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Ibrahim Magu fails to submit EFCC audited accounts for four years

“The Commission shall, not later than 30th September in each year, submit to the National Assembly, a report of its activities during the preceding year and shall include in such report the audited accounts of the Commission.”

Ibrahim Magu, the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), failed to submit the agency’s audited accounts to the National Assembly as required by law.

It is believed he took advantage of the non-confirmation of his appointment by the Senate to avoid accountability.

By Section 37 of the establishment act, Economic and Financial Crimes Commission (Establishment, ETC) Act 2004, the commission is required to submit its report, including its audited account to the National Assembly every year.

It states: “The Commission shall, not later than 30th September in each year, submit to the National Assembly, a report of its activities during the preceding year and shall include in such report the audited accounts of the Commission.”

Despite the Senate’s refusal to confirm his appointment in December 2016 and also in March 2017, the EFCC was still required by law to submit its annual accounts as done by Magu’s predecessors, Mallam Nuhu Ribadu, Mrs. Farida Waziri and Mr. Ibrahim Lamorde in compliance with the establishment Act.

Magu on Monday arrived at the Justice Ayo Salami-led Presidential Panel, for the continuation of investigation of corruption allegations against him.

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Victor Akande

Victor Akande, a blogger by profession for the past 7 years. He studied Mathematics at the University of Nigeria, Nsukka Contact: +2348053316946 Twitter: @Newsflash2471

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