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Ibrahim Magu, the suspended acting Chairman of the Economic and Financial Crimes Commission, EFCC, 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.

Recall that the Final Report of Presidential Committee on Audit of Recovered Assets, PCARA, surfaced at the weekend showing how interest rates accruing from N550 billion recovered by the anti-graft agency in the period from May, 2015, to May 2020.

The report said the EFCC, “Failure to report on the interest on actual lodgments clearly establishes that interest element of over N550 billion has been re-looted relating to the period under review.”

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

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

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“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.

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

Recall that President Muhammadu Buhari had on Friday suspended Magu as the acting chairman of the EFCC.

The agency’s Director of Operations, Mohammed Umar, has taken charge and now oversees the activities of the Commission pending the conclusion of the ongoing investigation into Magu’s case.

Magu, on Friday wrote the Inspector-General of Police, Mohammed Adamu, asking to be released on bail.

In a letter dated July 10, 2020, Magu’s legal representative, Oluwatosin Ojaomo, asked Adamu to grant bail to his client on “self recognizance.”

The acting EFCC Chairman was arrested on Monday 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.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Nigerian govt spends N14bn on N-Power, school feeding in Jigawa

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The Federal Government has, in 16 cycles’ disbursement, spent N9.074billion on Conditional Cash Transfer (CCT) and another N5.178billion on School Feeding Programme from inception in 2017 till date in Jigawa.

Bala Chamo, the state Coordinator, Social Investments Programme (SIP), who made this known at a news conference in Dutse on Saturday said the N9.074 billion was spent in nine local government areas.

The state coordinator also said that arrangement had been concluded for the payment of the newly enrolled beneficiaries of N-Power programme from the remaining 18 local government areas of the state.

He expressed optimism that the newly enrolled beneficiaries should be receiving credit alerts for their first payment from Tuesday, Aug. 11.

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Mr Chamo said that the N9.074 billion was used as payment of stipends in 29 months to 728,367 beneficiaries from its inception in August/September 2017 up till March/April 2020.

On School Feeding Programme, he said N6 billion had been spent to provide lunch meals to pupils in primary classes 1, 2, 3, 4, 5 and 6 pupils in the state.

He said this was funded jointly by both the Federal and the state government.

Mr Chamo said N5.178 billion was released by the Federal Government for the feeding of pupils in primaries 1, 2 and 3 classes for 168 days from its inception on Nov. 27, 2017.

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The state coordinator added that the state government also supported the Federal Government by providing N878million for the feeding of pupils in primaries 4,5 and 6 classes which brought the total to N6billion.

Mr Chamo said 441,057 pupils were fed in primaries 1,2 and 3 classes from November 2017 to July 2019.

He said that 434,995 pupils of primaries 4, 5 and 6 classes were also fed during the period under review across the 27 local government areas, adding that the pupils fed combined were from no less than 2,000 schools.

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Obaaseki vs Ize-Iyamu: INEC speaks on postponing Edo election

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The Independent National Electoral Commission (INEC), has announced that it will not postpone the date of the Edo State governorship election slated for September 19.

National Commissioner and Chairman, Information and Voter Education, Festus Okoye, said the commission will not be disturbed by the threats of violence by political parties and candidates.

He added that candidates and parties participating in the election have been warned against compromising the electoral process by inviting violence, the Nation reports.

Festus said, “INEC has warned that it will halt the electoral process if the parties resort to violence.

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“The commission has met over the matter and warned that we will not allow any act of violence. But that does not mean that we are shifting the poll”.

The Commission warned that it may have to summon the candidates and their parties for immediate meeting.

“We are carefully monitoring what is happening in Edo State and also in Ondo. We will be meeting on Sunday and given the urgency of the situation in Edo State, we may have to immediately call a meeting of not just the candidates and the political parties but also the Campaign Councils,” he added.

READ ALSO  Buhari govt begins process to recruit 774,000 Nigerians

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