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Economy & Politics

President Muhammadu Buhari’s full Democracy Day speech

Nairametrics brings to you the full speech of Nigeria’s President Muhammadu Buhari, delivered in commemoration of the country’s 2020 Democracy Day celebration.

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President Buhari Democracy Day speech

Fellow Nigerians, the 2020 celebration of Democracy Day marks 21 years of uninterrupted civil administration in our dear country. This day provides us an opportunity to reflect on our journey as a nation, our achievements and struggles.

It is a day to honour our founding fathers who toiled to establish our republic and every Nigerian who has worked tirelessly to sustain it. We are celebrating this year’s Democracy Day despite the COVID-19 pandemic which afflicts our nation and the whole world.

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It is indeed a very difficult time for everyone especially those who have lost loved ones to the virus and those whose sources of livelihood have been severely constrained by the stringent measures we introduced at every level of government to contain the virus and save lives.

The dedication of our health and other essential services staff towards containing this virus is a testament of our courage and resilience as a people and as a great nation, and I use this opportunity to say thank you to all of you for your service to the nation.

Sustaining our democracy thus far has been a collective struggle, and I congratulate all Nigerians and particularly leaders of our democratic institutions on their resilience and determination to ensure that Nigeria remains a shining example of democracy.

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In my 2019 Democracy Day address, I promised to frontally address the nation’s daunting challenges, especially insecurity, economy and corruption. I therefore find it necessary to give an account of my stewardship on this day.

READ MORE: Nigeria Joins Canada, Thailand, and others in taxing digital companies

We have recorded notable achievements in the course of implementing our nine priority objectives and are establishing a solid foundation for future success.

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On the economic front, our objectives have remained to stabilize the macroeconomy, achieve agricultural and food security, ensure energy sufficiency in power and petroleum products, develop infrastructure, fight corruption and improve governance.

We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.

Every single economy in the world has suffered a decline. Ours has been relatively moderate.

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In order to stabilize the economy, the Monetary Authority took steps to build the external reserves which resulted in improved liquidity in the foreign exchange market.

The external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May, 2020 which is enough to finance seven months of import commitments.

Agriculture remains the key to our economic diversification strategy.

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The Presidential Fertilizer Initiative programme continues to deliver significant quantities of affordable and high-quality fertilizers to our farmers.

This initiative has also revived 31 blending plants and created a significant number of direct and indirect jobs across the value chain.

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READ MORE: The Different Dimensions of Investing in Agro-Tech

Government is also revamping the cotton, textile and garment sector via a CBN Textile Revival Intervention Fund that would considerably reduce foreign exchange spent on cotton and other textile imports.

Through the food security initiative, we are promoting “Grow What We Eat” and “Eat What We Grow”. I am also delighted that more and more Nigerians are taking advantage of the opportunities in the agriculture and agri-business sector.

I assure you that government will continue to support the Agriculture sector through the CBN Anchor Borrowers Programme and similar schemes.

To protect our farming investments, we have deployed 5,000 Agro-Rangers and employed 30,289 in our para-military agencies.

We are also integrating rural communities to the formal economy by extending access to credit and inputs to rural farmers and building feeder roads.

Our efforts on growing non-oil exports have started to yield some results. For instance, in the past year, our revenue from Cocoa and Sesame Seed increased by $79.4 million and $153 million.

Africa presents a huge opportunity for our export base diversification and we are developing our strategy to grow intra-Africa trade through the Africa Continental Free Trade Area Agreement.

Nigeria has risen by 25 places on the World Bank’s Ease of Doing Business ranking from 146th to 131st and is now rated as one of the top ten reforming countries.

This development is due to the Visa on Arrival policy, consistent promotion of initiatives that expand facilities available to Micro Small and Medium Scale Enterprises, robust electronic registration and payment system seamless processing of business registration and reduction of cost of registering business by 50%. We are confident that on-going efforts would result in further improvement of this rating.

We remain committed to expanding our mining sector. To this end, I have directed the resuscitation of the Ajaokuta Steel Plant based on Government-to-Government financing and a Public-Private Sector financing.

READ ALSO: CBN to offer Niger Delta rice farmers single-digit loan 

With foreign and domestic investments and the participation of Small Scale Miners, we are harnessing the supply value chain in gold production.

We would also be launching a fully digitized mineral rights management platform for quick processing of mineral rights application, digitization of records and plugging revenue leakages.

The Power Sector remains very critical to meeting our industrial development aspirations and we are tackling the challenges that still exist in the delivery of power through different strategies.

