The Economic and Financial Crimes Commission, EFCC, with the help of the Whistle Blower policy, has so far recovered the sums of N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00.
According to its Acting Chairman, Ibrahim Magu, this is aside other recoveries running into several billions of naira, that have been made outside the help of Whistle Blowers.
However, the EFCC boss was unable to give a detailed account of other recoveries, apart from the ones aided by Whistle Blowers.
The EFCC boss, made this revelation on Saturday, in Abuja, while speaking at the 2017 Association of National Accountants of Nigeria, ANAN, Week/Award Day.
Magu, who lauded the import of the Federal Government’s Whistle Blowing policy, revealed that the EFCC recorded 62 convictions in the first quarter of the year.“Apart from several other recoveries running into several billions of naira, the recent Whistle Blower policy, has led to the recovery by EFCC of N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00”, he said.
Magu himself a trained Accountant, urged players in Nigeria’s financial sector, to ensure that they play active roles in the war against corruption, by reporting any suspicious transactions to the agency.
He urged Accountants not to allow themselves to be tools in the hands of looters and money launderers.
In a paper titled: “What Would It Take To Be a Corruption Free Nigeria”, which was presented on his behalf by Dr. A. Bello, he noted that it was unfortunate that the society has chosen to esteem “thieves and looters” of the commonwealth.
“The moral values of honesty, integrity, and hard work, has been overtaken by greed and crass materialism,” Magu said, noting that, this was evident in the fact that the society “now recognizes thieves and looters of the common treasury, by rewarding them with chieftaincy titles and other high positions of authority.”
In order to free the country from the shackles of corruption, Magu stressed the importance of the urgent need, “to go through the process of reorientation and regeneration”, adding that, “the process must start from our homes.”
He used the medium to remind the Accountants of the obligation imposed on Audit Firms, Tax Consultants, Accounting Firms, among other Designated Non-Financial Institutions, DNFIs, to always report suspicious transactions to the EFCC.
“Without you fulfilling this obligation, DNFIs commits a crime, and this is necessary to enable us monitor and investigate such transactions, to uncover cases of corruption,” he said.
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