To lessen the burden on AMCON, the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has vowed to assist the corporation to recover the N5trillion owed it by individuals and companies.
Magu said that “we are ready to work with you, we will render assistance in terms of enforcement, in order to recover these debts, because they are affecting the economy of the country from flourishing.”
He made the pledge when a delegation of AMCON, led by Banire and the managing director, Ahmed Kuru, visited the EFCC headquarters, Jabi, Abuja.
While expressing the resolve of the anti-graft agency to ensuring the recovery of the monies, Magu called for collaboration and a re-evaluation of the modus operandi of AMCON.
“In order to recover these loans, there is need for inter-agency collaboration, going beyond the EFCC to the police, the court, Central Bank of Nigeria, NDIC, because there is need for AMCON to re-strategise and block loopholes,” he said.
Banire, who revealed that the total loan stood in excess of N5trillion, declared that “this is the money that belongs to all Nigerians. If N5trillion can be injected into our economy, particularly infrastructure, hospitals will change, education will change, the road we use will change and definitely everything will change positively.”
He commended the EFCC for its readiness to assist the corporation and acknowledged the “giant strides the EFCC has accomplished in the recent past, not just in the number of convictions, but even from the exposure and calmness in taming the extravagant lifestyle of people stealing” public funds.
According to him, the loans were about N3.7 trillion, adding that during that time, the debtors were in excess of 12,000 people and through the efforts of AMCON, the figure was reduced to 7,000.
He, however, noted with dismay that though the number reduced overtime, “there are a few owing with impunity and taking just about 20 of them, we will be talking about people owing close to N2trillion.”
Banire called for more collaboration with the EFCC in the areas of due diligence during the processing and granting of loans.
“We believe that we must work harmoniously with the EFCC, if we want to recover these funds particularly in areas of granting of the loans where a lot of sharp practices are done in areas of compliance or over-inflation of the value of the assets used as security.
“Our conviction is that the EFCC is where the solution lies, and this is where we will be able to recover the loans with lesser expenses in prosecuting cases.”
On his part, Kuru appreciated the EFCC’s support, noting that the AMCON desk domiciled in the EFCC has been helpful in the recovery of billions of naira. EFCC is key to the results that we have so far achieved,” he said.
