EFCC Boss, Magu Attributes Recession To Corruption

Magu, who spoke to Arise TV, said that the country would come out of the downturn if the Federal Government can lay its hands on funds looted by few Nigerians.

The EFCC boss further urged “plunderers” of Nigeria’s treasuries to voluntarily return their loots, noting that government’s emphasis was now on recovering such.

“I maintain that the economic recession is caused by corruption,” Magu said.

“About 90 per cent of the cause of recession is corruption, because there was fund and people stole the funds and kept them where they cannot be reached.

“If we can lay hands on this hidden wealth, we won’t stay for more than three months in this recession. It is sufficient for us to get out of economic recession”, he added.

“I think they should just come out and approach the government and say, ‘this is what I have.’ Our emphasis now is on the recovery of the looted fund. People should come out and give us full disclosure, we would go after it”, he added.

Speaking on whether government would grant amnesty to looters who cooperate with the government, Magu said, “I’m not sure of that. But we encourage recovery if you can voluntarily bring out this thing, disclose this thing. It is the government that would decide. We encourage people to come out and disclose the looted funds.

“They should cooperate with the government. They should come forward and declare what they have looted and the government will take its decision.

“Everybody must join in the fight against corruption. It’s very necessary for the future of this country, for a better tomorrow,” he said.