We are executing some critical projects through the Transmission Rehabilitation and Expansion Programme including the:

  • a. Alaoji to Onitsha, Delta Power Station to Benin and Kaduna to Kano
  • b. 330kv DC 62km line between Birnin Kebbi and Kamba
  • c. Lagos/Ogun Transmission Infrastructure Project
  • d. Abuja Transmission Ring Scheme; and e. Northern Corridor Transmission Project.

Our agreement with Siemens will transmit and distribute a total of 11,000 Megawatts by 2023, to serve our electricity needs.

On transportation, another critical sector to improving our economic competitiveness, we are growing the stock and quality of our road, rail, air and water transport infrastructure.

Through the SUKUK-Funded Road Projects, a total of 412km of the targeted 643km road projects have been completed, representing 64%.

The Presidential Infrastructure Development Fund projects are also progressing very well.

On the 2nd Niger Bridge, piling work has been completed and the approach roads are being constructed. 48% of work on this bridge has been achieved.

We have constructed 102km of the 376km Abuja – Kaduna – Kano Road, representing 38%, and the 42.9km Obajana – Kabba Road is 87.03% complete.

Furthermore, the Federal Roads Maintenance Agency has completed routine maintenance on over 4,000km of federal roads out of the 5,000km targeted.

We are extending and upgrading our railway network too. We are introducing more locomotives, coaches and wagons for the Abuja-Kaduna Rail Line.

The Central Ajaokuta – Itakpe – Warri Line has been completed and is being extended from Itakpe to Abuja on one end and from Warri Town to Warri Port on the other.

The Lagos-Ibadan Rail Line is 90% completed and would be extended to the Lagos Port which would help address the long-standing gridlock at the Apapa port.

The Kano–Maradi Single Track Standard Gauge Railway, Coastal Railway Project & Port Harcourt–Maiduguri Standard Gauge Railway, with its associated branch lines running through the South Eastern & Gombe States, industrial park & Bonny Deep Sea Port are all ready for concessioning.

Government continues to make investments in the Aviation sector to position it as a travel and trade hub in West Africa and the wider African continent.

Airport Terminals in Abuja, Lagos, Kano and Port Harcourt are being expanded, while the rehabilitation of the Enugu Airport is almost completed.

All our airports are being raised to international standards with the provision of necessary equipment, especially navigational aids, to guarantee world class safety standards.

For the first time in over ten years, Nigeria is conducting bidding process for 57 Marginal Oil Fields to increase revenue and increase the participation of Nigerian companies in oil and exploration and production business.

We continue to grow local content in other areas of the oil and gas sector with the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers.

With sustained engagement of youths, opinion leaders and other stakeholders, we have restored peace in the Niger Delta Region and maintained our oil production levels.

The Head office of the Niger Delta Development Commission will be commissioned shortly. The Funding of sections I–IV of the East-West Road shall be pursued with a view to completing the project by the end of 2021.

Furthermore, I am determined to ensure that development meant for the people of the Niger Delta get to them so I have authorised a Forensic Audit of the Niger Delta Development Commission.

Digital Economy continues to play an important role in our development agenda as we move into the age of Artificial Intelligence.

Since the creation of the Ministry of Communication and Digital Economy,the National Digital Economy Policy & Strategy has been launched. Steps have been taken to achieve a reduction of connectivity cluster gaps from 207 to 114 as well as increase the level of 4G coverage by 30%.

Nigeria remains committed to expanding access to quality education to enhance the productivity of its citizens and would continue to pursue the enforcement of free and compulsory basic education for the first 9 years of schooling.

In pursuit of this, we have launched the Better Education Service Delivery for All in 17 states, established additional 6 Federal Science and Technical Colleges and currently executing a pro-active Teacher Training Plan with all states of the Federation.

In our revision of the operations of specialized education funds & to implement reforms that would optimize their benefits to the sector, we have adopted a Public-Private Sector Partnership for provision of infrastructure & also collaborate with the private sector to create jobs.

Our pursuit of affordable housing for the low and middle-income earners has received a boost with the delivery of 1,200 housing units, provision of 520 service plots with infrastructure through a Public Private Sector partnership & issuance of 868 mortgages totaling N7.7 Billion.

Similarly, Home Renovation Loans totaling N16.2 Billion have been granted to 19,210 people.

To enable sustainable access to safe and sufficient water to meet the social, cultural, environmental and economic development needs of all Nigerians, we continue to expand our water supply, irrigation and dam facilities.

