The suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, along with his lawyer, Wahab Shittu, on Thursday presented a 34-page letter with 100 annexure to the Presidential panel investigating him.
It was learnt that Magu appeared before the Justice Ayo Salami-led panel around 1pm and was still there as of 6pm.
Magu is currently explaining to the panel how recovered assets were disposed of and how monies seized from looters were kept.
A top source at the EFCC said, “Magu arrived at the Presidential Villa along with his lawyer and some aides. However, only Magu and his lawyer were allowed inside the main hall. They have been there for the last five hours.
“Magu presented a 34-page letter which was spiral bound with 100 annexure including pictures. We are hopeful that he will be able to convince the panel that all the allegations levelled against him are trumped up.”
The PUNCH had reported on Wednesday that Magu’s attempt to submit the report was rejected by the panel on Monday.
The PUNCH had quoted a part of the letter wherein Magu stated that some of the recovered vehicles were auctioned to the Presidential Villa, the Ministry of Humanitarian Affairs, Disaster Management and Social Development, the Federal Inland Revenue Service and others.
The suspended EFCC boss stated in the letter that the agencies had not paid the funds but the Federal Government had agreed to deduct the money from their financial allocations.
Magu was first arrested on July 6, 2020 and detained for almost 10 days at the Force Criminal Investigation Department, Abuja.
While in custody, he was suspended along with about 11 top officials of the commission.
Amid several allegations, Magu is being accused of being unable to explain the whereabouts of interest accrued to N550bn recovered funds.
He is also alleged to have bought a house in Dubai at the cost of about N570m.