House Of Reps Panel Investigates Seized Assets By Anti-Graft Agencies

A House of Representatives panel has commenced investigation into the recovered assets by various anti-graft agencies in Nigeria.

The ad-hoc panel, chaired by Adeogun Adejoroh, is to Identify the location and custodian of the recovered assets.

Also, the panel is to take an inventory of recovered assets both in cash and materials and determine the status of the recovered materials.

The investigation by the panel is coming weeks after the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, was accused of failing to give a proper account of 332 out of the 836 properties recovered by the agency prior to 2018.

A report by the Presidential Committee on Audit of Recovered Assets (PCARA) alleged 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.

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