The Completion of Amauzari, Amla Otukpo and other 42 Earth Dams with combined job creation of about 43,354 direct jobs and 71,172 indirect jobs, would provide more support for irrigation agriculture and water supply.

To further institutionalize our effort in this regard, I signed the Executive Order 009 on Ending Open Defecation in Nigeria.

In order to improve our forest cover & in fulfillment of my commitment at the 74th Session of the United Nations General Assembly in 2019, we have commenced the planting of 25 million trees.This initiative will also contribute to our effort to mitigate the effect of climate change.

In the area of security, we remain unshaken in our resolve to protect our national infrastructure including on-shore and off-shore oil installations, secure our territorial waters and end piracy in the Gulf of Guinea.

Ending insurgency, banditry and other forms of criminality across the nation is being accorded appropriate priorities and the men and women of the Armed Forces of Nigeria have considerably downgraded such threats across all geo-political zones.

All the Local Governments that were taken over by the Boko Haram insurgents in Borno, Yobe and Adamawa have long been recovered and are now occupied by indigenes of these areas who were hitherto forced to seek a living in areas far from their ancestral homes.

The total collapse of the economies of these areas, which constituted a threat to our food security, has also been reversed with the gradual recovery of farming and other economic activities.

I regret recent sporadic incidents with tragic loss of lives in Katsina and Borno States as a result of criminals taking advantage of COVID-19 restrictions. Security Agencies will pursue the perpetrators and bring them to swift justice.

I must implore state and local governments to revamp their intelligence assets so that the Security Agencies can nip in the bud any planned attacks in remote rural areas. I send my heartfelt condolences to all the relatives and communities affected.

As part of the strengthening of our internal security architecture, the Ministry of Police Affairs was created.

Amongst others, Government has expanded the National Command and Control Centre to nineteen states of the federation, resuscitated the National Public Security Communication System and commenced the implementation of the Community Policing Strategy.

Government has similarly established a Nigerian Police Trust Fund as a public-private sector vehicle for alternative sources of funding security activities.

To reduce security challenges through our external borders especially smuggling of oil products out of the country, inflow of small arms and drugs into the country and equally protect our local manufacturers we introduced operation “Ex-Swift Response” closing our borders from August 20th 2019, and have considerably succeeded in meeting its objectives as well as improving our national revenue.

Our Government has continued to work to reduce social and economic inequality through targeted social investment programmes, education, technology and improved information.

Our Social Investment Programme has continued to be a model to other nations and has engaged 549,500 N-Power beneficiaries, 408,682 beneficiaries of the Conditional Cash Transfer Programme and 2,238,334 beneficiaries of the Growth Enhancement and Empowerment Programme. This is being done in collaboration with the States.

Similarly, “Marketmoni” and “Tradermoni” Programmes have provided affordable loans to small and micro scale enterprises to grow their businesses.

Under the National Home-Grown School Feeding Programme, over 9,963,729 children are being fed to keep them in school and improve their nutritional status.

Fellow Nigerians, the year 2020 has been like none other. In January 2020, the COVID-19 was declared a global pandemic by the World Health Organization.

The number of global infections has risen from less than 8,000 shared between China and eighteen other countries to over 7 million spread over 216 countries and on all continents.

Nigeria recorded its first case of COVID-19 on February 27th 2020 and within the first 100 days, I have had cause to address the nation on three occasions within one month, which underscores the gravity of this pandemic.

There is no doubt that this pandemic has affected the global economy and all known socio-economic systems. It has also brought grief and pain to families that have lost their loved ones.

Like many Nigerians, I feel the grief and pain not only as your President but also as someone who has lost a close member of my staff and some relatives and friends.

In order to have a robust National response, I approved a Presidential Task Force on COVID-19 to provide guidance and leadership in tackling the pandemic nationwide.

State Governments also constituted their own COVID-19 Task Forces. Complementing this was the establishment of a National Emergency Operations Centre responsible for providing technical and professional guidance in the National Response.

The overall objective of the PTF COVID-19 is to ensure that the pandemic does not overwhelm our health systems while ensuring that we maintain an effective Case Management System to help in containing the spread of the virus.

The impact of the pandemic has disrupted our economic system and to ensure its functioning while still addressing the spread, the Federal Government put in place a number of various non-pharmaceutical measures to slow down the spread of the virus in addition to a progressive re-opening of the economy.

