The Presidential Panel investigating the suspended acting Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, is submitting an interim report to President Muhammadu Buhari on Wednesday.
The President had ordered the panel to submit its interim reports to him from time to time.
THE WHISTLER gathered that the report indicted Magu and the suspended secretary of the commission, Olanipekun Olukoyede, on some of the serious allegations of corruption and abuse of office against them.
It was learnt that the panel is seeking more time from the President to conclude the job and submit the final report.
President Muhammadu Buhari had, among other things, directed the panel to audit the assets and finances of the agency between 2015 and 2020 with a view to ascertaining compliance with procurement procedures of the EFCC.
In the instrument constituting the panel obtained by THE WHISTLER, the President also directed the panel to investigate and report on corruption and money laundering allegations involving Magu and Bureau de Change operators as well as the suspended chairman’s associates.
Buhari ordered the seven-man panel led by a retired president of the Appeal Court, Ayo Salami , to investigate, verify and review the recommendations of the Presidential Committee on Audit of Recovered Assets as they related to the EFCC with a view to ascertaining the complicity or otherwise of Magu in the mismanagement of the assets recovered.
He further directed the panel to “identify avenues through which the recovered assets are dissipated and seized, recovered, forfeited (interim and final) assets are valued, managed, or mismanaged with a view to ascertaining compliance or otherwise with extant laws, regulations, processes and procedures.”
Buhari ordered the panel to determine whether moveable or immoveable assets including funds or cash recovered during Magu’s tenure, whether locally in Nigeria or abroad were being kept safely in a manner as to preserve their original value.
He asked the panel to identify the location of all moveable or immoveable assets, funds or cash that were under interim or final forfeiture based on administrative or court orders.
The President also ordered the panel to identify the bank accounts to which recovered funds or cash were paid into and whether generated interests from the recovered funds were properly accounted for.
The panel was also directed to confirm if any of the assets had been diverted to the benefit of Magu, his family, relation , friends or favoured staff and recover any of such diverted assets, funds or cash.
The panel is to also investigate and report on the existence or otherwise of dereliction of duty and abuse of processes and procedure against Magu in the investigation of P&ID, complaints by the UK National Crime Agency in London, complaints of non-compliance with court orders, complaints of non-compliance with procurement and financial management laws and non-compliance with presidential and ministerial directives.
Buhari also directed the panel to submit interim reports from time to time and submit the final report not later than 45 days from the date of the first public sitting.
The panel started sitting on July 6 and the 45 -day deadline expires on August 19.
However, President Buhari had hinted in the letter constituting the panel that the deadline for the submission of the final report could be extended.