President Muhammadu Buhari has set up a judicial commission of inquiry under the Tribunals of Inquiry Act (Cap T21, LFN, 2004) to investigate alleged financial impropriety and mismanagement of recovered assets leveled against the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu.
Members of the panel include: Justice Isa Ayo Salami (rtd) – North Central (Kwara) – chairman; DIG Anthony Ogbizi Michael (NPF)- South -South – deputy chairman; Muhammad Abubakar Babadoko (FMOJ)- North Central- member; Hassan Yahaya Abdullahi (DSS) – North Central (Member); Muhammad Shamsuddeen (OAGF)-North West (Member); Douglas Egweme (NFIU) – South-East (Member) and Barr Kazeem Attitebi – SouthWest – Secretary.
Magu was arrested on July 6, 2020 in front of the Wuse office of the EFCC and directed to appear before the Salami- led Presidential panel.
Certain witnesses had testified against Magu while the latter was said to have been served with the allegations and terms of reference on August 8, 2020.
Multiple sources close to the presidency also disclosed that the panel has been given 45 days to submit its report.
It is not certain if the number of days already spent by the panel so far would be deemed as part of the 45-day timeline as the panel has been sitting in private, barring journalists from covering its proceedings.
Allegations against Magu included alleged discrepancies in the reconciliation records of the EFCC and the Federal Ministry of Finance on recovered funds, declaration of N504 billion as recovered funds instead of N543 billion found in the CBN recovery account.
He was also accused of insubordination to the Office of the Attorney General of the Federation, (AGF).
Magu was accused of not providing enough evidence for the extradition of Diezani Alison-Madueke and alleged late action on the investigation of P&ID leading to legal dispute.
The allegations were listed in the memo sent to President Buhari.