As part of the strategy to create jobs in reducing the effect of COVID-19 on our youths, I directed the employment of 774, 000 Nigerians. These youths will be engaged in Special Public Works Programme aimed at cushioning the effects of economic downturn.

Each of the 774 local government areas in the country will be allotted 1,000 slots. I am pleased to report that this programme has commenced.

I receive regular briefing from the PTF on COVID-19. I note that the National Response relies on Science, Data and Experience in taking decisions. This informed my approval for the ease of lockdown phase to ensure a balance between lives and livelihoods.

I am confident that the steps being taken by the PTF would result in flattening the COVID-19 curve. I, therefore, implore all Nigerians to abide by the approved guidelines and protocols. There is hope for us all if we take individual and collective responsibility.

Government is determined to turn this COVID-19 challenge into a motivation to action by building a nation-wide public health care system that will help us overcome the COVID-19 pandemic and prepare for any future outbreak.

Already, we have begun to look inward and I charge our inventors, researchers and scientists to come up with solutions to cure COVID-19.

Government has continued to implement accountability and transparent policies through the Open Government Partnership and the transparency portal on financial transactions.

Similarly, we have strengthened auditing and accountability mechanisms so as to ensure that rules and regulations are followed strictly.

Anti-Corruption Agencies have secured more than 1,400 convictions and also recovered funds in excess of N800 billion. These monies are being ploughed into development and infrastructure projects.

The Public Service of Nigeria remains the bedrock for the formulation and implementation of policies, programmes and projects in the country. This accounts for why it continues to evolve especially as new socio-economic challenges emerge for Government to address.

I will continue to give all the necessary support for the on-going reforms designed to return discipline, integrity and patriotism as the hallmark of the public service.

In the face of dwindling resources and rising cost of governance, I have authorized that the White Paper on the Rationalisation of Government Parastatals and Agencies be reviewed for implementation.

Our youth population remains a source of strength in achieving development objectives. In this regard, we would continue to concentrate in developing their skills, providing them with opportunities to express their entrepreneurial, research and industrial capacities as well as ample opportunity to take leadership positions in the service of the nation.

The commitment of this Administration to the well-being of people living with disabilities remains unwavering. Government recognises their contributions to development.

I have directed that all relevant Government agencies pay special attention to the peculiarities of persons with disabilities in the formulation and implementation of their policies and programmes, and where suitable their employment.

Nigerian women remain a particular treasure to this nation and for this reason this Administration has continued to give them a place of pride in the affairs of our country.

I salute your courage, enterprise and resilience as well as your contributions to national development. I wish to assure all our women of this administration’s determination to fight Gender Based Violence through the instrumentality of the law and awareness creation.

I am particularly upset at recent incidents of rape especially of very young girls. The Police are pursuing these cases with a view to bringing perpetrators of these heinous crimes to swift justice.

Government continues to recognize and harness the power of the media for positive development.

The reforms of the broadcast and advertising industries including digital switch over and continuous engagement through town hall meetings remain central to accurate and credible information dissemination.

Our culture provides the basis for our existence as a people and a nation. In preserving iconic aspects of our national culture, this government has been pursuing the recovery of artefacts removed from Nigeria, promoting heritage sites and festivals and working towards designating some of our heritage sites as UNESCO World Heritage Centres.

This administration is focused on ensuring that Nigeria would always be governed by the Rule of Law and I would do my utmost to uphold the constitution and protect the lives and property of all Nigerians.

Government has initiated a number of policies and programmes designed to promote the legal rights of Nigerians, facilitate the institutionalization of a responsive legal system, provide support to all constituted bodies in implementing their mandates and improve our custodial system of justice.

The National Assembly has been an important partner in our quest to sustain our democracy and achieve our development objectives.

I therefore greatly thank the leadership and members of the Senate and the House of Representatives for their invaluable support at all times.

I would also like to convey our deep appreciation to members of the Press for your doggedness in the struggle for attainment of democracy since the beginning of our nationhood.

I must admit that the relationship between the media and successive governments has not always been perfect. But there is no denying the fact that you have been an effective watchdog for the society especially in holding public officers to account.

It is sad that in the course of securing our democracy, some of your colleagues have had to pay a heavy price.

We will continue to guarantee freedom of the Press as we place high premium on responsible journalism that is devoid of hate speech, fake news and other unethical professional conduct.

Fellow Nigerians, as we celebrate this year’s Democracy Day, let us remember that, notwithstanding our aspirations, humanity and indeed democracy is under the threat of COVID-19.

