The acting chairman of the Economic and
Financial Crimes Commission, EFCC, Ibrahim
Magu, has identified corruption as the reason
behind Nigeria’s recession.
He said the current economic situation of the
country was why the federal government was
paying a lot of attention to the recovery of
stolen funds.

“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 advised those still holding looted money
to voluntarily return such.
“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.
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.”