…Property valued at N6billion was sold to a crony at N1billion

The Economic and Financial Crimes Commission (EFCC), under the headship of disgraced former acting Chairman, Ibrahim Magu, mismanaged 222 and diverted assets worth N1.63tn.

This was disclosed on Thursday by a witness, Ngozika Ihuoma who told a Federal High Court in Abuja that the money was recovered by the defunct Pension Reform Taskforce Team.

He appeared as the first defence witness in the ongoing trial of former Chairman of the disbanded PRTT, Abdulrasheed Maina.

Ihuoma told the court that Magu admitted before the Justice Ayo Salami Judicial Commission of Inquiry that he shared most of the properties based on a presidential directive.

“Magu admitted before Salami that he shared and allocated most of these properties to his friends, associates and colleagues under some presidential directives, but failed to make available to the commission the evidence of that presidential directive,” he said, adding that he was a management consultant.

He said his firm, Crincad & Cari Nigeria Limited, was contracted by the PRTT for consultancy service, saying that one of the choice properties the PRTT recovered and handed over to the EFCC was grossly undervalued from N6bn in 2011 and sold to a renowned lawyer in 2015 for N1bn.

According to him, one of the properties in question located at No. 42 Gana Street, Maitama, was illegally acquired by a renowned lawyer while the property was still subject of litigation.


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