Nigeria has survived many crises before and came out stronger. I am confident that by God’s grace we shall overcome this one and emerge stronger and more purposeful.

Thank you for listening. God bless the Federal Republic of Nigeria. #DemocracyDay2020

Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

1 Comment

1 Comment

  1. Helen

    June 13, 2020 at 10:26 am

    Any news on resumption of schools

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Economy & Politics

FG disburses N349.5m in Conditional Cash transfer to poor households in Kaduna 

The disbursement was done under the federal government’s Conditional Cash Transfer.

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The Federal Government has successfully disbursed a total of N349.5 million to 34,946 poor and vulnerable households in Kaduna State, under the conditional cash transfer programme. 

According to the Head of Cash Transfer Unit in the State, Hajiya Hauwa Abdulrazaq, the disbursement lasted a period of 10 days, from July 1 to July 10.  

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Speaking in an interview with the News Agency of Nigeria (NAN) on Sunday, Abdulrazaq explained that the benefiting households were drawn from 9 local government areas in the state – 4,470 from Kajuru; 8,032 in Birnin Gwari; 1,963 in Kauru; 1,406 in Sanga, 4,380 in Lere2,021 in Kachia; 5,478 in Ikara; 2,784 in Chikun, and 4,412 in Kubau LGAs.  

She noted that the disbursement was done under the federal government’s Conditional Cash Transfer, a Households Uplifting Programme targeting poorest of the poor households in the country, and that each of the households received N10,000 each, being payment for the months of May and June at N5,000 per month. 

“The households uplifting programme is one of the national social investment programmes which implementation began in September 2016,” she said. 

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NAN reports that the programme began in 2017 in Kaduna state with about 10,000 beneficiaries, but expanded to 22,380 in April 2020.  

In May, a total of 12,566 new beneficiaries were added summing the figures to 34,956 beneficiaries in the state.   

The state government had also commenced the process of capturing poor and vulnerable households into the social register in the remaining 14 LGAs, from which beneficiaries of the cash transfer would be extracted in subsequent months.  

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Economy & Politics

Buhari sheds light on why Magu was suspended

Shehu’s statement sheds more light on Magu’s suspension.

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Buhari says large proportions of new COVID-19 infections now occur in communities

Following the suspension of the Acting Chairman of the Economic and Financial Crimes Commission (EFFC), the Presidency has revealed the grounds for his suspension through the Senior Special Assistant on Media and Publicity to the President, Garba Shehu in a statement on Saturday evening.

He revealed that a preliminary review was conducted on allegations leveled against Magu and other EFFC staff that justified reasons for an investigation on his activities, and a panel was constituted “in compliance with the extant laws governing the convening of such a body,” adding that in cases of allegations against the head of the EFCC, it was proper procedure for the Chair to step down to enable a fair investigation.

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“As is the proper procedure, when allegations are made against the Chief Executive of an institution, and in this case an institution that ought to be seen as beyond reproach, the Chief Executive has to step down from his post and allow for a transparent & unhindered investigation” he said.

The EFCC does not revolve around the personality of an individual, and as such cannot be seen through the prism of any individual.

“Therefore, the suspension of Mr. Ibrahim Magu, allows the institution to continue carrying out its mandate without the cloud of investigation hanging over its head.”

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He added that the EFCC is committed to fighting economic and financial crimes in Nigeria, and Magu would have the opportunity to defend himself against allegations leveled against him as stipulated by the Nigerian constitution where “every citizen is presumed and remains innocent until proven guilty.”

He said the war against corruption was not a static event, but a continuous process that required transparency and accountability, where people must be held to account for their activities so as to improve Nigeria’s democratic institutions.

“Those who see Mr. Magu’s investigation, as a signal that the fight against corruption is failing, have unfortunately, missed the boat.

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“There is no better indication that the fight is real and active than the will to investigate allegations in an open and transparent manner against those who have been charged to be custodians of this very system,” he said.

“Under this President and Government, this is our mantra and guiding principle. There are no sacred cows, and for those who think they have a halo over their heads, their days are also numbered,” Shehu said.

He also said Magu was not immune to investigations regardless of the “obvious embarrassment that potential acts of wrongdoing by him” may have caused the Nigerian Government, however, the government maintains its fight against corruption.

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Ibrahim Magu was suspended as EFCC Acting Chairman this week after facing a preliminary panel at the Aso Villa and was replaced by Mohammed Umar.

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Economy & Politics

Magu probe: New facts suggest case is about re-looting of previously stolen funds

The report exposed acts of corruption and money laundering against some EFCC officials, including Magu.

