Why Nigeria is in recession – EFCC boss, Magu

The acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has identified corruption as the reason behind Nigeria’s recession.

He said the current economic situation of the country was why the federal government was paying a lot of attention to the recovery of stolen funds.

“I maintain that the economic recession is caused by corruption,” Magu told Arise TV. “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. Magu advised those still holding looted money to voluntarily return such.

“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.

On possible amnesty for looters, he 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.”