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Magu Denies Misappropriating NNPC’s N329bn

Suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, Sunday, denied media reports that he misappropriated the sum of N329 billion recovered for the Nigerian National Petroleum Corporation (NNPC).

According to the former EFCC boss, the accusation is misleading “misleading and fallacious” his lawyer, Wahab Shittu, confirmed in a statement.

According to the statement, well over N329 billion recovered by EFCC under Magu was remitted directly into “NNPC  dedicated accounts via Remitta under special arraignment endorsed by NNPC, EFCC and the affected indebted marketers.

“By the virtue of the special arrangement, NNPC had requested formally for the EFCC to recover the said amount from the affected NNPC’s marketers who were expected to pay such funds directly to NNPC, while NNPC, in turn, confirmed receipt of such payments to EFCC.

“Therefore, EFCC never took custody of any of the recovered funds and, so the question of misappropriation  of such unds by EFCC or our client could not have arisen as falsely published.” The lawyer said the fact could be independently verified at both NNPC and EFCC records.

He added that a subsidiary of NNPC, the Pipelines and Products Marketing  Company (PPMC) Limited, even wrote a  letter with reference number: PPMC/ MD/254, dated August 17, 2017, to commend EFCC under Magu’s watch “for the  successful collaboration between  the EFCC and PPMC/ NNPC which largely resulted in the huge recovery of debts from the marketers since the inception of the recovery exercise in 2016.”

The statement added that the issue of NNPC recovered funds never featured in the proceedings of the Justice Ayo  Salami-led presidential panel investigating Magu, adding that “our client (Magu) has never been confronted  with such  wild allegations.”

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