RSN™ Special Report: Nigeria’s Fortune In Scam Recovery $261,000,000 Dollars

Maybe it is better to be the police in Nigeria!?

Abuja, Nigeria — Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, boasted yesterday that he had set a new record in asset recovery and conviction of corrupt elements in the country of Nigeria in the last three years of his administration.

Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu

Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu

$261,000,000 Dollars

Magu, who flaunted the achievements of his three-year stewardship before journalists in his imposing office in Abuja, announced that EFCC under his watch recovered N794 billion, $261 million (about N77.8 billion), £1.1 million and 407 mansions from scammers and frauds.

He also said that the commission convicted no fewer than 703 corrupt persons and institutions within the period under review.

In the three years that I have been in charge of EFCC, we have secured 703 convictions. The breakdown is as follows:

  • 103 convictions in 2015
  • 194 convictions in 2016
  • 189 in 2017 and 217 from January 2018 till date

“Ladies and gentlemen, in the past three years, we have set recovery records to the envy of virtually all law enforcement agencies in Africa.

“It is on record that about 90 per cent of all recoveries in Nigeria is through the EFCC.

“Following court orders which granted our prayers for interim and final forfeiture of looted funds, the recoveries under my watch between November 2015 and today are as follows:

“Over N794billion recovered. Over $261 million has been recovered. The Pounds Sterling recovered stands at 1, 115, 930.47 Pounds. The Euros recovered in the period is: 8,168, 871. 13 Euros. There is also the sum of 86,500 CFA

“Hundreds of properties such as filling stations, petroleum products, land, jewellery, automobiles, real estate, vessels, hospitals, company shares and heavy machinery and broadcast equipment have been seized from corrupt elements between 2015 and 2018.

126 Luxury Mansions Seized

“From 2015 to 2018, 407 mansions were seized, 126 have been forfeited finally and 281 are under interim forfeiture.

“Plots of land seized sums up to 98 of which 56 are under interim forfeiture, while 42 have been forfeited finally to the Federal Government.

“Two hundred and fifty nine automobiles have been seized, 35 are under interim forfeiture while 224 have been forfeited finally.

“A hospital, St. Solomon Health Care Centre located at No. 24, Adeniyi Jones Street, Ikeja, Lagos, has also been forfeited finally.

Of Course Victims Of These Criminals, Will Never See A Penny!

The EFCC and the Government of Nigeria seized these assets and placed them under their control to be used or liquidated – maybe even sold to other scammers!?

Obviously arresting scammers is a profitable business in and of itself in Nigeria!

While we applaud the efforts of the Nigerian Economic and Financial Crimes Commission, EFCC, and Mr. Magu specifically, we are concerned that the monies and assets should be returned to those harmed by these criminals.

Society of Citizens Against Romance Scams

RSN Team

a division of SCARS
Miami Florida U.S.A.


If You Want Change We First Must Get Their Attention - Let's Start By Boycotting Everything African!

If You Want Change We First Must Get Their Attention – Let’s Start By Boycotting Everything African!



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RSN™ Special Report: Nigeria's Fortune In Scam Recovery $261,000,000 Dollars 1