Magu speaks from detention, explains the whereabout of N550bn missing interest

The suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, has denied the claim that he failed to account for the interest in the N550 billion recovered fund kept in the Central Bank of Nigeria, CBN, custody.

In a statement by his lawyer Wahab Shittu on Sunday, Magu said such recovered fund kept with the CBN do not generate interest.

“It is falsehood that Magu placed N550 billion recovered loot into a deposit account.

“The alleged transaction never featured in the proceedings before the Salami panel. Magu was never confronted with any such allegation by the panel and the news is blatant falsehood.

“To the best of Magu’s knowledge, no such amount is in any such account and he remains aghast at such outrageous figures. No one has confronted Magu with such allegations.

“All recovered funds are lodged in the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). Such recovered funds do not generate interest. This is elementary and can be verified from the CBN and the federal ministry of finance.

“This can also be confirmed from other government revenue generating agencies. Funds kept in TSA account do not generate interest.”

Ibrahim Magu has been in detention since Monday when he picked up on road on his way to the Force Headquaters and taken to the presidential Villa in Abuja, where he is being interrogated by a panel headed by Ayo Salami, a retired President of the Appeal Court.