The suspended Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has again been accused of allegedly failing to give a proper account of missing 332 out of the 836 recovered real estate property in March 2018.

A report by the Presidential Committee on Audit of Recovered Assets, PCARA, made available to the News Agency of Nigeria, NAN, confirmed the development, indicating that the said property worth billions of naira.

The report also noted massive wastage and deterioration of physical assets (including landed property, cars and vessels) recovered by the EFCC due to poor management.

It also noted with concern the failure to preserve and realise the economic value of the recovered assets, noting that some of the assets were recovered over 15 years ago and left fallow.

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

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

NAN reports that Magu, who is currently facing charges of mismanagement and lack of transparency in managing recovered assets as well as disobedience to directives and to court orders, would be expected to provide answers to conflicting figures.

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