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EFCC Loot: CBN Does Not Pay Interest On Accounts Operated By Government Agencies – THEWILL Checks

Ibrahim Magu
Ibrahim Magu

BEVERLY HILLS, July 13, (THEWILL) – The Central Bank of Nigeria does not pay interest on deposits held on behalf of government agencies, THEWILL can authoritatively report.

There have been controversies surrounding purported accrued interest on the over N550 billion deposited by the Economic and Financial Crimes Commission, EFCC in the CBN. The funds, which were recovered from looters of the state’s treasury, were kept in a deposit account operated by the EFCC under the suspended acting chairman of the anti-graft agency, Mr. Ibrahim Magu.

Two senior officials of the CBN who agreed to speak to THEWILL on the condition that their identities are masked, said the apex bank does not pay interest on deposit accounts that are controlled by the government. “We do not pay interest on accounts operated by the government and we also do not charge them fees for operating the accounts,” one of the officials said.

There are claims that Magu diverted the interest paid on the monies held in the account at the CBN. This is however not true since the CBN does not pay interest on monies held on behalf of the state agencies.

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Mr. Magu is being tried for graft and abuse of office by a Presidential panel appointed by President Muhammadu Buhari. He is alleged to have re-looted assets recovered from thieves and laundered billions of naira using fronts and close associates.