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We have recovered N328.9bn debt from 9 Petroleum Marketers – EFCC

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We have recovered N328.9bn debt from 9 Petroleum Marketers - EFCC

EFCC Boss, Ibrahim Magu

The Economic and Financial Crimes Commission (EFCC) said it had recovered over N328.9 billion out of N349.8 billion debt from nine major petroleum marketers within the last one year.

Adamu Hamisu-Danmusa, the EFCC Head of Operation, North West Zone, Kano, disclosed this while addressing newsmen in Kano on Tuesday.

He said the debt which included legacy/bad debts and current debts, were recovered following report from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to the commission.

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“The IPMAN reported to the commission that there are some major marketers that connived with NNPC officials and received fuel allocation but refused to pay the money into the Treasury Single Account (TSA).nSo after investigation, we were able to find out that there is N349.8 billion as legacy/bad debts and debts on current transactions. The commission was able to make recoveries of N328.8 billion from the nine major marketers from July 2016 to July 2017,” he said.

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He said the commission was still making effort to ensure that all the remaining debts were recovered from the marketers and remitted into the Federal Government’s Consolidated Account.

Hamisu-Danmusa said the commission had also recovered huge amount of money from the cases reported by individuals, corporate bodies and Independent National Electoral Commission (INEC)

“The money include N364.4 million, 4.7 million dollars, 60,050 pounds, 59,200 euro and 70,500 Saudi Riyals. The money was recovered from January to date,” Hamisu-Danmusa said.

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