars (N28.4 trillion naira) have been missing under NNPC and allied institutions since the inception of Jonathan administration in 2010 in the midst of national poverty. Who stole it and where is it kept. Nigerians must demand to know those who embezzled $142 billion dollars (N28 trillion naira) in five years or else there is no hope for the future generations”

I went on to list how the stolen funds, including oil deals not passed through federation account, oil bunkering, oil brokerage etc accumulated to 142 billion dollars. Prof Soludo, former apex bank chief, put his own calculation at $150 Billion dollars. All Ibrahim Magu could recover was N980 billion naira ($2.5 billion dollars). This is just .017 percent of 142 billion dollars or .016 percent of 150 billion dollars.

Therefore, Magu as EFCC chief failed. The Diezani loot, estimated at over $ 6 billion dollars is still unrecovered   save for few million dollars in cash, naira, jewels and properties. I do not want to open up on the deals with Diezani which made her extradition very impossible.

Buhari should extend his probe to other critical sectors of the economy, or else he is no more Gen  Buhari but Mrs Buhari or Major Buhari. Let the probe continue. Let all the seized oil vessels containing millions of barrels of crude oil be investigated.

I commend Buhari for Magu’s probe, let other probes follow suit and let at least $50 billion dollar of the stolen $142 billion dollar be recovered to lift more Nigerians out of poverty.