Governors Threaten Showdown with Magu over Paris Club Probe

Nigerian governors have concluded plans to report the Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, to the Federal Government.

The governors also said they would embark on what they described as “a showdown” with Magu over the anti-graft agency’s probe into the recently-released Paris Club loan refunds to the states.

EFCC was not planning to win the numerous corruption cases in courts, but would prefer to engage in media trials.

Yari, who has been accused by the EFCC of diverting part of the refund, stated that the governors were tired of being intimidated and harassed by the anti-graft agency on how they spent the money.

The governor specifically responded to an order by a Federal High Court that the sums of N500m and $500,000, said to have been diverted from the Paris Club refund in favour of the 36 states of the federation, be temporarily forfeited to the Federal Government.

The sums of money were said to have been recovered from two companies which were allegedly linked to Yari.

The companies are First Generation Mortgage Bank Limited and Gosh Projects Limited, said to be using the money for a 100-room hotel project in Lagos.

The EFCC alleged that the sums of money were fraudulently diverted from the NGF’s bank account on the instructions of Yari.

The anti-graft agency also alleged in an affidavit, filed in support of its ex parte application before the court, that the N500m was diverted to offset Yari’s personal loan obtained from the First Generation Mortgage Bank Limited.

The governor, who denied the allegations, said neither him nor any of the other governors became governors only to be harassed by the EFCC.

He noted that the problem with the EFCC was because it chose to act on any petition sent to it without conducting its own investigation.

Culled from Punch Newspaper


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