By Emman Ovuakporie and Johnbosco Agbakwuru
ABUJA – Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, Monday told the House of Representatives Standing Committee on Financial Crimes that the commission will soon take the ongoing anti-graft war to the petroleum and other unspecified sectors of the nation’s economy.
Magu also said that the commission needed to build its capacity towards the recovering of looted funds especially in the petroleum sector.
The EFCC Chairman stated this in Abuja during the defence of the 2015 budget performance and 2016 budget proposals of the anti-graft agency before the House Committee.
He hinted that the reason behind extending the anti-graft war to the petroleum sector was to recover looted funds by some political appointees and public servants.
Magu told the House Committee that the Federal Ministry of Budget and Planning had recommended the slashing of the agency’s overhead cost for 2016 from the proposed N2,999,245,761.00 billion to N1,389,429,463.00 billion, which he said represented a shortfall of N1,609,816,298 or 116%, adding that if the recommendation was implemented, it would adversely affect the prosecution of war against corruption. More details soon