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We have failed in the war against corruption, says Magu
Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says the war against corruption is already lost with the current tempo.
The EFCC chief said this at an interactive session with media executives in Abuja on Wednesday.
“The way we are going we have already failed. I am telling you we have almost failed. It is almost lost. The battle against corruption is not only evil, it is a poison,” he said.
However, he disclosed that the commission recovered about N409 billion between January and August, and that it secured 137 convictions nationwide within this period.
“Between January and August 30, 2017, the EFCC recovered N409,270,706,686.75; $69,501,156.67; 231,118.69 Pounds; 610,816.20 Euros; Dirham 443,400.00 and 70,500.00 Saudi Riyal,” he said.
“Over a month ago, the commission recovered over N329billion from a group of oil marketers for the Nigerian National Petroleum Corporation.”
Magu also expressed the resolve of the anti-graft agency to remain unrelenting in the fight against corruption.
“In the area of prosecution of cases in court, we are also making progress despite the antics of some persons accused of grand corruption to delay trial,” he said.
He urged the media to see themselves as partners in progress, saying the EFCC alone cannot win the war against corruption.
“From what we read in the papers these days, it is either somebody is fighting Magu or Magu is fighting other people,” he said.
“But seriously speaking, instead of fighting ourselves, we should be united in fighting the common enemy, which is corruption.”
The EFCC chief also said he had no personal grouse with anyone, explaining that “I am not after anybody and have no issues with anybody. Those who think they have issues with me will soon discover that I mean no harm”.
“What drives me is the passion to do what is right by ensuring that we fight corruption to a standstill in this country.”
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
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