HomeNewsIn One Year, ICPC Blocks N5.9 billion Fraud, Recovers N29.7 billion

In One Year, ICPC Blocks N5.9 billion Fraud, Recovers N29.7 billion

Published on


KEY POINTS


  • ICPC blocked diversion of N5.882 billion from 323 MDAs.
  • Recovering in cash, assets and forfeited funds was N29.7 billion.
  • In all 851 petitions were treated, of which 72 resulted as court cases and 16 as convictions.

It has ensured the non diversion of N5.882 billion from 323 ministries, departments and agencies (MDAs).

Also, as part of its EICS (Ethics and Integrity Compliance Scorecard) programme, the commission established 80 Anti Corruption and Transparency Units (ACTUs) in MDAs. They aim to tighten up internal accountability and close the doors to financial abuse.

The achievements covered the first year of ICPC Chairman, Dr. Musa Aliyu, who made the revelations at the End of Year Engagement held in Abuja.

“The EICS methodology used by the commission to assess 323 MDAs resulted into interception of N5.882 billion diverted funds”, he said. Additionally, we have 80 ACTUs to ensure continuous anti corruption thrust is put on the MDAs.”

Aside from blocking fraudulent transactions, the ICPC also deposited a total of N29.7 billion in cash that it recovered into its recovery accounts. Also, it recovered N10.986 billion from the remittance of Value Added Tax (VAT) to Federal Inland Revenue Service (FIRS), N10 billion from COVID-19 vaccines.

There was also an order for the final forfeiture of assets worth N2.5 billion as well as $966,900.83 in foreign currency, which is now held at ICPC — CBN recovery account. The strengths of these recoveries indicate that the agency is increasingly able to recover public funds.

The Constituency and Executive Project Tracking Initiative (CEPTI) Phase 7 tracked 1,500 constituency and executive projects valued at N610 billion. Aliyu says the fieldwork for this phase is completed and the report from the Phase 6 fieldwork conducted last year is finalised and made public.

In regards to prosecution, the ICPC received 851 petitions, assigned 342 for investigation, 95 of which were fully investigated. Of those cases: 72 were filed in court and 16 convicted.

According to Dr. Aliyu, the commission’s aggressive fight against corruption in education institutions and public offices fits into the ICPC’s strategic anti corruption drive.

Latest articles

Dangote dismisses ‘false’ Elumelu rift claims and refinery financing rumors

Aliko Dangote's group has dismissed as false claims of a rift between him and Tony Elumelu, plus reports that personal borrowing financed the refinery.

Cardoso warns bank directors to strengthen governance or face regulatory action

CBN Governor Olayemi Cardoso has warned Nigerian bank directors to strengthen corporate governance or face decisive regulatory action following the recent recapitalization exercise.

Investors gain N26.5trn on Nigerian Exchange in April

Nigerian stock investors pocketed 26.5 trillion naira in April as the All-Share Index surged 20.13 percent and market cap climbed to a record 155.7 trillion.

Analysts urge Nigeria to plug N31trn deficit by listing state assets

Analysts say Nigeria can fix its 31 trillion naira budget deficit by listing state-owned assets on the stock market instead of piling on more debt.

More like this

Dangote dismisses ‘false’ Elumelu rift claims and refinery financing rumors

Aliko Dangote's group has dismissed as false claims of a rift between him and Tony Elumelu, plus reports that personal borrowing financed the refinery.

Cardoso warns bank directors to strengthen governance or face regulatory action

CBN Governor Olayemi Cardoso has warned Nigerian bank directors to strengthen corporate governance or face decisive regulatory action following the recent recapitalization exercise.

Investors gain N26.5trn on Nigerian Exchange in April

Nigerian stock investors pocketed 26.5 trillion naira in April as the All-Share Index surged 20.13 percent and market cap climbed to a record 155.7 trillion.