{"id":65795,"date":"2019-03-25T23:56:55","date_gmt":"2019-03-25T22:56:55","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=65795"},"modified":"2019-03-25T23:56:55","modified_gmt":"2019-03-25T22:56:55","slug":"over-n1-3trn-stolen-in-four-years-by-32-entities-magu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/over-n1-3trn-stolen-in-four-years-by-32-entities-magu\/","title":{"rendered":"Over N1.3trn Stolen in Four Years by 32 Entities-Magu"},"content":{"rendered":"
\n
<\/div>\n
\n
The Acting Chairman of the Economic and Financial Crimes Commission, EFCC,
\nIbrahim Magu has disclosed that the money stolen by 32 entities (human and
\ncorporate) between 2011 and 2015, is well over N1.3 trillion.<\/p>\n

Magu disclosed this in his keynote address at the opening ceremony of the
\n2019 First Batch Conversion Training Programme to Procurement Cadre for
\nFederal Parastatal and Agencies, organised by the Bureau of Public
\nProcurement, BPP, in Lagos on Monday, March 25, 2019.<\/p>\n

Magu, in a paper delivered on his behalf by the Commission\u2019s Secretary,
\nOla Olukoyede decried this huge financial loss on the country, and noted
\nthat “one third of this money, using world bank rates and cost, could have
\ncomfortably been used to construct well over 500km of roads; build close
\nto 200 schools; educate about 4000 children from primary to tertiary
\nlevels at N25million per child; build 20,000 units of two-bedroom houses
\nacross the country and do even more.<\/p>\n

\u201cThe cost of this grand theft, therefore, is that these roads, schools and
\nhouses will never be built and these children will never have access to
\nquality education because a few rapacious individuals had cornered for
\nthemselves what would have helped secure the lives of the future
\ngenerations, thereby depriving them of quality education and healthcare,
\namong others.\u201d<\/p>\n

He stated that the poor state of procurement process in Nigeria was one of
\nthe major reasons why corruption has continued to thrive in government
\nagencies and parastatals.<\/p>\n

The EFCC boss further noted that the training, organised by the BPP was
\naimed at giving the participants the tools, knowledge and understanding
\nthey would need to carry out their duties in their respective places of
\nprimary assignments in an efficient and transparent manner.<\/p>\n

\u201cI sincerely hope that at the end of this training, we will see a few
\ncases of financial propriety in our procurement processes in government
\nagencies and parastatal. Indeed, corruption could kill Nigeria, if we do
\nnot scale up our proficiency in contract and procurement management
\nprocess,” Magu said.<\/p>\n

He further observed that \u201cthe establishment of the EFCC in 2003 was
\nbecause of the determination of the Federal Government to combat
\nfraudulent activities of some Nigerians and foreigners, mismanagement in
\nthe economic sector, corruption by public officials and lack of
\naccountability and transparency in government dealings.\u201d<\/p>\n

He identified some of the fraudulent practices in procurement processes in
\nNigeria to include:\u00a0 kickbacks, conflict of interests, fraud in the
\nbidding process, bid suppression, collusive bidding, bid rotation and
\nmarket division. Others according to him are: co-mingling of contracts,
\nchange order abuse, cost mischarging, defective pricing, false statement
\nand claim, phantom vendors, product substitution, unnecessary purchases
\nand\u00a0 purchases for personal use or resale.<\/p>\n

Magu expressed confidence that Nigeria still has patriotic and credible
\nindividuals who would do all within their abilities to uphold the
\ncredibility and honesty required for leadership in public offices.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has disclosed that the money stolen by 32 entities (human and corporate) between 2011 and 2015, is…<\/p>\n","protected":false},"author":1,"featured_media":51152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-65795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nOver N1.3trn Stolen in Four Years by 32 Entities-Magu - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/over-n1-3trn-stolen-in-four-years-by-32-entities-magu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over N1.3trn Stolen in Four Years by 32 Entities-Magu - 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