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N1.3 trillion stolen in 4 years – Magu

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The Acting Chairman of the Economic and Financial Crimes Commission, (EFCC) Ibrahim Magu has disclosed that 32 individuals and corporate bodies in the country stole over N1.3 trillion between 2011 and 2015.

At the opening ceremony of the 2019 First Batch Conversion Training Programme to Procurement Cadre for Federal Parastatals and Agencies, organised by the Bureau of Public Procurement, in Lagos on Monday, Magu, who was represented by the Commission’s Secretary, Ola Olukoyede, blamed the poor state of procurement processes, for the huge loss recorded.

He said, “One third of this money (#1.3trn), using World Bank rates and cost, could have comfortably been used to construct well over 500km of roads; build close to 200 schools; educate about 4000 children from primary to tertiary levels at N25million per child; build 20,000 units of two-bedroom houses across the country and do even more.

“The cost of this grand theft, therefore, is that these roads, schools and houses will never be built and these children will never have access to quality education because a few rapacious individuals had cornered for themselves what would have helped secure the lives of the future generations, thereby depriving them of quality education and healthcare, among others.”

He said the Federal Government’s determination to fight corruption and fraudulent practices, led to the establishment of EFCC in 2013.

He however expressed optimism that patriotic individuals will rise to the challenge of justifying the confidence reposed on them by the people.

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