Ibrahim Magu reveals How Nigeria can come out of recession within three months (video)

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission says corruption is the main problem of Nigeria

- Magu also argued that Nigeria can come out of recession within three months if all looted funds are recovered

- The acting chairman of EFCC also urged looters to voluntarily return looted funds

Magu says Nigeria can come out of recession within three months if all looted funds are recovered

The acting chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, has identified total clampdown on corruption as the only way Nigeria can come out of the current recession facing the country, Thisday reports.

Magu who argued that corruption was the main reason for the current recession also noted that recovery of stolen funds will help the country recover within three months.

According to him, the stolen funds, if it can be recovered, is sufficient enough to bring the country out of hardship.

“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 who advised those still holding on looted money to voluntarily return such said:

“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.

Going further, Magu spoke 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.”

Magu said this following the recovery of $9.8million in cash from a secret bunker owned by Dr. Andrew Yakubu who is a former Group Managing Director of the Nigerian National Petroleum Corporation by the EFCC.

The discovery was made on February 3 in a building belonging to Yakubu which is located in the slums of Sabon Tasha area of Kaduna.

In this interview with Channels TV, the acting chairman of EFCC speaks on the corruption fight of the Buhari administration.