12 February 2017
Acting Chairman of the Economic and Financial Crime Commission, EFCC, Ibrahim Magu, doesn’t believe the drastic drop in the price of crude is to blame for the country’s economic recession, rather, he believes corruption is to blame.
Speaking in an interview with Arise TV on Saturday, Magu said that corruption is virtually the sole reason for the country’s current pitiable predicament.
He explained that it was because of the central place of corruption in the present economic woes that the Federal Government was paying a lot of attention to the recovery of stolen funds.
“I maintain that the economic recession is caused by corruption.
“About 90 per cent of the cause of recession is corruption, because there was fund and people stole the funds and kept them where they cannot be reached,” the embattled acting EFCC chairman said.
Magu added that if a sizable part of the funds looted from the public treasury in Nigeria were recovered, the country would be out of recession within a short period.
“If we can lay hands on this hidden wealth, we won’t stay for more than three months in this recession. It is sufficient for us to get out of economic recession,” he stated.
Appealing to all those still holding or hiding looted money to voluntarily return them, Magu said, “I think they should just come out and approach the government and say, ‘this is what I have.’ Our emphasis now is on the recovery of the looted fund. People should come out and disclose the looted funds.”