Magu: Presidential panel begins verification of seized assets

The Presidential panel set up to probe the suspended acting Chairman of the Economic and Financial Crimes Commission , Ibrahim Magu , has begun a physical verification of all assets seized by the EFCC , The PUNCH has learnt .

The panel, led by a former President of the Court of Appeal, Justice Ayo Salami, has visited Lagos , Abuja , Rivers State and a few other major offices of the commission.

A source close to the panel said the aim of the exercise was to verify claims made by Magu regarding the seizure of assets.

The source, who wished to remain anonymous , said , “ Members of the panel have been visiting major zonal offices of the EFCC . We have visited Abuja , Lagos , Port Harcourt and we will visit Ibadan this week .

“ We visited some of the houses which Magu claimed to have seized. However , some of them which he claimed to have been seized had no markings of ‘ EFCC Keep Off !’ while in some other cases , the alleged looters were still living in them .

“ Some houses are also being occupied by strange persons . Magu claims to have obtained presidential approval to allocate the properties to them . Unfortunately , he has not been able to provide the letter of authorisation he purportedly got from the President .

“ A lot of vehicles that were seized were also in a bad shape . Some of these vehicles had some parts of their engines removed while for some others , tyres had been removed . We are compiling all the reports . ”

When asked when the final report would be submitted to President Muhammadu Buhari. , he said the panel would most likely submit it next week.

“ As you know , we ended sittings like two weeks ago . It is the verification that is delaying us . Once we are done with our nationwide tour, we will compile our report and send it to the President , ” he said .

Magu and over 13 other senior officials of the EFCC including its Secretary , Ola Olukoyede , were suspended in July following a report by the Attorney- General of the Federation , Abubakar Malami ( SAN) , accusing Magu of being unable to account for the interest that accrued to over N 550bn recovered funds

The report of the AGF, which was based on the investigation of a separate panel he personally set up, stated that Magu allegedly purchased a house in Dubai for N 570m , an allegation that the suspended EFCC boss has constantly denied.
Based on the allegations , Buhari named a panel of seven including Justice Ayo Salami ( North- Central ); Deputy Inspector- General of Police, Michael Ogbezi ( South – South ); a representative of the Federal Ministry of Justice , Muhammad Babadoko ( North- Central ); and Hassan Abdullahi from the Department of State Services ( North- Central ) .

Others are Muhammad Shamsudeen from the Office of the Accountant General of the Federation ( North -West) , Douglas Egweme from the Nigerian Financial Intelligence Unit ( South -East) , and Kazeem Atitebi ( South -West) who serves as the Secretary .
Efforts to speak to Magu’ s lawyer , Tosin Ojaomo , on Wednesday proved abortive as he did not respond to calls .

  • Related Posts

    Alleged Money Laundering: Court Admits Nine Exhibits Against Malami, Family

      The Federal High Court, Abuja, has admitted nine exhibits against a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), alongside his wife, Bashir Asabe, and…

    Rivers government: Ibas administration spent over N302bn in six months

      The Rivers government says more than N302 billion was spent by the administration of Ibok-Ete Ibas — during his stint as sole administrator of the state. The disclosure was…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    British-Nigerian convict flees UK after mistaken prison release

    • By admin
    • May 13, 2026
    • 11 views
    British-Nigerian convict flees UK after mistaken prison release

    NMA Declares Strike In Akwa Ibom After EFCC alleged assault

    • By admin
    • May 13, 2026
    • 3 views
    NMA Declares Strike In Akwa Ibom After EFCC alleged assault

    Gunmen Attack Ogun Estate, Abduct Three Family Members

    • By admin
    • May 13, 2026
    • 5 views
    Gunmen Attack Ogun Estate, Abduct Three Family Members

    EFCC operatives storm University of Uyo Teaching Hospital, ‘arrest cardiothoracic surgeon’

    • By admin
    • May 13, 2026
    • 5 views
    EFCC operatives storm University of Uyo Teaching Hospital, ‘arrest cardiothoracic surgeon’

    Military disrupts terror operations, intercepts 400 Starlink devices

    • By admin
    • May 13, 2026
    • 5 views

    Coup plot: Court admits confessions, begins trial-within-trial

    • By admin
    • May 13, 2026
    • 5 views
    Coup plot: Court admits confessions, begins trial-within-trial