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Ibrahim Magu, Buhari appoints new Ag. Chairman of EFCC, gives reason for Magu's suspension

There appear to be more troubles for the suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, as some new cases bordering on alleged re-looting of recovered funds and bribery may be lined up against him.

Some new facts also emerged on how accumulated interest rates on the recovered N550 billion by the EFCC in the period under review were allegedly re-looted. The suspended EFCC boss is expected to disclose the whereabouts of the missing interest funds running into millions of naira.

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The final report of the Presidential Committee on Audit of Recovered Assets (PCARA) that covered the period of May 29, 2015, to November 22, 2018, had also confirmed the concerns of the public about the contradiction in the recovered funds by Magu. These contradictions include;

For Foreign currency recoveries, EFCC reported a total naira equivalent of N46,038,882,509.87, while the naira equivalent of the foreign currency lodgments was N37,533,764,195.66, representing a shortfall of N8,505,118,314.21.’’

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“These inconsistencies cast serious doubt on the accuracy of figures submitted by the EFCC. It is the committee’s view that the EFCC cannot be said to have fully accounted for cash recoveries made by it.’’

“While EFCC reported total Naira recoveries of N504,154,184,744.04, the actual bank lodgments were N543,511,792,863.47. These discrepancies mean that EFCC’s actual lodgment exceeded its reported recoveries by N39,357,608,119.43.’

READ ALSO: Gold down over increased investor confidence in economic recovery

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It should be noted that the about N39 billion discrepancy excludes the missing accrued interest.

With all these, the report suggests that there is an apparent case of manipulation of data in a very brazen and unprofessional manner and has greatly eroded public confidence in the anti-corruption efforts.

The PCARA revealed how the investigative reports on EFCC’s activities by the Nigeria Financial Intelligence Unit (NFIU) exposed acts of corruption and money laundering against some EFCC officials, including Magu.

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The NFIU report shows that the Acting Chairman has been using different sources to siphon money from the EFCC, and in some cases collecting bribes from suspects.

According to News Agency of Nigeria, the report has shown that a particular Bureau de Change, owned by Ahmed Ibrahim Shanono linked to the Acting Chairman based in Kaduna has more than 158 accounts and has been receiving huge sums of money.

The PCARA report also claimed that Magu was linked to a N28m payment to Falana who is alleged to be his close associate and ally.

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READ ALSO: Air Peace’s Onyema saga: EFCC seizes passport, as Northern Youths plan rally at US embassy

Background

According to reports from the News Agency of Nigeria (NAN), the former EFCC boss is being interrogated by the Rtd, Justice Ayo Salami led Presidential Probe Panel over allegations bordering on mismanagement and lack of transparency in managing recovered assets by EFCC.

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A final report of the Presidential Investigation Committee on the Federal Government Recovered Assets and Finances by EFCC from May 2015 to May 2020 had seriously indicted and implicated Magu on various allegations levelled against him.

The terms of reference for the investigative committee were

’Investigate, verify and review the recommendations of the Presidential Committee on Audit of Recovered Assets as it relates to the EFCC, with a view to ascertaining the complicity or otherwise of the Ag. Chairman, Ibrahim Magu, in the mismanagement of the assets recovered by the Commission.’’

‘’Identify Avenues through which the recovered assets are dissipated and seized, recovered, forfeited (Interim and Final) assets are valued, managed, disposed and/or mismanaged with a view to ascertaining compliance or otherwise with extant laws, regulations, processes and procedures.’’

‘’Review the existing procedures on the Management of the seized, recovered and Forfeited assets (interim and final) and proffer Standard Operational Procedures for the management of seized, recovered and forfeited assets.’’

‘’Determine whether assets recovered during his tenure, whether locally in Nigeria or abroad, are being kept safely in a manner as to preserve their original value and determine: –

  • Whether all the assets could be properly accounted for by the Ag. Chairman.
  • To confirm if any of the assets have been diverted to the benefit of the Ag. Chairman, his family, relation, friends or favoured staff.
  • To recover any such diverted assets and return back to the EFCC or appropriate government agency.

READ MORE: Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion 

The committee was also to probe and report on corruption and money laundering allegations based on petitions and intelligence reports, involving Magu and Bureau De Change operators as well as some of his associates.

It was to audit the Assets and Finances of the EFCC as a legal entity from 2015-2020, with a view to establishing compliance or otherwise with procurement procedures of the EFCC in line with the provisions of the Procurement Act.

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