Wednesday, August 12, 2020

Fresh allegation: Magu responsible for millions of dollar vessels that sank despite Navy’s warnings

Read Next

IPOB herbalist and 67 other members arrested in Imo

67 members of the Indigenous People of Biafra (IPOB) including their herbalist have been arrested at Mmahu Egbema in Imo state. Imo police spokesperson, Orlando...

Breaking: Popular versity Vice Chancellor sacked

The Vice-Chancellor of the University of Lagos (UNILAG), Professor Olawatoyin Ogundipe, has been sacked by the governing council of the institution. Ogundipe's removal was announced...

Media mogul Sumner Redstone dies aged 97

Sumner Redstone, one of the towering figure in media who built his father’s drive-in theater business into an empire that included Viacom, Paramount Pictures,...

Actress Sylvia Oluchy slams photographers issuing out fame as a compensation for injustice and poverty

Nollywood actress, Sylvia Oluchy has lashed out photographers who she accused of issuing out fame as a compensation for injustice and poverty. Sylvia Oluchy whose...
- Advertisement -

The panel investigating alleged fraud by the suspended Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has revealed his involvement in allowimg multi-million dollar oil vessel to sink inspite of waring from Navy.

The report stated, “A disturbing example is the two vessels that allegedly sunk at the NNS Beecroft Naval Base, Lagos and the NNS Pathfinder Naval Base in Port Harcourt without trace under the watch of the acting Chairman of the EFCC.

“The vessels named MT GOOD SUCCESS, MV PSV DERBY and MV THAMES were allowed to sink in spite of several warnings from the Navy on the need to evacuate the petroleum products in the vessels.

“The total value of the assets lost due to the negligence runs into millions of the United States dollars

“The (suspended) acting Chairman has yet to provide a report on what happened to these vessels,” the report said.

READ ALSO: FG to review Air agreement with UK, others over landing right withdrawal

According to NAN, PCARA’s report also revealed that the few consultants hired by the EFCC were not managing a substantial number of the recovered assets and that the EFCC had no capacity to manage the entire assets on its own.

The committee, therefore, alerted the nation to the economic and environmental implications of this negligent of duty by the commission.

It also stated that the EFCC made conflicting submissions or returns to it in respect of the non-cash assets which substantially affected the committee’s assignment.

The report read in part, “For instance, the EFCC stated 836 as the number of recovered properties in the original returns it made to the President on July 4, 2017.

“However, in its first returns to PCARA on December 13, 2017, the EFCC short changed the system and gave the figure of 339 thereby failing to account for 497 properties

“It is interesting to note that when the acting chairman was further queried on this lapse, he made further contradictory second return of 504 on March 9, 2018 thereby bridging the gap to 332 properties.’’

The committee identified lack of internal control mechanisms/systems within the EFCC and the lack of adequate returns by the EFCC departments and zonal offices as reasons for these discrepancies and inconsistencies by the commission.

- Advertisement -


Contact: info@fellowpress.com

- Advertisement -

More articles

Olumba Olumba Obu hands over to son, to be coronated as ‘King of Kings ‘

The spiritual leader of the Brotherhood of the Cross and Star, Leader Olumba Olumba Obu, has handed over to his son, His Holiness Olumba...

Another Nigerian politician dies of Coronavirus

The chairman of Onigbongbo local council development area (LCDA) of Lagos state, Babatunde Oke, has died of COVID-19. The late Oke died in the early...

Senior Associate, Grant Management at APIN Public Health Initiatives (APIN)

APIN Public Health Initiatives is a non-governmental donor-funded organization dedicated to the prevention, treatment, care and support of diseases of public health importance in...

COVID-19: NCDC confirms 423 new cases in Nigeria

The Nigeria Center for Disease Control(NCDC) has on announced 423 fresh cases of the COVID-19 in the country. The NCDC, which made this known...

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Must Read

IPOB herbalist and 67 other members arrested in Imo

67 members of the Indigenous People of Biafra (IPOB) including their herbalist have been arrested at Mmahu Egbema in Imo state. Imo police spokesperson, Orlando...

Breaking: Popular versity Vice Chancellor sacked

The Vice-Chancellor of the University of Lagos (UNILAG), Professor Olawatoyin Ogundipe, has been sacked by the governing council of the institution. Ogundipe's removal was announced...

Media mogul Sumner Redstone dies aged 97

Sumner Redstone, one of the towering figure in media who built his father’s drive-in theater business into an empire that included Viacom, Paramount Pictures,...

Actress Sylvia Oluchy slams photographers issuing out fame as a compensation for injustice and poverty

Nollywood actress, Sylvia Oluchy has lashed out photographers who she accused of issuing out fame as a compensation for injustice and poverty. Sylvia Oluchy whose...

Buhari’s minister Geoffrey Onyeama recovers from Covid-19

Minister of Foreign Affairs, Geoffrey Onyeama, has recovered from COVID-19. The Minister announced his recovery via his Twitter handle on Wednesday August 12. “By the...

Annie Idibia blows hot after her ‘cancer picture’ hits the internet

Being a celebrity means having your business out there but it can be infuriating when what's out there isn't the truth. For Annie Idibia, it...

Another Nigerian politician dies of Coronavirus

The chairman of Onigbongbo local council development area (LCDA) of Lagos state, Babatunde Oke, has died of COVID-19. The late Oke died in the early...

German infections see highest jump in months

Germany’s official coronavirus caseload, on Wednesday, witnessed its sharpest daily jump since early May. The Robert Koch Institute (RKI), the government’s agency for disease control,...

Alleged rape: Court remands man, pending legal advice

An Ikeja Chief Magistrates’ Court on Wednesday ordered that a 42-year-old man, Ramoni Amure, who allegedly raped an 18-year-old girl, be remanded in Kirikiri...

FEC honours late Olumide, Sam Momah as Ministry of Finance, others make presentations

The Federal Executive Council (FEC) on Wednesday observed a minute silence in honour of two former Ministers, retired Rear Admiral Olufemi Olumide and retired...