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90% of recession causative factors linked to corruption—Magu

Even though he failed to secure the anticipated confirmation at the Senate plenary Wednesday, the embattled Acting Chairman of Economic and financial Crimes Commission (EFCC), Mr. Ibrahim Magu during his response at the floor of the red chambers revealed that “If we want to tell ourselves the truth, over 90 per cent of the causative factors for recession cannot be unconnected with corruption. He was quick to aver that recession can only recede when corruption has been contained within manageable limit.

DSS report on MaguHe said corruption has so eaten deep into the fabrics of the nation that diversion of budgets and other public funds gave rise to abandonment of development projects and the negative multiplier effects of the abandonments of diversion of funds frustrated other development activities that would have relied on the projects to grow the economy at the long term.

He pointed out trailing corruption suspects is the hardest work at EFCC as many of them have their ways of escape.

He gave example of the former Minister of petroleum Resources, Mrs. Deiziani Madueke, saying she and all the directors who perpetrated financial wrongs at the NNPC have all run to London and that remains a big blow for investigations and their arraignments.

DSS Report 2Though he failed to give a clear picture of all that has been recovered under his command at EFCC, citing litigations and legal risks, the Senate relied on a damming report from the DSS to reject his nomination for the second term within a period of four months.