The Economic and Financial Crimes Commission (EFFC) recovered N409.270 billion between January and August, this year, according to its Chairman, Ibrahim Magu.
Magu said that about $ 69 .501 million, €610, 816, £ 231, 118, AED 443, 400 and SR 70, 500 were also recovered within the period.
Speaking at the 20th Anniversary of the Finance Correspondents Association of Nigeria (FICAN), in Abujaon Tuesday, he also noted the commission has secured 137 convictions this year.
The EFCC boss said that recovered monies are kept in the Recovery Fund account domiciled with the Central Bank of Nigeria. “They were monies illegally siphoned, and which, undoubtedly would have gone a long way to improve the living conditions of Nigerians,” Magu stated.
At the event, Magu blamed corruption for the current lack of development in the country, as well as, the inability of some media organization to meet their staff obligations.
His words, “Indeed, to state that Nigeria has all it takes to truly be the Giant of Africa, is to state the obvious. We are blessed with both human and mineral resources.
“But, why have we been unable to explore end exploit our potentials to the fullest? Your answer is as good as mine – corruption. Corruption is no doubt at the heart of why a media house will owe it’s teeming staff members their salaries, despite their toil, day and night to ensure that the publication does not miss the light of day.
“Corruption is the reason why our roads have become death-traps. It is the reason why our hospitals have remained in deplorable states, and we have become a leading African country “exporting” medical personnel to developed countries.
“I put it bluntly: the single major problem militating against our national development is corruption. Most crimes against humanity are perpetrated using the proceeds of corruption, monies obtained through illegal activities, illicit cash flows, and money laundering.
Quoting Joe Biden, the former Vice President. of the United States, Magu called corruption a cancer that eats away at a citizen’s faith in democracy, diminishes the instinct for innovation and creativity; already-tight national budgets, crowding out important national investments. ‘it wastes the talent of entire generations. It scares away investments and jobs.”
“Anywhere in the world where strict adherence to ethics and values by the citizenry is lacking, there will always be obvious deficit in morals, which is the antidote to corruption.”
Magu told the audience that corruption has been backing a fierce battle against his organization but that his teaming has been on the offensive.
He said, “As much as we are striving to fight corruption to a standstill in Nigeria, sadly, it is fighting back, really hard. In the history of the EFCC I s 14 years of
“But we are winning the war against corruption because the age of impunity is over. Never again would anyone be treated as sacred cow. Corruption is also fighting bock through the media.”
He asked the media to support the EFCC to fight corruption , in the overall interests of the nation.
“I believe in the saying that the pen is mightier than the sword. It is no doubt an attestation to the power that you as journalists wield.
“I therefore, urge you to use your pen to push for reforms in the judiciary, and society at large, by exposing corrupt elements. They do not deserve to be praised on the pages of newspapers. It is one of the ways that we can re-orientate our value system and encourage the youths to shun such vice, in the knowledge that corrupt persons will not go unpunished,” the EFCC boss stated.
Onyinye Nwachukwu, Abuja
