The ad-hoc panel,
chaired by Adeogun Adejoroh (APC, Ondo), is to Identify the location and
custodian of the recovered assets, PREMIUM TIMES learnt.
Also, the panel is
to take an inventory of recovered assets both in cash and materials and
determine the status of the recovered materials.
The investigation by
the panel is coming weeks after the suspended acting chairman of the Economic
and Financial Crimes Commission (EFCC), Ibrahim Magu, was accused of failing to
give a proper account of 332 out of the 836 properties recovered by the agency
prior to 2018.
A report by the
Presidential Committee on Audit of Recovered Assets (PCARA) alleged massive
wastage and deterioration of physical assets including landed property, cars
and vessels recovered by the EFCC due to poor management.
It also noted with
concern the failure to preserve and realise the economic value of the recovered
assets, noting that some of the assets were recovered over 15 years ago and
left fallow.
Mr Magu has denied
any wrongdoing.
The PCARA was
inaugurated by President Muhammadu Buhari in 2015 and submitted its report in
2018. Its content as it relates to Mr Magu was only recently leaked to the
media through the News Agency of Nigeria.
Mr Magu is currently
being investigated by a panel headed by Ayo Salami, former president of the
appeal court, over allegations of corruption and insubordination levelled
against him.
Speaking at the
House committee’s inaugural hearing last week, the chairman of the committee
said the House of Reps is embarking on this investigation with a view to
complementing ongoing efforts by the executive to seek new revenue sources and
eliminate waste.
“The nation is going
through economic challenges as sources of revenue has reduced, yet it has
valuable assets that were recovered from the proceeds of crime.
“Government agencies
are paying billions of Naira as rent whereas houses recovered and forfeited to
government from proceeds of crime are wasting away.”
“Hundreds of
millions are used to acquire cars whereas thousands of seized cars and
recovered automobiles are wasting away at the parking lots of police, customs,
NDLEA, EFCC and ICPC formations.”
He said the goal is
to evaluate the recovered assets management process with a view to introducing
appropriate legislation that would make the management of recovered assets cost
and operationally efficient, transparent, accountable to the people and inspire
trust and confidence in the recovered asset management process.
Part of the
committee’s mandate is to also ascertain the value of recovered items, Identify
government agencies that are occupying rental properties and evaluate the
annual cost such rentals.
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